Nationwide improves credit card offer

The Nationwide Building Society have announced that they are now extending the introductory offer on their credit cards.

From today, Nationwide increases its 0% introductory offer on its Gold and Classic credit cards to 13 months with a 3% fee.

Previously the rate was 0% for 10 months, with a 2.5% fee.

Adam Slater, head of credit card, says: “This improved offer is key in attracting customers with credit card debt elsewhere, who could save money by transferring to a Nationwide credit card.”

It is also worth noting that Nationwide do not charge for currency transfers when using a Nationwide card overseas, which has already made Nationwide services popular with holiday makers travelling abroad.

The extension of its introductory offer on credit cards by Nationwide comes at a time when a number of banks are actually restricting use of credit cards, either because the customers are not profitable enough, or else to avoid potential future defaults on payments.

Earlier this year, online bank Egg became infamous for cancelling credit card services which it claimed were used by those offering higher credit risks to the company.

However, it later emerged that Egg were actually removing customers with sparkling credit records but whom were generating no penalty fees for Goldfish revenues.

Nationwide, meanwhile, have been aggressively chasing market share across personal financial products markets as high street banks withdraw from them.

The Nationwide already offers one of the lowest interest rate on new mortgages, offering a tracker rate of 5.74% to new customers with a LTV of under 80%, with further discounts for existing mortgage customers.

Discuss this in the Finance Markets forums

Story link: Nationwide improves credit card offer