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Nationwide launches its best ever balance transfer offer

20th February 2014 Print

From 20 February 2014, Nationwide Building Society is reducing its balance transfer fee to 0.75 per cent for all new customers on both the Select Credit Card (available to main current account customers) and Nationwide Credit Card.  Combined with an interest free balance transfer period of 26 months, this is Nationwide’s best ever balance transfer offer.
For someone transferring a credit card balance of £2,000 to Nationwide Building Society, the fee would cost only £15 (0.75 per cent fee), compared with £60 from other providers with a fee of 3 per cent.
Anyone opening a Nationwide Select Credit Card online, in branch or by phone will be able to take advantage of a balance transfer fee of 0.75 per cent (minimum £5), interest free balance transfer offer of 26 months, interest free purchase offer of 15 months, as well as 0.5 per cent cashback* on sterling purchases and unlimited commission free purchases abroad.
For the Nationwide Credit Card, new customers can transfer an existing credit card balance with a fee of 0.75% (minimum £5), that comes with an interest free balance transfer offer of 26 months and an interest free purchase offer of three months.  Alternatively customers can take out an interest free purchase offer of 15 months.  Nationwide’s Credit Card customers are also rewarded with a commission free allowance which builds up whenever purchases are made in pounds sterling.
John Crossley, Nationwide’s head of credit cards and personal loans, said: “There are a lot of credit card deals out there at the moment that look appealing on the outside but in fact you could end up worse off if you don’t take into consideration other factors such as the balance transfer fee and the interest you pay on balances after the offers run out.
“Deals with the longest interest free periods often charge higher fees, some as high as 3 per cent on any balance transferred. This could work out as a sizeable charge if you transfer a significant balance.  With just a 0.75 per cent fee, our deals could work out as better value than those with longer interest free periods.”
The Nationwide Credit Card has a 17.9% APR representative (variable) and the Select Credit Card has a 15.9% APR representative (variable).
These offers are available until 31 March 2014.