Nationwide introduces new introductory pricing on credit cards

Nationwide Building Society is changing the introductory pricing on its Gold and Classic credit cards from Tuesday 6 March 2007.

The new introductory interest rates that will apply to the Society’s Gold and Classic credit cards are as follows:

0% on balance transfers for 10 months with 2.5% (minimum £2.50) fee
0% on purchases for three months

Stuart Bernau, executive director, says: “The change we have made to our credit card pricing follows significant shifts in the market over the past year and ensures we continue to offer our customers a competitive credit card product that meets their needs.

“This change follows a series of initiatives recently launched by the Society including a new five-year fixed rate mortgage for loyal members and a new range of guarantees on savings products.”

As a mutual organisation, with no shareholders to satisfy or dividends to pay, Nationwide is able to offer all of its credit card customers a range of outstanding benefits:

Commission free card use abroad (a saving of up to 2.75% on each transaction)
Positive order of payments – which means Nationwide ensures that the most expensive debt is paid off first when a credit to the account is made, unlike many other card providers
Free 12 months extended warranty on selected purchases
100 days free purchase protection against loss, theft or damage on most purchases over £50
Up to 56 days interest free credit
Free, secure online banking
Free Nationwide Fraud Watch, including active account monitoring
No annual fee.