Time running out for Nationwide credit card special offers
You should act now if you want to take advantage of a market-leading combination of long 0% balance transfer offer and cheap fee.
Time is running out to apply for market-leading offers on the Nationwide Visa and Select credit cards.
Both cards currently have a reduced balance transfer fee of 0.75%, which makes them the cheapest long-term 0% balance transfer cards. However, this reduced fee will be withdrawn on 31st March, and there are industry rumours that it may be pulled sooner due to the number of people applying.
What the cards offer
As well as a market-leading combination of 26 months with no interest to pay and the cheapest balance transfer fee, both credit cards also offer other benefits.
The Nationwide Visa offers a commission-free allowance on overseas spending, which you build up every time you spend on your card.
Meanwhile, with the Nationwide Select card you also get 0.5% cashback on all purchases you make in sterling, and unlimited commission-free purchases abroad. You can take advantage of a 15-month 0% offer on purchases too, although if you have credit card debts it would be wiser to pay those off first.
However, the Select card is only available to people who have a FlexDirect or FlexPlus current account, or have a Flex current account and have either been paying in at least £750 a month for the last three months or have switched to the Flex account from another bank or building society using Nationwide’s Current Account Switch Team.
Even with this restriction, we think the Select card is by far the best all-round credit card out there. And Nationwide’s current accounts are pretty impressive too, with the FlexDirect account paying 5% interest on balances up to £2,500 for a year, providing you pay in at least £1,000 a month.
How the Nationwide cards compare
Here's how the Nationwide cards stack up to the other 0% balance transfer cards with low fees.
|
Credit card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Representative APR after 0% period ends |
|
15 months |
0.7% |
£14 |
17.9% |
|
|
26 months |
0.75% (until 31st March 2014) |
£15 |
15.9% |
|
|
26 months |
0.75% (until 31st March 2014) |
£15 |
17.9% |
|
|
Fluid Low Fee Visa |
12 months |
0.75% |
£15 |
18.9% |
|
15 months |
0.8% |
£16 |
17.9% |
|
|
Lloyds Bank 15-Month Online Platinum Balance Transfer MasterCard |
15 months |
0.8% |
£16 |
17.9% |
|
15 months |
0.8% |
£16 |
17.9% |
|
|
12 months |
0.85% |
£17 |
18.9% |
|
|
17 months |
0.9% |
£18 |
18.9% |
*Only available to Nationwide current account customers
As you can see, the Bank of Scotland Platinum card offers a slightly cheaper fee but far less time to pay off your debts. You can actually have up to 31 months with the Barclaycard Platinum, but the balance transfer fee is 2.69%. On £2,000 of debt that would equate to a charge of £53.80, compared to £15 for the same amount of debt on the Nationwide cards.
Things to remember
It's worth bearing in mind that if your credit record isn't spotless you might not get these cards. However, Nationwide offers a 'soft search' check, which will tell you if you qualify, and what interest rate and credit limit you'll get if you do without leaving a record on your credit report.
If you do get hold of one of the cards, make sure you make at least the minimum repayment each month, otherwise your 0% offer could be withdrawn. And try to pay off your balance in full by the end of the interest-free period, which will give you a clean financial slate for the future.
Compare 0% balance transfer credit cards
More on borrowing:
The best 0% balance transfer credit cards
The best low-fee balance transfer credit cards
Sainsbury’s launches 0% balance transfer card that refunds fee with Nectar points
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