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Nationwide Member Credit Card Balance Transfer Offer – 2020 review
Nationwide is offering 0% interest for 18 months on existing card debt that you transfer and a low transfer fee too.
Finder rating: ★★★★★
Doing its job: 3/5
In a nutshell:
0% interest on balance transfers
Foreign transaction charge
|Balance transfers||0% for 18 months reverting to 19.9%|
|Balance transfer fee||1.5% (min. £5) for 3 months reverting to 2.4% (min. £5)|
|Purchases||0% for 3 months reverting to 19.9%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£500|
|Max credit limit||Subject to status: £15,000|
|Additional cards available||5|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Nationwide’s members-only (that’s mortgage, current account or savings account holders) balance transfer deal isn’t the longest out there by any stretch, but it comes with a relatively low balance transfer fee – 1.5% compared to the more standard 3%. So, if 18 months gives you long enough to clear your debt, you might be tempted to choose the convenience of using Nationwide over a longer deal. However, a no-transfer-fee deal would almost certainly work out cheaper.
One aspect of balance transfers where Nationwide seems to be really looking out for its members is the start date for your 18-month 0% period. Most card issuers would start the clock on the day your application was granted… others from the day you activated the card. But with Nationwide it’s the day the transfer actually goes through. A minor detail but one that really bucks the trend.
When the 0% period’s up, you’re basically left with a fairly respectable travel credit card. It’s not a card that you’d want to carry a balance on from month to month on, but if you always clear your balance in full, this card needn’t cost you a penny in interest – at home or abroad.
Ultimately, the card is best suited to existing Nationwide customers who’d value the convenience of keeping their finances under one roof over a slightly cheaper deal elsewhere.
Pros and cons
- Over a year of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- A relatively low balance transfer fee
- Avoid currency conversion charges when spending abroad
- No annual fee
- Only available to existing customers
How does it compare?
Nationwide BS's card
Other popular balance transfer deals
When it comes to repayments, you can make manual repayments online or over the phone (0800 055 66 11), or alternatively set up a direct debit. A direct debit is normally the smartest way to repay a credit card, because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing those 0% deals. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
With a balance transfer, opting for a fixed-amount direct debit can be a good way to ensure you get debt-free within the 18 months. Just divide the amount you’re transferring across by 18 to work out how much you need to pay each month. This calculation assumes that you don’t use the card for additional spending.
At the end of the 0% period, you’ll then want to amend the direct debit (which you can do in online banking or in the app), opting instead for a direct debit which covers either the minimum amount or the full amount each month.
If you haven’t cleared your debt when the 0% period expires, your outstanding balance will start to incur interest at the infinitely-less-appealing 19.9% standard rate.
How to apply
If you’ve compared cards and want to apply, you can simply log in to your Internet banking and complete the secure online application form. You can request a balance transfer during the application process. Because a lot of the form can be auto-filled by the folks at Nationwide, it shouldn’t take more than 15 minutes.
Frequently asked questions
How long do Nationwide balance transfers take?
Once you have your Member Credit Card and have activated it, Nationwide states that balance transfers normally take around one or two working days. The key thing is to keep up repayments to your old card issuer until you're certain the transfer has gone through, otherwise you risk a penalty fee and damage to your credit score.
How much can I balance transfer to the Nationwide Member Credit Card?
Up to 95% of your credit limit. Your credit limit is a personalised limit that Nationwide sets when you apply for the card. It's based on factors like your credit score, and your regular income and outgoings.
Can I get the Nationwide Member Credit Card 0% deal if I've recently had a Nationwide credit card?
If you've held a Nationwide credit card within the last year, then unfortunately not.