Nationwide has reached out to many of its members with a simple question: ‘would you like to save money?’
The world’s largest building society has shared a potential method for reducing debt and spreading the cost of expenditure.
Nationwide is promoting its Member Credit Card as a tool to help customers avoid paying interest on existing balances or manage forthcoming expenses. The card, which carries no annual fee, is being marketed as a means for customers to ‘pay less’.
Members are offered a choice between two separate 0% introductory offers, enabling them to customise the card to their specific financial objectives.
For those aiming to address debt, the balance transfer offer provides 30 months of 0% interest on balances transferred from other cards.
This option also includes a shorter three-month period of 0% interest on new purchases.
Alternatively, the purchase and balance transfer offer provides 15 months of 0% interest on both new spending and transferred balances. While the 0% interest rates are a significant attraction, there are a few conditions members should be mindful of.
To secure the promotional rate, balances must be transferred within 90 days of opening the account. Transfers made within the first 90 days incur a fee of 2.99% (or £5, whichever is greater).
For a £1,000 transfer, this equates to £29.90. On transfers made after 90 days, you will pay 2.4% or £5, whichever is greater, on each amount you transfer – £24 if you transfer £1,000. You will also pay 24.9% APR (variable) on each amount transferred.
Once the 0% period concludes, the interest rate escalates to a representative 24.9% APR (variable). Applications can be submitted through the Nationwide app or Internet Bank, where numerous personal details are pre-populated to expedite the process.
In line with all credit products, the building society emphasised that they will “check that any lending we offer you will be affordable, based on your circumstances.”
