Nationwide Credit Card Review
Published: 14 April 2011
By MoneyHighStreet Staff 1 Comment
Updated: 14 April 2011
The Nationwide credit card is one of many financial products from the Building Society but do you realise that it has some rather attractive interest rates?
Credit cards are available from a huge number of financial institutions, each has its advantages and disadvantages and reasons why it might be suitable for you.
The Nationwide credit card might not be linked to your favourite charity, football team or offer cashback rewards, however it does have one major advantage, particularly if you don’t pay off your statement every month – a low interest rate.
Nationwide charges a representative interest rate of 15.8% APR. That compares very favourably to the 16.9% rates being charged by most other credit card companies.
There are other introductory offers available too. You can choose from 0% on balance transfers for 17 months plus 0% on purchases for 3 months or 0% on purchases for 6 months.
If you are going on holiday this summer then you could also take advantage of the zero for purchases made abroad, although this only applies until 31st July 2011, which is a shame as many people take their vacations in August.
Not being charged commission for foreign purchases might mean that you may not need to use a prepaid travel card this summer, although they do offer some very competitive exchange rates.
The interest free period – which is the maximum time allowed between making a purchase and paying your credit card bill in full – is 56 days.
This means that you can get almost two months free credit if you time your purchases carefully and pay off your bill in full each month. That’s worth having.
Nationwide helpfully provide an easy to use calculator so thta you can see how much you could save with their credit card.
We tried it comparing a representative APR of 16.9% and saying that we would spend £1000 in the first month. The calculator shows that we would save £78.58 in interest charges with the Nationwide credit card.
The Nationwide Building Society, being a mutual, generally offer some of the most competitive rates for financial products such as mortgages, loans and savings accounts.
They have applied some of this market muscle to their credit card and it is definitely one to consider should you be looking for a credit card soon.
To find out more and apply for this credit card just see the Nationwide website.