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Nationwide bins zero per cent credit card transfers

Tue, 04 Oct 2005

Nationwide announced today that it will no longer offer zero per cent balance transfers to customers who open a Classic or Gold credit card.

Instead, it will charge credit card customers 4.9 per cent for 12 months.

The credit card provider said that whilst other companies offer zero per cent on balance transfers, a fee is charged for the service.

It says that its offer gives a "realistic period" for credit card customers to pay back previous purchases.

The credit card also offers zero per cent interest on new purchases for six months, as well as a "positive order payments" policy.

Nationwide says that it lines up the most expensive debt to be paid first, giving the credit card holder cheaper repayments.

Jim Willens, group services director of the building society, said: "This card offers excellent value to anyone looking for a new credit card. Unlike many of our competitors it has one of the lowest ongoing balance transfer rates and a genuine zero per cent deal on new purchases.

"We don’t charge commission when our cards are used abroad and our customers get to pay off their most expensive debt first."

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