Nationwide has sent an alert out to many of its customers
Nationwide has millions of members across the UK(Image: Alan Morris via Getty Images)
Nationwide has reached out to many of its members, simply asking: ‘would you like to save money?’
The world’s largest building society has shared what could be a way to reduce debt and manage spending costs. Nationwide has emailed many of its members, letting them know about its Member Credit Card – which it says aims to help customers eliminate interest payments on existing balances or handle upcoming expenses. The card, which has no annual fee, is being promoted as a means for customers to ‘pay less’.
Members are being offered a choice between two different 0% introductory deals, enabling them to customise the card to suit their particular financial needs. For those seeking to tackle debt, the balance transfer option offers 30 months of 0% interest on balances transferred from other cards.
This choice also features a shorter three-month period of 0% interest on new purchases. Alternatively, the purchase and balance transfer option delivers 15 months of 0% interest on both new spending and transferred balances.
While the 0% interest rates are a significant attraction, there are several conditions members should note that, to secure the promotional rate, balances must be transferred within 90 days of opening the account.
Transfers completed within the first 90 days attract a fee of 2.99% (or £5, whichever is greater). For a £1,000 transfer, this amounts to £29.90.
On transfers completed after 90 days you will pay 2.4% or £5, whichever is greater, on each amount you transfer, so £24 if you transfer £1,000. You will also pay 24.9% APR (variable) on each amount transferred.
Once the 0% period comes to a close, the interest rate jumps up to a representative 24.9% APR (variable). Applications can be submitted through the Nationwide app or Internet Bank, where many personal details are pre-filled to speed up the process.
As with all its credit products, the building society emphasised that they will “check that any lending we offer you will be affordable, based on your circumstances.”