Welcome!

News Feed Item

Higher or Lower-Fees Hold Key to Playing Your Credit Cards Right

LONDON, UNITED KINGDOM -- (Marketwire) -- 02/06/13 -- More people looking for balance transfer credit card deals would prefer shorter term zero interest offers to longer term deals with higher fees, according to new research for Nationwide Building Society(1).

One in five (20 per cent) credit card holders who would consider transferring their balance would be more likely to opt for a shorter-term 0 per cent interest deal with a lower balance transfer fee (around 1 per cent) on their new card. This compares to 17 per cent who would choose a longer-term 0 per cent interest deal with a higher balance transfer fee (typically around 3 per cent).

Yet almost a third, 32 per cent, said they would be influenced by other factors, not the balance transfer fee or the term of the deal.

Credit card holders can opt to move their balances as a means of managing debt already built up, reducing interest payments over a specified period and saving money in the process. By minimising the fee on balance transfer arrangements, credit card holders could save substantial amounts of money.

Anyone now opening a Nationwide Credit Card or Select2 Credit Card online via the Nationwide website will benefit from a 50 per cent discount on the balance transfer fee, reducing it to 1.55 per cent(3) for the introductory offer of 20 months at 0 per cent interest on balances transferred within 3 months(i).

So, on a balance transfer of GBP 3,000 and with 0% interest for 20 months, new Nationwide credit card holders would pay a fee of GBP 46.50, compared with GBP 90 for deals with a fee of 3 per cent.

Paul Carvell, Nationwide's head of credit cards, said: "More and more credit card holders are opting for a smaller fee over a longer term because it can save a considerable sum, but they are evidently also looking beyond the cost of fees or length of the zero interest term for a better all round deal.

"Nationwide offers the best of both worlds, with a lengthy, 20 month zero interest offer but with a reduced fee of 1.55 per cent.

"Other factors that card holders may consider when looking to transfer credit card balances to a new card include cashback offers, rewards such as commission free foreign transactions or shopping benefits, loyalty points and discounts and excellent customer service."

Notes to Editors:

Representative example - Nationwide Credit Card

15.9% APR representative (variable). Based on an assumed credit limit of GBP 1,200 and a purchase rate of 15.9% p.a. (variable).

Representative example - Select Credit Card

12.9% APR representative (variable). Based on an assumed credit limit of GBP 1,200 and a purchase rate of 12.9% p.a. (variable).

(1 ) All figures, unless otherwise stated, are from YouGov plc. The total sample size was 2,222 adults, of which 1,194 have a credit card and would consider transferring their credit card balance. Fieldwork was undertaken between 19 and 21 December 2012. The survey was carried out online. These figures have been weighted and are representative of all UK adults (aged 18+).

(2) The Select Credit Card is available to any members who use their Nationwide FlexAccount as their main current account or hold Nationwide's FlexDirect current account.

To qualify as a main FlexAccount holder, you have to hold a FlexAccount with a Visa debit card (not a cash card+) and:


--  Have paid in GBP 750 or more each month (excluding internal transfers)
    for the past three months, or: 
--  Agree to complete an Account Transfer from an account (non Nationwide)
    using our Account Transfer Service or have done so in the past four
    months. 

(3) Offer may be withdrawn at any time.

(i) Balance transfers at 0% must be made within three months from account opening and are subject to a fee of 1.55%. Balance transfers made three months after account opening are subject to a fee of 3.1% (minimum GBP 5). If you already hold a Nationwide credit card or have closed one in the last 12 months you will not be eligible for the introductory offers (including 50% off balance transfer fees).

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.

Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Nationwide credit cards are available to those aged 18+ and are subject to circumstances.

Nationwide subscribes to the Lending Code.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, discussed how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technologi...
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...