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.

Contacts:
Media information:
Nationwide Building Society
Jill Parsons
01793 655064
[email protected]

Nationwide Building Society
Mike Pitcher
01793 657 225
[email protected]

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
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...