Nationwide Launches New Credit Card
Today, on February 23rd, Which?, UK-based consumer group, announced that Nationwide has withdrawn its popular Gold credit cards. Instead, the lender launched Nationwide Credit Card, which features 0% interest rate on balance transfers.
Credit cards holders will have 2 options: they either can go for 0% for 17 months on balance transfers or 0% on purchases for 6 months and balance transfers for 3 months.
The downside of the newly launched credit card is expensive charges on overseas transactions.
The new policy will not apply to existing holders of Nationwide Gold credit card, who will still enjoy 0% commission on purchases made within Europe.
Commenting on the new product, Mr. Saville of Which?, said that "the new fee structure rewards those customers who regularly use the card in the UK, as well as on holiday. Those who only want to use the card abroad, however, will pay a much higher price than under the old system. Customers who do not want to plan their card spending to this degree will simply desert Nationwide in favour of simpler alternatives."
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