Nationwide credit card (A review)

In this brief guide, we will discuss the Nationwide credit card, its features and how you can get one.

The Nationwide credit card

The Nationwide credit card is a credit card offered by the Nationwide building society for its members. You are classified as a member if you have a mortgage, current account or savings account with the Nationwide building society.

The Nationwide building society has two main credit cards which are identical in features but differ in rates and the commission-free purchases abroad.. They are:

The Nationwide credit card & the Nationwide select credit card.

The Nationwide credit card is open to every member of the Nationwide building society and offers an APR of 17.9% APR Representative (variable). It offers a commission-free allowance for all purchases made in pounds SterlingPurchases. Nationwide says “For example, if you spend £100 on your shopping in a month (UK, Sterling) you’ll automatically be rewarded with £20 worth of commission-free allowances to use on purchases in a foreign currency. Any spend over your allowance will incur a 2% fee.”

The Nationwide select credit card is specifically for Nationwide building society members who hold a current account with Nationwide. It offers a lower APR of 15.9% APR representative (variable) rate and unlimited commission-free purchases abroad.

Features and benefits of the Nationwide credit cards

• You will get 0% for 12 months on balance transfers but these balance transfers must be completed within the first 3 months of your opening your Nationwide credit card.
• There are Nonbalance transfer fees for the first 3 months of opening the account, after which the fees will become 2.4% or £5 minimum.
• The cash advance fee is 2.5% (minimum £3.00) of the amount withdrawn on each cash advance.
• There is a £12 late payment fee.
• You build up a commission-free allowance by purchasing locally in pounds sterling.
• You can use your nationwide credit card abroad
• Your credit card has no annual fee
• You can use the Nationwide banking app to manage your account check your transaction history manage your credit card repayments and view your credit card statement
• Your credit card has contactless payments which allow you to spend up to £30 without having to input your pin at the merchant terminal.
• You can see if you will be accepted for this credit card with the Nationwide credit card eligibility checker

You can use the Nationwide credit card calculator if you are unsure how much the card could cost you.

What to consider when getting your credit card?

Whilst the Nationwide credit card may be right for you, there could also be other potential credit cards which suit you better. It is always advisable to use a credit card eligibility checker 

Which provides you with all the credit cards you may be eligible for outside of the Nationwide credit card.

When comparing multiple credit cards; below are the things you should look out for before applying.

Eligibility

Each card issuer will have its own lending criteria that  you will need to meet before they will provide you with an offer of credit. There are now credit card eligibility checker platforms which let you know which credit cards you are eligible for and which you have a high probability of getting on application. 

Most credit card providers now have their own credit card eligibility systems in place which will let you know if you will be approved for a credit card with them or not. These tools use a soft credit check t pull your credit file data and hence does not leave any footprints which are visible to the public or harm your credit score.

You should avoid applying for a credit card if you are not confident you will be accepted as rejections for credit could damage your credit score and history. This may then affect your ability to get further credit in the future.

Interest rates

When getting a credit card, the interest rates on the credit card are a very important factor and you should always lookout for the APR figure. The interest rates on the credit card are the rates that will be charged on any outstanding credit card balance which you carry over from one month to another. If you pay your credit card balance in full each month then you will not have any interest to pay.

Credit cards typically come with up to 55 interest-free days on purchases if you don’t carry a balance month-to-month.

Credit limits

You should look at the credit Credit limits when choosing a credit card provider as the credit card limits will determine how much you can spend on your credit card. Most credit card providers may offer you a credit limit increase if you can show good credit behaviour over a few months.

Rewards and perks

Credit card providers offer various rewards and perks but usually, these are reserved for applicants with high credit scores.

Fees

Some credit card providers will have annual fees on their credit cards but these are usually for credit cards with high credit card limits and lots of rewards or perks.

You should always check what fees are attached to your credit card. These can include annual or monthly account fees, cash advance (withdrawing cash using the card) fees, overseas transaction fees and others.

How to get your Nationwide credit card

To get your Nationwide credit card, check to see if you have a credit score first.

If you are unsure of what your credit score is then you should check your credit score from the four credit bureaus in the UK: Experian, Crediva, Equifax and Transunion.

Some of these credit bureaus may charge you a fee to view your credit report so what you can alternatively do is request a statutory credit report which is a free credit report which each credit bureau must provide to you upon you requesting it.

Alternatively, you can also use credit score services such as Checkmyfile and clearscore to check your credit report.

Once you have done this you should then check on a credit card eligibility platform to see what credit cards you are eligible for and then apply for the best credit card. This may be the Nationwide credit card or it could be another credit card from a different provider which suits you better.

In this brief guide, we discussed the Nationwide credit card. If you have any question or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.