The largest building society in the UK has chosen to re-launch a credit card offer boasting a 0 per cent interest rate on purchases for a period of 18 months.
Nationwide welcomed back its Select Visa card, offering cardholders not only the longest 0 per cent deal currently on the market but also providing 0.5 per cent cashback and commission-fee purchases if traveling abroad. Customers looking to transfer an existing credit balance to the new card are also welcome to do so, provided they are willing to pay the 2.95 per cent balance transfer fee and to give up one month of their 0 per cent bonus period.
Once the bonus period expires, the Nationwide card’s rates revert to 12.9 per cent APR. Only customers who have their main current account as Nationwide’s FlexAccount are eligible for the new offer, and customers looking to become eligible for a FlexAccount must be willing to make in excess of £750 in deposits every month exclusive of internal transfers.
The personal and business bank account provider has also launched additional new deals, such as its first-time buyer mortgage product aimed at making it easier for them to purchase a house with smaller deposits. the loan carries a 5.29 per cent interest rate for borrowers who take out a loan to cover 90 per cent of the purchase price of a house, though those who deposit 40 per cent are rewarded with lower interest rates as low as 2.99 per cent.
Industry experts say that these new deals may help stem the tide of rising consumer dissatisfaction with retail banking institutions.