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  • FIRST POST
    • glider3560
    • By glider3560 4th Nov 17, 8:29 AM
    • 3,318Posts
    • 2,043Thanks
    glider3560
    Nationwide Select - cashback down from 0.5% to 0.25%
    • #1
    • 4th Nov 17, 8:29 AM
    Nationwide Select - cashback down from 0.5% to 0.25% 4th Nov 17 at 8:29 AM
    From 11th January 2018, cashback is dropping for existing customers to 0.25%.

    https://www.nationwide.co.uk/support/support-articles/important-information/select-notification

Page 2
    • MABLE
    • By MABLE 9th Nov 17, 9:46 AM
    • 3,324 Posts
    • 1,765 Thanks
    MABLE
    Just finished my interest free period on MBNA. So decided to apply for the NW Select card with 12 months free balance transfer and 0% on purchases.

    It was a straight accept and will put all my spending on this card for the next 12 months.
    • dazza.mk
    • By dazza.mk 9th Nov 17, 10:41 AM
    • 1,853 Posts
    • 1,160 Thanks
    dazza.mk
    It's a worldwide trend, so not really to do with the EU. (Yes the specific legislation in effect in the UK is from the EU, but after leaving all EU laws will continue to apply and then be removed selectively.)

    If you believe conspiracy theories it's part of a drive to reduce the use of cash.

    The Choice Rewards card has already been discontinued for new customers (and IMHO was not worth it unless you have absolutely no use for avios).

    The Lloyds Avios cards will be going, but we don't know when.

    All the MBNA Amex combos are gone for new customers too.

    Card companies will lose money if they offer anything more than 0.25% cashback so unsurprising that Nationwide has taken this step, and there won't be any better offers on a card with no annual fee.

    Only directly issued Amexes without a branding partner are exempt, for the time being.
    Originally posted by zerog


    Also of course the UK was the driving force to getting the likes of the BA Amex included in the cap when previously, as an Amex, it was exempt.
    • mhoc
    • By mhoc 10th Nov 17, 11:17 AM
    • 15,926 Posts
    • 198,289 Thanks
    mhoc
    Nationwide Select credit card drops its cashback rate
    Just had a leaflet today with my credit card statement.

    I have a Nationwide select credit card and it pays 0.5% cashback - this accumulates through the year and it is then taken off the December bill.

    On January 11th 2018 though it is dropping to 0.25% - halved effectively.

    At one time I was getting about £60 a year in cashback but through cutting my spending and diversification this year I am down to £40 - average spend of about £800 a month - normal household spend. Next year it will be £20.

    I have other cards I don't use as much but after January I am wondering if they might be of more benefit eg my Barclaycard Hilton Honors.
    Also I am wondering if now is the time to apply for an Amex rewards - I want sure if I could spend £2000 in the first three months but its a possibility.

    I am wondering what other credit cards people use that offer cashback?
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • Heng Leng
    • By Heng Leng 10th Nov 17, 12:31 PM
    • 4,208 Posts
    • 1,286 Thanks
    Heng Leng
    Only an Amex (directly issued by them and no other branding) will not be loss making at above 0.3% cashback.
    • Kim_13
    • By Kim_13 10th Nov 17, 12:33 PM
    • 1,342 Posts
    • 1,711 Thanks
    Kim_13
    Wow not impressed either. It be back to ASDA cash back or Natwest reward for me. Nationwide won't get much business from me anymore 0.25 is beyond rubbish. Even AQUA reward is better!
    Originally posted by A4445
    Would need to be disciplined with it though. As a sub prime card, it's likely to come with a lower limit than the Nationwide and it would mean higher interest if the balance was not cleared in full.

    Depends whether customers would prefer not (potentially) having to pay some off mid month or the higher cashback.

    Any oversight is going to cost more than the increased cashback in the overlimit fee and the mark on the credit file.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
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    • Nessie23
    • By Nessie23 14th Nov 17, 12:20 AM
    • 228 Posts
    • 124 Thanks
    Nessie23
    Aqua customer services are a pain to deal with. When they first opened the card Hfax/BoS run the card for them - very helpful and freidnly. 2 years on and I wanted to close the account by then they had moved the customer service in-house and it was awful. Called to close the account they "forgot" to do so had to call 4 months later when I noticed account still open on credit file, no apology and slightly condescending attitude from them. They also seem to run Amazon card.0.5% cashback is tempting, however I don't really want to deal with NewDay again. When the time comes I will consider other options which avoid Newday.
    • A4445
    • By A4445 14th Nov 17, 10:50 AM
    • 607 Posts
    • 281 Thanks
    A4445
    Aqua customer services are a pain to deal with. When they first opened the card Hfax/BoS run the card for them - very helpful and freidnly. 2 years on and I wanted to close the account by then they had moved the customer service in-house and it was awful. Called to close the account they "forgot" to do so had to call 4 months later when I noticed account still open on credit file, no apology and slightly condescending attitude from them. They also seem to run Amazon card.0.5% cashback is tempting, however I don't really want to deal with NewDay again. When the time comes I will consider other options which avoid Newday.
    Originally posted by Nessie23

    I had the same issue closing a Burtons card issued by Newday it took 4 months to update as closed on my credit report. When I called they were unhelpful, I won't do business with them again. There are plenty of other options out there!
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