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  • FIRST POST
    • glider3560
    • By glider3560 4th Nov 17, 8:29 AM
    • 3,318Posts
    • 2,042Thanks
    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 1
    • Nebulous2
    • By Nebulous2 4th Nov 17, 8:53 AM
    • 1,624 Posts
    • 985 Thanks
    Nebulous2
    • #2
    • 4th Nov 17, 8:53 AM
    • #2
    • 4th Nov 17, 8:53 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
    Originally posted by glider3560
    That wasn't what I wanted to hear! I've put thousands of pounds through that card in recent years and have pretty much stopped using the Barclaycard cashback one since they stopped the 1% Amex card.
    • A4445
    • By A4445 4th Nov 17, 3:31 PM
    • 607 Posts
    • 281 Thanks
    A4445
    • #3
    • 4th Nov 17, 3:31 PM
    • #3
    • 4th Nov 17, 3:31 PM
    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!
    • EarthBoy
    • By EarthBoy 5th Nov 17, 11:39 AM
    • 1,758 Posts
    • 1,073 Thanks
    EarthBoy
    • #4
    • 5th Nov 17, 11:39 AM
    • #4
    • 5th Nov 17, 11:39 AM
    For new customers applying after 11 January the cashback is stopping altogether.
    • Nick_C
    • By Nick_C 5th Nov 17, 11:47 AM
    • 2,955 Posts
    • 3,969 Thanks
    Nick_C
    • #5
    • 5th Nov 17, 11:47 AM
    • #5
    • 5th Nov 17, 11:47 AM
    A shame but not surprising. A consequence of EU meddling.
    • Missus Hyde
    • By Missus Hyde 5th Nov 17, 6:56 PM
    • 301 Posts
    • 424 Thanks
    Missus Hyde
    • #6
    • 5th Nov 17, 6:56 PM
    • #6
    • 5th Nov 17, 6:56 PM
    That’s a shame; we’ve used that card quite a lot recently and got quite a lot of cashback from them.

    Ah well, I notice they’ve dropped back on the introductory rate for their FlexDirect account for customers who’ve previously had the 5%, so I’m not really surprised.
    It's a far, far better thing that I do, than I have ever done; it is a far, far better rest that I go to, than I have ever known........Sydney Carton.
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 6th Nov 17, 8:24 AM
    • 129 Posts
    • 62 Thanks
    wiseonesomeofthetime
    • #7
    • 6th Nov 17, 8:24 AM
    • #7
    • 6th Nov 17, 8:24 AM
    It still has Unlimited commission-free purchases abroad though, so well worth it for me.

    The commission was never really a deciding factor for me as it really is just pennies again.

    I'd earn/save more by giving up one Costa a month and sticking the price into a jar :-)
    Last edited by wiseonesomeofthetime; 06-11-2017 at 8:24 AM. Reason: typo
    • Heng Leng
    • By Heng Leng 6th Nov 17, 12:55 PM
    • 4,206 Posts
    • 1,285 Thanks
    Heng Leng
    • #8
    • 6th Nov 17, 12:55 PM
    • #8
    • 6th Nov 17, 12:55 PM
    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
    They will be only making 0.3% (max) so 0.5% cashback would have actually cost them money.

    That said, I love their statements about treating everyone one equally - yet they don't discontinue cashback for all not just newbies.
    • glider3560
    • By glider3560 6th Nov 17, 6:59 PM
    • 3,318 Posts
    • 2,042 Thanks
    glider3560
    • #9
    • 6th Nov 17, 6:59 PM
    • #9
    • 6th Nov 17, 6:59 PM
    The commission was never really a deciding factor for me as it really is just pennies again.
    Originally posted by wiseonesomeofthetime
    This year, to date, I have accrued about £80 in cashback just for my normal spending.

    To be fair, it was an unusual year for me (I don't normally spend anywhere near that much). Had several very expensive dentist bills (in the thousands) which were later reimbursed by my health insurance, then moved house so needed to spend money to furniture, trademen, etc etc. Nevertheless, it's £80 more than I would've had paying on another card or cash.

    • hollie.weimeraner
    • By hollie.weimeraner 6th Nov 17, 8:31 PM
    • 1,402 Posts
    • 821 Thanks
    hollie.weimeraner
    My first years cashback is due in January so will possibly be looking for another card. May get rid of it but not sure what to replace it with, .25% is slightly better than nothing I suppose.

    I tried Amex a few years ago but got fed up being rejected whenever I presented it for payment.
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 7th Nov 17, 9:47 AM
    • 129 Posts
    • 62 Thanks
    wiseonesomeofthetime
    This year, to date, I have accrued about £80 in cashback just for my normal spending.

    Nevertheless, it's £80 more than I would've had paying on another card or cash.
    Originally posted by glider3560
    Well done.

    That is why I put, for me , in italics in my post.

    Each based on their own circumstances.

    I put my spend on my 0% MBNA card and the payments into the Nationwide regular saver (when it was £500 per month, not £250, so £6,000 held)

    Should return more than the cashback would have (alone), however, this is only due to a nice lengthy promotional 0% period.

    I will still get my pennies from the NWCC on top
    Last edited by wiseonesomeofthetime; 07-11-2017 at 9:50 AM. Reason: clarification that two different credit cards used
    • 20aday
    • By 20aday 7th Nov 17, 1:38 PM
    • 2,061 Posts
    • 867 Thanks
    20aday
    A shame but not surprising. A consequence of EU meddling.
    Originally posted by Nick_C
    I'm not going to go into the ins and outs of Brexit here but it'll be interesting to see if the ruling re: interchange fees will be scrapped if/when we leave the E.U.

    Although I'm not a Nationwide customer am just waiting for Lloyds to contact me and tell me my Choice Rewards AmEx/MasterCard is being culled!
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • ngbpne28
    • By ngbpne28 7th Nov 17, 2:31 PM
    • 1 Posts
    • 0 Thanks
    ngbpne28
    They are also stopping all the insurance cover from the end of February 2018. May be time for a move to another provider?
    • thetimewill
    • By thetimewill 7th Nov 17, 2:57 PM
    • 43 Posts
    • 6 Thanks
    thetimewill
    Hello ngbpne28,
    Would you please direct me to the source of your information re Nationwide " stopping all insurance cover ". Please provide details and clarification.
    Regards,
    Bill
    • Gary_Dexter
    • By Gary_Dexter 7th Nov 17, 3:04 PM
    • 66 Posts
    • 43 Thanks
    Gary_Dexter
    Hello ngbpne28,
    Would you please direct me to the source of your information re Nationwide " stopping all insurance cover ". Please provide details and clarification.
    Regards,
    Bill
    Originally posted by thetimewill
    Where is this written?

    I know a lot of T's and C's for accounts and savings etc. are changing in Jan 2018
    • thetimewill
    • By thetimewill 7th Nov 17, 4:07 PM
    • 43 Posts
    • 6 Thanks
    thetimewill
    Gary Dexter,
    It is a statement by ngbpne in post number 13. Hence my request for further info..
    Bill
    • Gary_Dexter
    • By Gary_Dexter 7th Nov 17, 4:10 PM
    • 66 Posts
    • 43 Thanks
    Gary_Dexter
    Gary Dexter,
    It is a statement by ngbpne in post number 13. Hence my request for further info..
    Bill
    Originally posted by thetimewill
    I replied with the wrong quote - my bad!
    • Terry98
    • By Terry98 8th Nov 17, 5:42 AM
    • 829 Posts
    • 780 Thanks
    Terry98
    Would you please direct me to the source of your information re Nationwide " stopping all insurance cover ". Please provide details and clarification.
    Originally posted by thetimewill
    I was a little worried that it would include my Flexaccount travel insurance cover but I think it only refers to this https://www.nationwide.co.uk/support/support-articles/discontinued-accounts/discontinued-accounts-credit-card-purchase-protection
    • thetimewill
    • By thetimewill 8th Nov 17, 8:29 AM
    • 43 Posts
    • 6 Thanks
    thetimewill
    Terry98,
    Thank you for the link, it clarifies the matter .
    Regards ,
    Bill
    • zerog
    • By zerog 9th Nov 17, 7:43 AM
    • 2,302 Posts
    • 782 Thanks
    zerog
    I'm not going to go into the ins and outs of Brexit here but it'll be interesting to see if the ruling re: interchange fees will be scrapped if/when we leave the E.U.

    Although I'm not a Nationwide customer am just waiting for Lloyds to contact me and tell me my Choice Rewards AmEx/MasterCard is being culled!
    Originally posted by 20aday
    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.
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