Nationwide Existing Customers Balance Transfer 5.95% Offer

superbike999

Nationwide are currently offering a 12 month balance transfer to existing customers at 5.95%. There does not appear to be any charge for the transfer.

If you are registered for their online banking, you can do the transfer on line, up to your credit limit.

When I did mine a couple of days ago, it said the transfer had to be done before 10th November.

Good chance to save money without having to apply for a new card.

Dave

Milarky

Where did you see this? Nationwide announcement dated 3rd October doesn't mention it.

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=725

Does this offer have a 'use by' date? Can it it repeated indefintely [i.e. sucessive balance transfers - all at promo rate?]

Thanks

superbike999

Hello Milarky
I came across it whilst using my on line banking and clicked on balance transfer and it showed the information in my original post. As stated the offer seems to expire on 10th November and I don't know whether it can be repeated for successive balance transfers, it did not say so.
Dave

superbike999

Hello again Milarky

I have looked around the Nationwide web site and there is no mention of the offer, but it is still there, if you are registered for internet banking and currently have a Nationwide credit card account which you can access on line. I have copied the following text from the web site - you will see that the "closing" date is later than it was originally, it must alter depending when you access it:-

TEXT FROM NATIONWIDE WEB SITE

Transfer a Balance

Special Balance Transfer Offer

You can transfer any amount up to your Available Balance from another credit or store card to your Nationwide Credit Card before 18th November 2005 and pay only 5.9% interest until 30th September 2006.

sly_dog_jonah

Yep, same on my NW CC too, when you click on 'transfer a balance'. Also it states:

If your account is less than 6 months old you may qualify for an even lower rate. Please refer to your terms and conditions
Cash Rewards and Comic Relief donations do not apply to Balance Transfers
The minimum balance transfer amount is £1.00

Milarky

Thanks Superbike, I see that offer now.

The nice things about NW's online balance transferring is that it is very quick [takes only one day for transfers to reach Egg in particular] and amounts can be as small as £1. [Hmm! just had a thought. The smallest amount of monthly interest is 1p, so transferring £1 will cost under 0.5 p in interest and so might get rounded down each month. The minimum amount called for is £5, however, so you'd need to spend exactly £5 on the card - to just clear the spending balance, leaving the '£1' to carry forward]

[Another thought: NW say they automatically apply payments to the dearest debt first. In the case of their 'new' customer offer that is the 4.9%/12 months balance transfer - because purchases are 0% for the initial 9 months. For 'existing' customers, the purchases are not 'free' unless repaid in full within 56 days [etc]. So how do they split this one down? I assume that they take any payments from the purchases part of the balance first [@15.9% or something like that]. But if you want to be able to use it as a 'normal' credit card - that is with interest free on purchases up to 56 days AND also carry this special balance transfer for up to 12 months - this is where I'm confused. Can it be done? If you have £500 on BT and then make of £50 purchases and get a balance of [say] £553 including the interest added to the BT on your statement, then if you repay the £50 only by the due date, then NW are saying - in effect - that you have paid the purchases but not the whole balance and therefore lose the interest free period on the purchases. Surely this can't be 'fair'? I expect that is what would happen, but it would be nice if they ignored the balance transfer for the purposes of the interest-free purchases you could normally otherwise make.

[Perhaps they will clarify this if asked?]

dgibby

New person here so please be gentle. Have just opened a Nationwide card as I'm off travelling next month. I'm currently struggling with the online facility - how do I pay into the account? I see no area on the site that will enable me to pay into the account (be it to put some credit in etc) - all I have is "Balance transfers". I want to move money from a bank to the Nationwide card and not from another credit card. Help greatly appreciated.

Reaper

dgibby, I don't think you can pay into the card from the Nationwide site unless you have a Flex Account.

If not go to your own bank web site and choose to make a "Bill Payment". You will need a sort code, account number and reference. These can normally be found on the back of your credit card statements.

EDIT: Alternatively set up a Direct Debit to pay the bills automatically each month. I've had the card so long I forget how I did it now. I think you will have to ask Nationwide for a DD form if they have not sent you one already.

noddy1_2

Thanks to the OP - just transferred a Mint balance that was about to cost me. Didn't want a credit search right now, so a year at 5.9%apr is great.
cheers
Steve

asandwhen

I have a cash reward nationwide card - can I do this on this card?

Milarky

There's no reason why you shouldn't - except that they have the 4.9/9 months deal for new 'Classic' customers only. The first thing to do is to go to the Nationwide website yourself if you are registered with it and click on 'balance transfers'. There is a message there informing Classic customers of this offer.

The second thing to do [if there is no message] is to phone up and ask about why you have not been offered an equivalent deal and see what they say. [Use 0800 30 20 10 - the 'free' number first - and ask to be transferred if necessary. If that doesn't get you there use the 'overseas' number from your statement - 01268 567213]

Good luck