Nationwide Cashback card - Nasty Catch

tsman

Angry Nationwide cashback - nasty catch
I have used the Nationwide cashback card for the last couple of months. When I get paid I go onto the site, check the balance and pay it in full - this has worked for my previous cards - no interest, however on the Nationwide card interest has appeared. On checking the notes it states the following :
"Interest is not just based on the balance remaining after your payment. Interest will be charged even if your payment is received before the monthly payment due date unless you make a full payment". What this means in practice is that if you do not pay the exact amount on the paper credit card statement you seem to pay interest on the full amount - ie if you have paid £999 the day before the paper statement of £1000 is issued then you pay a full months interest on £1000 - I do not consider this to be fair practice, and am going to stop using the card

asandwhen

I think this is fairly standard - I know halifax do this same thing.

YorkshireBoy

asandwhen wrote:

I think this is fairly standard - I know halifax do this same thing.

From the Nationwide T&C's...

Other Financial Information
F. We will not charge you interest on new purchases that
appear on your current (i.e. most recent) statement if, by the
close of business on the 25th day (15th day for Cash Reward
cards) after that statement date, we have received payment of
the full account balance shown on that statement.

If you pay less than the account balance by this date, we will
charge interest on the outstanding balance from the date of
each transaction at the rate shown above, based on the daily
balance on your account, until full repayment is made.

http://www.nationwide.co.uk/NR/rdonlyres/4890DD22-5ADE-4EDB-A3D9-5078664F3445/0/P4433CCardOct05.pdf

Jo_anne_2

You could try phoning them, explain that you were not expecting to pay interest and why and perhaps they will waiver it. I have queried interest added on a couple of occasions on my Nationwide visa card, and they have cancelled it. Might be worth a try.

4nick8

Why don't you pay either the minimum,or full amount,by direct debit. Saves a lot of time and hassle.