Nationwide 0% foreign comission or cashback card?

patwa_2

Hello.

I'm thinking of applying for a new credit card, mainly to use for purchasing items over the net from websites in the US and Europe. I've heard that Nationwide offer their Classic card that has no comission on foreign transactions. Also, their statement of a minimum credit limit of £500 also appeals to me, as my current Natwest card offers only £350, although they did increase it to £450, with a further rise to £1000 being 'looked at'.

Just wondering what people thought of this. I was debating the merits of going for this card over a cashback card, not sure which would yield better results. My average montly spend on my card is about £250.

I also have the added complication of not being eligivle for many cards as I'm still below the age of 21.

Any suggestions would be appreciated. i was considering applying for the Nationwide today, but will wait to see what others here have to advise before making the final decision.

Cheers, thanks and tae care.

Hussein.

King_Of_Fools

It depends on what your usage is but you may be able to get a Nationwide card for foreign spending and a cashback card for UK spending.

patwa_2

in that case, would it be a wise idea to cancel my Natwest Student Mastercard?

Also, does anyone know how to view recurring payments, e.g monthly subscriptions, on your credit card through Natwest's Online Banking? Nothing shows up under Direct Debits, as if I'm right those can only be made to a bank account.

Thanks.

Cheers and take care.

Hussein.

KTF

If you are planning to to a lot of overseas purchases then its a great card to have because there is no loading on the exchange rate.

If you are planning to just use it for purchases within the UK then a cashback card may be better.

It all depends on how you are planning to use it. There is no harm in getting the Nationwide card and a cashback card if they accept your age.

Edit: Monthly subscriptions wont appear on the credit card statement until the payment is processed. You cant seem them in advance like you can Direct Debits or Standing orders.

King_Of_Fools

KTF wrote:

Edit: Monthly subscriptions wont appear on the credit card statement until the payment is processed. You cant seem them in advance like you can Direct Debits or Standing orders.

Also, you cannot cancel them like Direct Debits you have to ask the magazine (etc.) to cancel the CPA[1].

[1] Continuous Payment Authority - unlike Direct Debits these are not regulated, difficult to manage and best avoided; you can even continue being charged after the credit card account has been "closed"!

King_Of_Fools

patwa wrote:

in that case, would it be a wise idea to cancel my Natwest Student Mastercard?

Also, does anyone know how to view recurring payments, e.g monthly subscriptions, on your credit card through Natwest's Online Banking? Nothing shows up under Direct Debits, as if I'm right those can only be made to a bank account.

If you are still a student that would make it less likely to be accepted on a cashback card.

I would not bother closing your NatWest card as it has a low credit rating and definately not before you have another card in your hands!

Try applying for one other card to see if you get accepted. If you do I would leave it a good few months before applying for another card.

patwa_2

OK, I'm going to get the Nationwide Card tomorrow. Will keep the Natwest Card.

Anyone know at what point I can apply for a cashback card? You said my student status will work againt me. Does that then follow through that I must wait until I'm out of Uni before I can get a cashback card? Will my high monthly spending (unhealthily high) not help in that regard?

Cheers and take care.

Hussein.

King_Of_Fools

patwa wrote:

OK, I'm going to get the Nationwide Card tomorrow. Will keep the Natwest Card.

Anyone know at what point I can apply for a cashback card? You said my student status will work againt me. Does that then follow through that I must wait until I'm out of Uni before I can get a cashback card? Will my high monthly spending (unhealthily high) not help in that regard?

Most credit cards score you based on how much you earn not on how much you spend! Most of the decent cashback cards require you to earn at least £20k per year.

patwa_2

Ah, that might cause just a minor problem!

Cheers and take care.

Hussein.