Nationwide Gold credit card question

Options
Hi -

I'm thinking of getting a Nationwide Gold credit card but I'm a bit confused by something in the T&Cs.

Under interest free period it says:

Maximum 56 days for purchases if you pay your total balance on your statement, including any balance transfers, in full and by the due date.

So if I transferred a balance does this mean my purchases wouldn't have an interest-free period? (NB: Nationwide has a positive order of payments so I would've though that spending during a BT would be ok if purchases were paid off at the end of the month.)

If anyone has this card and can shine some light I'd be really grateful! :D

Comments

  • cooltt
    cooltt Posts: 852 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    Like it says in the T&C's your purchases would have 56 days interest free but it's the allocation of payments in the T&C's you need to read and understand. Any payments you make will pay off the promotional BT first, nothing would be paid from your purchases so after 56 days with a balance outstanding WHAM! they've got you good and proper paying interest on your purchases until you've paid off the BT.
  • Gambit
    Gambit Posts: 584 Forumite
    Options
    It's always best to keep things seperate in my opinion. In other words, have one credit card for balance transfers and one for spending. More often than not, a card is only good at one thing not both.
    Current Debt Owed To Family: [STRIKE]£12,575[/STRIKE] £9,000 :wall:
    Estimated Debt Free... [STRIKE]Dec 2012[/STRIKE] Aug 2012

    :xmassmileChristmas 2010 Sealed Pot Challenge #477 :xmassmile
  • Degenerate
    Degenerate Posts: 2,166 Forumite
    Options
    cooltt wrote: »
    Like it says in the T&C's your purchases would have 56 days interest free but it's the allocation of payments in the T&C's you need to read and understand. Any payments you make will pay off the promotional BT first, nothing would be paid from your purchases so after 56 days with a balance outstanding WHAM! they've got you good and proper paying interest on your purchases until you've paid off the BT.

    You've completely misunderstood the OP. Nationwide already have a positive order of payments, so the problem you describe does not exist with them. (All CC providers are supposed to change to this by the end of the year.)

    Nationwide Gold, like most CCs, grants an interest free period if you pay it off every month. If you carry a balance you are charged interest on all that month's purchases back to the transaction date. The OP is asking how this would interact with carrying a balance from a promotional balance transfer.

    It's an interesting question I would like to know the answer to myself, as I am about to apply for one of these cards. I suspect the answer is that you cannot enjoy the benefit of the grace period at the same time as a balance transfer.
  • dazza.mk
    dazza.mk Posts: 1,927 Forumite
    First Anniversary First Post Combo Breaker
    Options
    Degenerate wrote: »
    You've completely misunderstood the OP. Nationwide already have a positive order of payments, so the problem you describe does not exist with them. (All CC providers are supposed to change to this by the end of the year.)

    Nationwide Gold, like most CCs, grants an interest free period if you pay it off every month. If you carry a balance you are charged interest on all that month's purchases back to the transaction date. The OP is asking how this would interact with carrying a balance from a promotional balance transfer.

    It's an interesting question I would like to know the answer to myself, as I am about to apply for one of these cards. I suspect the answer is that you cannot enjoy the benefit of the grace period at the same time as a balance transfer.

    I would 'guess' this relates to Balance Transfers on Standard rates, as opposed to transfers with any promotional rates.,
  • Rufus_348
    Rufus_348 Posts: 145 Forumite
    Options
    Thanks for your help everyone!

    I've just called Nationwide and spoke to someone in sales who seemed to think that there'd be no problem clearing a purchases balance interest-free during a balance transfer so I guess the wording is just confusing and they mean non-promotional balance transfers (like you said Dazza).

    However, he did seem not 100% on the ball so I'm still a bit sceptical...

    It would be very crappy if they didn't let you do it, otherwise what's the point of a positive order of payments? So overall I'll think I'll go for optimism and guess that it's fine.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards