The Sub Prime Credit Thread - Part V

izools

Oooh, Nationwide like me

"Confirmation
Thank you. We are pleased to confirm that your credit card has
been approved in principle.
Your application reference is XXXXXXXX
What happens next?
Before we can issue your credit card we just need to see some
proof of your identity. We will write to you in the next 5 days
to tell you what forms of identification we can accept.
Once we have verified the information you have given us is
correct, in the next 10 working days we'll send you your account
details, new credit card, PIN and any Internet Banking details to
your current address. For security reasons, not all these items
will arrive together.
If you have chosen to transfer any balances from other
credit/store cards you hold to your new account, we will contact
your other providers to start the process. Please check your first
new credit card statement to confirm that any balance transfers
have been processed and contact us if you have any concerns. If
you did not give us any Direct Debit or Internet Banking details
then we will send you details of how to tell us about those when
we welcome you as a credit card customer."


The Pre-Application soft-search quote came out at £3,200 @ 15.9% APR, 0% Transfers for 17 Months 0% Purchases for 3 Months.

Bonza I knew it was worth continuing the application as prevoiusly the pre-application soft search quote had come out at 19.9%. This time it said 15.9% instead, so I tried my luck and emerged triumphant!

Although, an exercise in futility. I have no use for the card. Guess it'll just sit in the drawer. Meh.

callum9999

I got told I was getting 3 months 0% purchases but it actually came with 6 months at 0% - maybe you'll be lucky too!

izools

You have two options when taking out the Nationwide card:

Either:

0% Balance Transfers for 17 Months and 0% Purchases 3 Months

Or:

0% Purchases 6 Months, no Balance Transfer promotion


At least that is how they advertise it. How long did you get on balance transfers with your card? Any time atall? I chose the balance transfer offer, if I decided to spend anything I'll do it on another card and transfer it across. But chances are I won't, except perhaps the Service & MOT next month. Pretty sure I'll need new tires

Zack1

Agree with izools, I seemed to have that choice and got the 2nd. If you want to swap you can try phoning them, they always seem a lot more helpful than Natwest and co.

As a side note, they also now have a 18 month purchases one, but only once you qualify as a 'prime' customer. It was released days after my approval for the 6 month one so I phoned trying to get them to put me on it. They said once I'm a prime customer (£750 funding to the current account for 3 months, switching DDs and something about them coming out, but the terms don't say that!) then I can call back and they'll switch me over.

I'm assuming it'll involve a credit check, which I'll fail. But they clearly said just phone back and we'll switch you, and I asked again "so you'll just switch me when I call?" and they said yes, so hopefully that's recorded on their systems!

I'm guessing that is also when my free travel insurance will commence. Quite bad really, since it clearly stated when I opened the account that they'd send me the documentation as soon as I'm approved and deposit £750, and cover will start on the 1st of the following month. So have emailed them about it, has anyone else been told anything? Terms seem to have changed since I applied, as it now looks like you must be prime before getting it, rather than in the process of becoming prime

callum9999

izools wrote: »

You have two options when taking out the Nationwide card:

Either:

0% Balance Transfers for 17 Months and 0% Purchases 6 Months

Or:

0% Purchases 6 Months, no Balance Transfer promotion


At least that is how they advertise it. How long did you get on balance transfers with your card? Any time atall? I chose the balance transfer offer, if I decided to spend anything I'll do it on another card and transfer it across. But chances are I won't, except perhaps the Service & MOT next month. Pretty sure I'll need new tires

I can't remember - I never take notice of that as I don't keep balances on cards (well, except now I have my first 0% I guess!). Presumably if you had to choose I would have gone for the non-balance transfer option.

I literally only remember it saying something about 3 months at 0% somewhere on my acceptance page, but the credit card agreement had 6 months on it (also confirmed by calling them).

Though this is before the select card launched, so maybe it changed then?

callum9999

Zack1 wrote: »

Agree with izools, I seemed to have that choice and got the 2nd. If you want to swap you can try phoning them, they always seem a lot more helpful than Natwest and co.

As a side note, they also now have a 18 month purchases one, but only once you qualify as a 'prime' customer. It was released days after my approval for the 6 month one so I phoned trying to get them to put me on it. They said once I'm a prime customer (£750 funding to the current account for 3 months, switching DDs and something about them coming out, but the terms don't say that!) then I can call back and they'll switch me over.

I'm assuming it'll involve a credit check, which I'll fail. But they clearly said just phone back and we'll switch you, and I asked again "so you'll just switch me when I call?" and they said yes, so hopefully that's recorded on their systems!

I'm guessing that is also when my free travel insurance will commence. Quite bad really, since it clearly stated when I opened the account that they'd send me the documentation as soon as I'm approved and deposit £750, and cover will start on the 1st of the following month. So have emailed them about it, has anyone else been told anything? Terms seem to have changed since I applied, as it now looks like you must be prime before getting it, rather than in the process of becoming prime

They said the same to me - they seem quite happy to just transfer you across with the same terms as your previous card without any additional credit checks. You don't really get much more so I don't see why they'd need to anyway. Your APR, credit limit and promotional limits all stay the same (you can't get the 18 months 0% etc.) so the only additional benefits are the 0.5% cashback and unlimited foreign usage.

How old are you? I was told the £750 thing is waived if you're under 21. I've had the free insurance ever since they introduced it and I rarely, if ever, pay £750 in. Though that could be because I'm an existing customer?

izools

callum9999 wrote: »

I can't remember - I never take notice of that as I don't keep balances on cards (well, except now I have my first 0% I guess!). Presumably if you had to choose I would have gone for the non-balance transfer option.

I literally only remember it saying something about 3 months at 0% somewhere on my acceptance page, but the credit card agreement had 6 months on it (also confirmed by calling them).

Though this is before the select card launched, so maybe it changed then?

Sorry yes thats what I mean 0% for 3 months, have corrected my previous post.

Zack - I don't bank with nationwide, so no chance of qualifying for their prime deal!

Zack1

You should be qualified after 3 months though? If you wanted to try for purchases anyway

callum9999 wrote: »

They said the same to me - they seem quite happy to just transfer you across with the same terms as your previous card without any additional credit checks. You don't really get much more so I don't see why they'd need to anyway. Your APR, credit limit and promotional limits all stay the same (you can't get the 18 months 0% etc.) so the only additional benefits are the 0.5% cashback and unlimited foreign usage.

How old are you? I was told the £750 thing is waived if you're under 21. I've had the free insurance ever since they introduced it and I rarely, if ever, pay £750 in. Though that could be because I'm an existing customer?

They haven't replied to my secure message yet. It seems they were always very sharp until you ask searching questions:rotfl:

And I'm sure I read that somewhere too. But I'm 21 in a few months. They review eligibility every September so I'd still need to pay in most months. From what the guy in branch was saying (when I went in with ID) 1 missed payment and they will (/may I guess) boot you out. So if you regularly miss then come September they may get rid of you. It's all a promotional gimmick, once people are signed up they won't move, even when Nationwide void as many insurance policies as they can get away with for 1 missed payment. That's why they're making it as hard as possible!

And I was told I'd be given a card with 18 months 0% in April as long as I was a prime customer? I was assuming that would by extending the 6 months on this card by another 12 months, to make 18 in total. I'm sure that's what he was saying to me, that's why he was saying no need to worry that you can't get it now, as once you transfer in April it will continue from this one. Will certainly try for that anyway! 0.5% cashback is useless to me as Halifax is better if you spend just over £300.

callum9999

Zack1 wrote: »

You should be qualified after 3 months though? If you wanted to try for purchases anyway


They haven't replied to my secure message yet. It seems they were always very sharp until you ask searching questions:rotfl:

And I'm sure I read that somewhere too. But I'm 21 in a few months. They review eligibility every September so I'd still need to pay in most months. From what the guy in branch was saying (when I went in with ID) 1 missed payment and they will (/may I guess) boot you out. So if you regularly miss then come September they may get rid of you. It's all a promotional gimmick, once people are signed up they won't move, even when Nationwide void as many insurance policies as they can get away with for 1 missed payment. That's why they're making it as hard as possible!

And I was told I'd be given a card with 18 months 0% in April as long as I was a prime customer? I was assuming that would by extending the 6 months on this card by another 12 months, to make 18 in total. I'm sure that's what he was saying to me, that's why he was saying no need to worry that you can't get it now, as once you transfer in April it will continue from this one. Will certainly try for that anyway! 0.5% cashback is useless to me as Halifax is better if you spend just over £300.

I never asked for the insurance though, so I really don't know how they are working it out! I just got a letter in the post with a policy number saying I'm entitled to it for a year, and a few months ago I got a letter saying it's been renewed for another year. As I said - I've only paid in £750 once or twice (if at all since this started!).

Maybe they are just confused because its new? I was told several times by the actual department that is running this (by phone) that existing credit card customers categorically cannot get the promotional APR. You get the 0.5% cashback and unlimited spending abroad, otherwise the limit and APR/promotional APR stay exactly the same. I hope you're right though!

Yeah I just got a clarity card as well which would be better cashback, but I don't think I spend £300 a month so is pretty useless to me personally in that regard (and I wouldn't have bothered had I known Nationwide were going to release this card - but then 2 fee-free cards can't hurt!).

magpiefan

Hi guys
Just found this site/thread and read the whole 5 parts of over the last 2 days.
Its blooming brilliant so i thought i had best join and start getting some of your advice.