Farewell, Nationwide.

The_Edge

Thanks Baldur - again that was what I thought was the case but it made no sense.

So, if we look only at transactions abroad rather than Cash Withdrawals - if I use my Nationwide Gold Card rather than my Debit Card to pay for things abroad I get charged 1% rather than 2% with my Debit Card.

Then I just pay it off every month - and I save 1%!! Is this a small loophole? Even some countries (e.g. Portugal) credit card transactions are free of charges but debit card ones are 2%?!?

Seems a bit crazy having to pay with a credit card when I would prefer to use the cash in my Account but this piece of info appears useful!?!?!?

Will just have to find other ways to get cash.....am I correct here??

KTF

You still pay interest on the cash you have withdrawn on the credit card. If you want do do it that way then get a Halifax Clarity card instead.

The_Edge

KTF wrote: »

You still pay interest on the cash you have withdrawn on the credit card. If you want do do it that way then get a Halifax Clarity card instead.

I am talking about Purchases - obviously not so stupid as to get Cash Advances on my credit card!!!

It appears 1% on credit card and 2% on debit card - which is madness but may be a small loophole?!?!?

Baldur

The_Edge wrote: »

It appears 1% on credit card and 2% on debit card - which is madness but may be a small loophole?!?!?

According to the Gold Card page, to which I linked above, the 1% is only applied outside the VISA Europe sphere of operations.

The_Edge

Agreed - so in most cases I pay 1% with my Gold Card, but in some cases e.g. Portugal I pay nothing at all.

But with my Debit Card I alll the time pay 2% - only talking about purchases here.

So, as long as I pay off my credit card each month - happy days??

Baldur

The_Edge wrote: »

Agreed - so in most cases I pay 1% with my Gold Card, but in some cases e.g. Portugal I pay nothing at all.

But with my Debit Card I alll the time pay 2% - only talking about purchases here.

So, as long as I pay off my credit card each month - happy days??

Certainly appears that way from the website - can't comment from personal experience, as I have their Cashback Credit Card, which is no longer available to new applicants, and my most frequent spending abroad is in a country where Credit/Debit Card payments are not routinely accepted, as it's a largely cash-based economy.

The_Edge

This may be of some interest, or make you more angry like me!! They always try to contact me by phone...but have never succeeded yet!! :mad:

'Thank you for your message.

I am sorry to learn of the difficulties you have experienced and thank you for telling us of these issues.

I have tried to contact you today, but not been successful and have sent this message which I hope addresses the issues raised.

I am also sorry that you are unhappy in incurring charges on your FlexAccount since the beginning of this month when using your debit card abroad.

We have made customers aware by sending a leaflet about the changes in August and details have been on our website since this time. I have provided a link below for an electronic version of the leaflet for your reference.
http://www.nationwide.co.uk/pdf/current_account/P1112.pdf

Commission free card use abroad has been a long standing benefit of Nationwide’s FlexAccount but, even though it has been available for more than ten years, only around a third of our current account holders have used it each year. Over time we have found it has provided a huge benefit to a tiny minority of our current account members, such as regular business travellers. At the same time it has benefited others by only a modest amount and it has not benefited the majority of our current account members at all. It is simply not an equitable way to share member value. However, the majority can benefit from free travel insurance if they make FlexAccount their main account and the value they would receive will be shared more equitably.

We have a responsibility to manage the business in the most prudent and sustainable way for our membership as a whole and a key part of our corporate strategy is to encourage more members to use their FlexAccount as their main current account. We believe the free multi-trip travel insurance is more likely to encourage people to use their FlexAccount as their main account, particularly as it covers holidays booked in the UK as well as in the rest of Europe.

The introduction of 2% commission for debit card use abroad and the £1 cash withdrawal fee also have to be seen in the context of the charges made by our competitors. Nationwide’s planned charges are still lower than those made by the majority of our high street competitors. Very importantly, the changes only apply to FlexAccount customers and not Nationwide's credit card customers.

Nationwide credit card customers will continue to be charged a 1% fee outside Europe and no foreign usage charges within Europe.

Please note that the maximum amount you can withdraw in a day is £300 or the local currency equivalent. I am unable to advise why you may not have been able to withdraw a higher amounts in ATM's in Armenia. You may wish to contact the bank linked to the ATM's to see if there is a limit to the amount of Drams you can withdraw.

I do understand your concerns and I acknowledge that you are not alone in really appreciating the existing arrangements. I have tried to give you the fullest possible explanation of the rationale behind the changes. We did not take this step lightly, but we have to put in place benefits that are more equitable, prudent and sustainable for all customers and treat them equally.'

adindas

It does not make sense.
You will only need travel insurance if you travel abroad. If you travel abroad you need overseas perks.

How come the number of people benefiting overseas perks is less than then the number of people will be benefiting travel insurance? The opposite should prevail. So I think the statement they make could even create more anger, as for some people might see this is an insult as if people will not be able to think.

Also the travel insurance that they provide is useleess as:
- Most people do not need sole person transfer insurance, as thye need family travel insurance.
- People need worldwide travel insrurance rather than Europe insurance
- For business traveleers most people are cover by another insurance e.g. employer or other types business insurance.

So I think, it just waste of time to send them complain as they just reiterate the same things which does not make sense. So conclusion leave them alone. There are few Banks/BS outthere is ready to take their share.


ADINDAS

The_Edge wrote: »

This may be of some interest, or make you more angry like me!! They always try to contact me by phone...but have never succeeded yet!! :mad:

'Thank you for your message.

I am sorry to learn of the difficulties you have experienced and thank you for telling us of these issues.

I have tried to contact you today, but not been successful and have sent this message which I hope addresses the issues raised.

I am also sorry that you are unhappy in incurring charges on your FlexAccount since the beginning of this month when using your debit card abroad.

We have made customers aware by sending a leaflet about the changes in August and details have been on our website since this time. I have provided a link below for an electronic version of the leaflet for your reference.
http://www.nationwide.co.uk/pdf/current_account/P1112.pdf

Commission free card use abroad has been a long standing benefit of Nationwide!!!8217;s FlexAccount but, even though it has been available for more than ten years, only around a third of our current account holders have used it each year. Over time we have found it has provided a huge benefit to a tiny minority of our current account members, such as regular business travellers. At the same time it has benefited others by only a modest amount and it has not benefited the majority of our current account members at all. It is simply not an equitable way to share member value. However, the majority can benefit from free travel insurance if they make FlexAccount their main account and the value they would receive will be shared more equitably.

We have a responsibility to manage the business in the most prudent and sustainable way for our membership as a whole and a key part of our corporate strategy is to encourage more members to use their FlexAccount as their main current account. We believe the free multi-trip travel insurance is more likely to encourage people to use their FlexAccount as their main account, particularly as it covers holidays booked in the UK as well as in the rest of Europe.

The introduction of 2% commission for debit card use abroad and the £1 cash withdrawal fee also have to be seen in the context of the charges made by our competitors. Nationwide!!!8217;s planned charges are still lower than those made by the majority of our high street competitors. Very importantly, the changes only apply to FlexAccount customers and not Nationwide's credit card customers.

Nationwide credit card customers will continue to be charged a 1% fee outside Europe and no foreign usage charges within Europe.

Please note that the maximum amount you can withdraw in a day is £300 or the local currency equivalent. I am unable to advise why you may not have been able to withdraw a higher amounts in ATM's in Armenia. You may wish to contact the bank linked to the ATM's to see if there is a limit to the amount of Drams you can withdraw.

I do understand your concerns and I acknowledge that you are not alone in really appreciating the existing arrangements. I have tried to give you the fullest possible explanation of the rationale behind the changes. We did not take this step lightly, but we have to put in place benefits that are more equitable, prudent and sustainable for all customers and treat them equally.'

jinkster

I have a Nationwide Mortgage so wondering about whether I am tied into Nationwide - will have to check this out.

Norwich and Peterborough sounds very interesting - I will have to look into this!

dzug1

jinkster wrote: »

I have a Nationwide Mortgage so wondering about whether I am tied into Nationwide - will have to check this out.

It's unlikely that having a Nationwide mortgage ties you into a current account with them