Nationwide provides online Balance Transfers

Milarky

Just come across this at Nationide re. their credit card:

http://www.nationwide.co.uk/creditcard/using_the_card/transferring_your_balance.htm

Go online, and there is now a new option to click on: 'Transfer a Balance'.

You give the required 16 digit reference [not sure if debit cards will work - anyone?] and they are meant to do the rest.

The minimum amount of transfer is £1!

No fees

Interest-free period applies to balance transfers [well, it did when I phoned up and asked for one the other day, at any rate!] as well a purchases, so this is well worth taking advantage of for now.

My one concern is the time it will take for a request to be actioned. Merely putting this online may actually ensure a 'slower' turnaround rather than by talking to a person.

[Their Non Geographical number - don't uses '0845' - is 01268 567213]

40079

Their Non Geographical number - don't uses '0845' - is 01268 567213

The 01268 number won't necessarily be cheaper to use than a "local non geographic number" starting 0845. It depends on what tariff you use.

On my Telewest tariff for example it would be 0.95p more expensive in daytime, 0.51p cheaper in the evenings and the same at weekends using the 0845 number!!

Suzz_2

Thanks, for this post.

I didn't realise that you get an interest free period on BTs each month with Nationwide...  I've just checked their T&Cs online and it confirms it..

This give me an extra month at the end of my Egg Anniversay 5 month / introductory interest free periods  - a bit more time to sort another card out.

Why do you think online BTs will take a long time?  They're pretty quick with Egg and Halifax..

I thought 0845 numbers were cheap rate and actually cheaper than national rate geographical numbers  ???
I'm with BT

Joe_Bloggs

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Milarky

"My one concern is the time it will take for a request to be actioned. Merely putting this online may actually ensure a 'slower' turnaround rather than by talking to a person."

Why do you think online BTs will take a long time?  They're pretty quick with Egg and Halifax..

....Because the request is in practice handled by a person at Nationwide - the 'online' bit just logs the request it doesn't actually do the transfer. And if they become 'popular' as a result of this publicity it might slow a bit more...

[Update on my own 'telephone' balance transfer request: I requested a BT on [u]Wednesday[/u] morning. The following day all that had happened was the [u]'available balance'[/u] showed as less than the [u]'credit limit' [/u]- showing that the funds had been earmarked but had not been paid. By Friday it was the same thing, but this morning the difference has 'disappeared' - as if the earmarked funds had been 'recredited' to the account. I called Nationwide this morning - free on Onetel using the number above - and they assured me that this meant the payment was about to leave. Now if you include time for that person to initially recieve a request that you have logged online you can appreciate that the're pretty slow. It doesn't matter I suppose if it's free money ;D. If your Egg deal expires on the last day of the month, you need to request this a week beforehand I would say. As a rule, the 'date of transfer' shown should be two working days before the receipt. I was able to use this with Barclaycard recently by doing a balance transfer 'to' Egg on the same day as the funds from the balance transferred 'to' Barclaycard reached the Egg account, but I couldn't see the Egg balance until the day after this had happened. It's safer to wait a day, of course, and as soon as a credit balance appears just transfer it off]

johnllew

There are occasions when Nationwide can be very, very slow with balance transfers particularly when they have a promotion on. They will typically quote "up to 10 working days" - with weekends and bank holidays in between, you could be talking about anything up to 15/16 days. And I've had them go wrong - with such a timescale, it can be very difficult to sort it all out if they do.

westernpromise

Suzz,

Are these 0% balance transfers the standard intro offer, or are you saying that there's a way for existing customers who've already got a card to get a month's worth at 0%?

I have just moved house, and because I'm not yet on the electoral roll, I was going to shift my balance from Citibank to my MBNA card at 2.9% for a few months. I'd rather pay nothing, but I don't want to risk applying for new cards when there's some chance they won't take me owing to my 'transitional' address status.

This sounds like it could buy me some time though.

Suzz_2

This is not an introductory offfer; it is an ongoing condition of the card.

Nationwide treat BTs like purchases, so as long as you clear the balance to zero, by the date they say, you won't pay any interest.

E.g.
My statement date is 16th of Sept.
I do a BT on 17-Sept, for say £3000.
This shows on my statement on 16-Oct
I have to pay it back by ~10-Nov
= FREE CASH from 17-Sept (or thereabouts, depending on how long it takes...) 'til 10-Nov.

This has got me thinking... can 2 cards like this - Nationwide and another, give you free cash continuously, with no new applications, no credit searches.... just 1 BT every month... ???

Milarky

Suzz,

see my thread 'IFP Balance Transferers' For a discussion of this

http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1087367702


Other cards known/ currently thought to offer this facility are

cahoot [46 days]
Liverpool Victoria [51 days]
SAGA [56 days]
RBS 'Affinity' Cards [56 days]
Halifax 'Clear Rate' [59 days]

Of these cahoot is the only one I have, and they are very efficient - despite being postal requests. They do require you to send a  statement in [although it doens't have to be the 'latest' AFAIK].

Nationwide are not impressing me at the moment, however. I requested a BT on 25th August and the payment is still not showing as having been made. Once they do send it, it will then take 4 to 7 days to get back to my current account via Egg. [Oh well, It's a good job this is just a 'trial' run!]

Although the 'ping-pong' idea can work, it is 'easier' just to press these cards into serivce at the end of a promotional period. The 'best' option is the Halifax card -which allows you [at present, but who knows for how long!] to write a cheque to yourself and charges no interest or fee as with purchases. Just Direct Debit back every other month....

Milarky

Balance Transfer Update
The transfer I requested by phone on 25th August arrived at Egg yesterday - 8 days [5 working days] later. So I BT'd it across this morning, and it should reach Nationwide Flex by Tuesday. [Better late than never]. Although it reached Egg yesterday, the payment 'from' Nationwide only 'left' yesterday too according to their online/phone info. This can't be strictly accurate - it must just be the date that Nationwide puts on the transaction.

Still that means:
Nationwide to Egg: at least 5 working days.
Egg to a/c: 2 more working days

Allow  minmum of 7 working days [9-12 days] if you try this yourselves, and 8 working days [10-13 days] if checking the Egg balance before transferring from there  :D