Nationwide C/card cashback

MarkyMarkD

I honestly think that's baloney - I don't doubt that it's what she said, but I don't believe it's correct. The card terms and conditions specify that you are not responsible for losses due to fraud - that is not affected by "pre-loading". The concept of "pre-loading" doesn't even exist in the Ts & Cs - all that matters is that they are processing a transaction which is fraudulent and therefore you aren't liable for it.

student100

MarkyMarkD wrote:

I honestly think that's baloney...The card terms and conditions specify that you are not responsible for losses due to fraud - that is not affected by "pre-loading". The concept of "pre-loading" doesn't even exist in the Ts & Cs - all that matters is that they are processing a transaction which is fraudulent and therefore you aren't liable for it.

Maybe. But also nothing anywhere states that you won't be charged the "1.50% (min £1.50)" fee for Cash advances if your account is in credit. I expect you will be charged for cash advances even if your account is "pre-loaded".

Also the T&Cs categorically state "We will pay a cash reward on purchases (excluding balance transfers, transactions made abroad, or made with retailers that are registered outside of the UK, cash advances and payment protection insurance premiums).." (my emphasis). There is no reason to believe that with a pre-loaded card it would be any different.


So I'm not sure what I think you stand to gain by pre-loading your card, and as it's a grey area as far as terms and conditions are concerned (i.e. you don't know what will happen and have no agreement as to what should happen) I'd certainly advise against doing it.

kenshaz

I am an existing customer moved to a classic and got the 6 month 0% on balance transfers and purchases , rest assured it is available to existing customers

kenshaz

No Point ,No interest,No cash reward,charged to take it out,they have your money free of charge.Why not pre-load your debit card makes more sense.

kenshaz

Saga pay interst on cash pre-loaded on their card.

lisyloo

I honestly think that's baloney - I don't doubt that it's what she said, but I don't believe it's correct.

I believe it is correct because the information came from Nationwide (unless they have changed it recently).

The card terms and conditions specify that you are not responsible for losses due to fraud

What they mean by losses are THEIR losses (I double checked and triple checked with them).

all that matters is that they are processing a transaction which is fraudulent and therefore you aren't liable for it.

Absolutely, you are not liable to them for any of their losses.
However if a theif has taken YOUR money, you will get no help.

I double-checked this at the time.
If you don't believe it, then I can only suggest you call them to check with them yourself.

I would still advise anyone against doing this before they have checked.

BTW - I cannot guarantee that Nationwide have not changed their policy since I got this information, however I am 100% sure of my understanding and have previously discussed it with Martin Lewis.

Milarky

kenshaz wrote:

I am an existing customer moved to a classic and got the 6 month 0% on balance transfers and purchases , rest assured it is available to existing customers

I am sorry - you are right of course. According to Nationwide:

http://www.nationwide.co.uk/creditcard/whats_on_offer/change-your-card.htm

You can get the alternate card's promotion and can revert to the first card after that but not requalify for that first card's offer. I simply misread what they said.

So the orginal suggestion would become - get a Classic card in place of the now uncompetitive Cash Rewards, use it for 6 months to build up free purchases/balance transfer and then pay back what you owe them at the end. Then use in the manner described if you wish to contine to carry interest-free debt. They will probably up the credit limt a few times anyway after the first six months without your having to ask.

[But nice to have that 'bonus' confirmed - thank you]