Changes to T&C of Nationwide CC

Daft_Monkey

From the 1st of June 2005, Nationwide are making some changes to their CC T&Cs.
Amongst other things, all fees (over limit,returned payment,late payment) increase from £15 to £20, and interest on balance transfers (after any introductory offers) will be charged from the date the balance transfer was debited to the account...

Milarky

Daft_Monkey,

Thanks. More info here

Q: Will a BT made in the run up to the change over date - eg on 30th May - still qualify for an interest free period which takes it out beyond the change over date by up to 56 days? I would have thought so, given those would still be the terms on the transfer when it was made. [But I shall ask Nationwide about this and post their reply]

johnllew

Milarky wrote:

[But I shall ask Nationwide about this and post their reply]

Thanks - I'm interested.

Milarky

John,

I phoned up Nationwide and customer services there confirms the commnonsense view of this that where a BT takes place before the 1st June 2005, they will treat it as now - interest free for up to 56 days like a purchase - and therefore they will allow BTs made in the run up to go beyond the date of change and charge no interest on them provided they get repaid in the normal way.

It might be a good idea to phone them up next time and get this confirmed when making a BT request - just to cover yourself.

[She also said - volunteered it in fact - that this was being done because NW were finding that people were: 'phoning up to pay off Barclaycard every month - ''robbing Peter to pay Paul'' '. I thanked her, said wasn't that terrible and left it at that - didn't have the nerve to ask for a BT there and then! Still, if you leave an open door people will walk through it!This might also explain the non-functionality of the online BT feature noted a few weeks back. If I were Nationwide I would have disabled this and oblige customers to phone up themselves - which might put some off doing so possibly. The other thought is that they could conceivably now refuse BTs on a discretionery basis could they not?]

Daft_Monkey

It's a shame really, but I guess we can't have it all. This particular feature was excellent for tackling temp cash flow problems (like the ones I'm faced with now). Would have been very nice if they've left the door open, once or twice a year...