Nationwide VISA Refused

obsessed_saver

I opened a Flexaccount with Nationwide last year, and thought of completely transferring my current account to them a couple months ago because they had better rates than Cahoot, but I got turned down for a VISA debit card.

So I just shrugged and opened an account with Bank of Scotland now which pays 6.17% interest if I credit in £1000 a month - which is an even better deal!

I'll just transfer money over to Nationwide when I go abroad and use the cash card to withdraw cash overseas. Perfectly fine with me. They don't want my business, I take it elsewhere.

milanbaros

someone wrote: »

How much were you paying in to your account when you got £50 overdraft?

0 because I was on a 6 month trip to Thailand. ATM I'm paying in by cash and a few matched betting returns but the amount varies. I have cut spending out of my life all together because I'm lucky enough to live with my parents and have said goodbye to a social life for the time being. Since March 1st I think I've spent about £20 total and that was in cash. I doubt spending has much of an effect on the overdraft though and I am frequently transferring money to my icesave.

Is it possible to phone up and try and get an overdraft above that of your reserve limit?

KTF

It seems I am one of the few people who have managed to open a Nationwide account and get offered a Debit card from day 1.

If you havent already done so, it might be worth checking your credit file to see if there is anything on that that is counting against you.

p1an0player

SpaceMagic wrote: »

Their credit card would give me a limit. But say I had to pay a £1000 deposit for apartment rent (most germans require 3 months rent up front - standard practice), i don't think a credit card would give me that limit. Plus I have a natwest credit card, i don't want another.

I think the Germans are behind us in the use of debit and credit cards, they tend to prefer cash, although this may be changing.

Even in the UK, I'm not sure that a debit or credit card would be OK for a deposit on an apartment, I think people tend to use cash or cheque, especially if it is going directly to a landlord rather than a letting agent.

At least it sounds like you'll have fee-free access to your money through your cash card. Good luck with the job.

Kilty_2

I'd like to find out just how much an influence having other savings products with them has on any decisions (obviously coupled with credit rating).

I'll be a student again by the time I'll be able to try and get my account upgraded (I'll leave employment about 3 months before I turn 18, grr) but should have some earnings from self employment & I have several thousand in savings with Nationwide.

Hopefully they'll upgrade my account to one with a debit card though I might not even ask them to, might open a new FlexAccount in the hope that has a better chance.

Compound_2

If the ‘free use abroad’ debit card is a money-loser, I wonder if there is a quota on how many Nationwide will issue. It seems to be the only rational explanation behind the random allocations. The ‘best buy’ is an illusion which allows Nationwide to get good publicity, not least on this website. In reality you can’t get your hands on it because Nationwide refuse to issue the card to cap their losses. Meanwhile, applicants are diverted to poorer accounts.

KTF

Even if you dont get a debit card you can still use the cash card to take out cash instead so its still worth applying for.

Kilty_2

I still think it's all about limiting risk since I know plenty of people with good credit ratings and reasonable earnings that have debit cards.

People with no or little credit rating (or bad credit ratings) or with low earnings seem to be the ones who get refused (in most cases, I'm sure there are others).

if_i_was_a_richman

Compound wrote: »

If the ‘free use abroad’ debit card is a money-loser, I wonder if there is a quota on how many Nationwide will issue. It seems to be the only rational explanation behind the random allocations. The ‘best buy’ is an illusion which allows Nationwide to get good publicity, not least on this website. In reality you can’t get your hands on it because Nationwide refuse to issue the card to cap their losses. Meanwhile, applicants are diverted to poorer accounts.

I don't belive this is the case as the free use abroad is on most if not all of there cards (including credit cards but nou withdrawals)

gingababe

I applied on line for a nationwide flex account, so everything I sell on ebay(massive house declutter ) I could use when I am on holiday in florida, later this year, so far I have banked £600 + , I was given a visa debit card, but never applied for the credit card which I`m thinking I will need for emergencies for holiday is it worth applying on line as I`m getting worried now after reading this post.
Ginga