Nationwide pricematch with Tesco

bowlhead99

Has anyone successfully had Nationwide price-beat a Tesco Loan where the Tesco offer was made at the Clubcard rate?

I know Nationwide's T&C is that if you are a main account customer with them and they offer you a loan it will be 0.5% under the rival's offer as long as it was an offer available to the general public. Unfortunately when I did the online Tesco application I checked the box to say I was a clubcard member, so got a marginally lower rate. Anyone in the general public can get a free clubcard just by asking for one, but Tesco reserve the right to close your clubcard account if they want to, so I'm guessing Nationwide will not accept it as a 'rate available to the general public'.

Seems it would have been better to have applied to Tesco at 0.2% higher without using the clubcard and then got Nationwide to match/beat it by 0.5%, than going for the cheapest Tesco option and not be able to get the special Nationwide deal on it.

I searched the forum and the only relevant thread I found was where someone had a Sainsburys one at the Nectar rate and Nationwide wouldn't match that. So, anyone have experiences with Nationwide and Tesco Clubcard?

I could just call up Nationwide on Monday and find out, but it's not Monday yet, and I really can't be bothered being on hold for ages then going through an application process and then finally finding out that the computer says no.

BrassicWoman

This seems complex compared to just taking the loan from tesco? Sure it's worth it for 0.3?

Superscrooge

If Nationwide wouldn't beat the Nectar rate on a Sainsbury's card by 0.5% then I suspect they would also refuse to beat the Clubcard rate on a Tesco card by 0.5%.

Even though you have the reduced Clubcard rate and assuming Nationwide refuse to reduce it by 0.5% you may be able to persuade them to reduce it by 0.3% which is the rate you would have got from them without ticking the Clubcard box?

bowlhead99

BrassicWoman wrote: »

This seems complex compared to just taking the loan from tesco? Sure it's worth it for 0.3?

Well, if the full 0.5% was possible that would be £100+ in the first year on £25k, and the total amount of interest saved over the life of the loan, if the loan was a long one, would be a fair bit more than that.

If you want to borrow money it's always good to do it cheaply, and the money saved can buy flexibility (e.g. taking a loan over a long period to minimise commitments but being able to payoff earlier without worrying so much about an early settlement charge because of having saved on the rate).

Superscrooge wrote: »

If Nationwide wouldn't beat the Nectar rate on a Sainsbury's card by 0.5% then I suspect they would also refuse to beat the Clubcard rate on a Tesco card by 0.5%.

Even though you have the reduced Clubcard rate and assuming Nationwide refuse to reduce it by 0.5% you may be able to persuade them to reduce it by 0.3% which is the rate you would have got from them without ticking the Clubcard box?

The Sainsbury experience I mentioned from last year's thread, the OP said that he had argued that the non-nectar rate was only a little higher so would they price-beat that, and they wouldn't budge because his offer wasn't at that higher rate.

However in looking at my Tesco offer paperwork it doesn't actually mention clubcard on it so I could always try it on? Or I could go and do an application with Sainsbury (non-nectar rate) which is only slightly higher than Tesco clubcard rate, and take that to Nationwide instead. But I'd prefer to have fewer credit searches on file.

Which is basically why I was wondering if someone on here has gone through the same thing themselves

moneyistooshorttomention

Following this thread with interest.

Katgrit

I took a loan out with Nationwide 2 weeks ago, with them beating an offer I'd got from Sainsburys by using a Nectar card. I applied online to Sainburys, then in branch to NW. Sainburys offered 3.1% , with 3.0% for Nectar card holders. Nationwide (who I've banked with for years) beat that to 2.5%. In fact the day after I applied to Sainsburys they dropped their rate to 2.8% and when I mentioned that to the NW Bloke he was like "Noooo, that means we could have people walking out of here with us offering them 2.3%! Thats ridiculous!". He did have to phone through to a central office, to get it all agreed so the % would uodate on his system. He never asked about whether it was a discounted
or Nectar card rate, and neither did the bloke he was on the phone too. The whole thing took about 40 minutes.

I didn't realise they'd been issues with them refusing to price match. I knew there was a chance though, so I was ready with the "but the general public have open access to Nectar card ownership". In fact, Sainsburys were also offering to undercut others rates by 0.1% so a mischievious part of me wanted to take NW's printout offer of 2.5 to SB's to see if they'd go to 2.4. If hadn't have needed the money so quickly I'd have still been too'ing add fro'ing between the two, playing one off against the other!!

Former_MSE_Rosie

Hi everyone,

We've checked this info out with Nationwide, and they've confirmed that the loans price promise can apply to Clubcard-rate Tesco loan offers.

Hope that helps!
MSE Rosie