Nationwide Select - cashback down from 0.5% to 0.25%

wiseonesomeofthetime

I received an email on 15 Nov 2017 from Nationwide in which they informed me that my statement was ready to view and the rate change:


Your latest Credit Card statement for account ending **** is ready to view in the Internet Bank.

Important information on your cashback rate

As you know, your Select credit card comes with a range of benefits, including cashback on the things you buy. In 2015, the fees that all credit card providers receive when customers use their credit card reduced significantly. And because of this, it's become too costly for us to provide cashback at the current rate. Although we've absorbed this cost for as long as possible on behalf of our Credit Card members, from 11 January 2018*, we’re reluctantly having to lower the cashback rate from 0.5% to 0.25%.

We understand this will be unwelcome news, and want you to know that we haven't taken this decision lightly. We hope you understand that by lowering the rate, it allows us to keep offering the cashback benefit. Full details can be found by clicking on the link below.


Like a sad one, I still have the email :rotfl:

NoodleDoodleMan

Card companies will lose money if they offer anything more than 0.25% cashback so unsurprising that Nationwide has taken this step, and there won't be any better offers on a card with no annual fee.

I see Barclays are now offering a card with 0.25% cashback and no fees abroad.


https://www.barclaycard.co.uk/personal/credit-cards/platinum-cashback-plus


A better deal than Nationwide if you have use for a credit card on holiday or business outside the UK.

Nick_C

New FinTech company Tandem are offering a card with 0.5% cash back and no fees for overseas transactions.

https://tandem.co.uk/credit-card

Roger1

NoodleDoodleMan wrote: »

A better deal than Nationwide if you have use for a credit card on holiday or business outside the UK.

Better because of the 0.25% cashback abroad?

But worse because the Barclay offer could/will be terminated after the introductory period.

Better would be:

• the Tandem MC mentioned above, 0.5% CB;
• the Aqua Reward MC, mentioned above, 0.5% CB.

The MBNA Horizon MC, 0.5% CB, as the successor to MBNA's airline cards, is not available to new applicants.

I have all three and the NW Select MC, and probably need to reduce that number. The NW card has the highest limit (but lowest CB rate), followed by the MBNA card.