Nationwide Credit Card

eagle

I've recently been looking into getting a Nationwide card (not sure which one yet) almost entirely for use with foreign currency purchases whilst on holiday and purchasing things over the net.

I am, however, finding it difficult at this point to justify getting one. Basically, my other cards charge a 2.75% commission on foreign currency (non-£sterling) purchases which doesn't really equate to that much really. It's not like I'm spending large sums of money on these international purchases - the average I usually purchase in foreign currency is probably £20-40. So for a purchase of £35 you save £1 - not worth bothering if you ask me.

Also, isn't it more likely that instead of charging me a commission charge, I'll be charged roughly the same as they'll use a worse exchanged rate? So, in other words, you could say they're rolling-in the commission charge into the exchange rate.

In addition, I've found something really weird with regards to the application form. You need to send in proofs of ID or take them to your nearest branch so they can verify who you are. Is this normal with card companies or just Nationwide "proud to be different"?

Finally, given all the above, is there any point in getting a card from Nationwide? Any help is grately appreciated.

ADAM001

im actually looking into getting one myself,the savings might not be much,but its better off in your pocket than the banks! thats my philosophy,look after the pennies and all that,its all the small amounts that go unoticed by consumers that the banks feed off,they asume that you aint bothered,if they get a thousand people that say "its only a quid" then you can imagine the amount of money that they make from customer apathy.

charlie12

I think of it like this: I'd be better off getting another 0% BT card instead and earn interest on the money for 6/9 months. That'll make me more money than what I'd save by getting a Nationwide card. However it does depend how many overseas transactions you make, as 2.75% is essentially £2.75 saved in every £100 spent, which is more than any cashback card!

I think a Nationwide card would be worthwhile if you travel abroad regularly or buy a lot of goods from abroad via the Internet. Personally I'd rather get another 0% card to add to my stooze pot as I rarely make foreign purchases. Having a Nationwide card would add another entry to my credit report, reducing my chances of getting more 0% cards.

Also, isn't it more likely that instead of charging me a commission charge, I'll be charged roughly the same as they'll use a worse exchanged rate? So, in other words, you could say they're rolling-in the commission charge into the exchange rate.

AFAIK the rate is simply the standard Visa/Mastercard rate so you're still saving that 2.75%. They don't make the rate lower to compensate.

pin

I personally think a Nationwide card is very useful. Charlie 12 has pretty much covered most of the points. However combining the NW credit card with a Flex Account, you will certainly be saving loads on your holiday. With the flex account debit card cash withdrawals are from from ATM's which is a real saving compared to buying your currency from somewhere like Travelex.

Also your point about proof of ID. It is pretty much standard for most organisations now. Mainly because of money laundering rules. Each financial organisation has their own different rules, but all will want some proof of ID and/or address.

ManAtHome

pin wrote:

Also your point about proof of ID. It is pretty much standard for most organisations now. Mainly because of money laundering rules. Each financial organisation has their own different rules, but all will want some proof of ID and/or address.

Yes, has been for some time now. However, you generally don't need to produce ID if you already have some form of account with them.

pin

ManAtHome wrote:

Yes, has been for some time now. However, you generally don't need to produce ID if you already have some form of account with them.

Thing is for some reason Nationwide keep their credit card product a bit seperate from their other products. That is why you may need to provide proof again.

YorkshireBoy

pin wrote:

Each financial organisation has their own different rules, but all will want some proof of ID and/or address.

Mrs YB and myself have recently applied for 7 credit cards between us (2 x Virgin, Egg, Cap One, IF, M & S, and LTSB) and have not been asked for any formal ID at all - although having said that, we both have ISA's with IF.

Only LTSB have asked for supporting evidence (3 months bank statements due to size of BT requested and us not banking with them) and probably only did this because of recent bad press they've had regarding irresponsible lending.

I suspect many of the institutions may rely on electoral role information for proof of address.

grumbler

eagle wrote:

... is there any point in getting a card from Nationwide?

I am a fan of NW debit and credit cards for using them abroad or for foreign currency internet purchases. However, their credit card also offers FREE extended warranty for a further 12 months on selected gas and electrical goods. This extended warranty is worth considerably more than any cashback. Not all credit cards offer this.

eagle

pin wrote:

I personally think a Nationwide card is very useful. Charlie 12 has pretty much covered most of the points. However combining the NW credit card with a Flex Account, you will certainly be saving loads on your holiday. With the flex account debit card cash withdrawals are from from ATM's which is a real saving compared to buying your currency from somewhere like Travelex.

I just read the article about the FlexAccount. It sounds like a good Money Saver but unfortunately I currently bank with LTSB - it's just too much hassle for me to leave right now.

Of course the LTSB gold account debit card that I use to withdraw cash abroad also docks me 2.75% each time I go. I might go abroad 2 or 3 times a year.

pin wrote:

Also your point about proof of ID. It is pretty much standard for most organisations now. Mainly because of money laundering rules. Each financial organisation has their own different rules, but all will want some proof of ID and/or address.

Good point, but no other card provider has me for this information before when I opened accounts with them.

eagle

grumbler wrote:

I am a fan of NW debit and credit cards for using them abroad or for foreign currency internet purchases. However, their credit card also offers FREE extended warranty for a further 12 months on selected gas and electrical goods. This extended warranty is worth considerably more than any cashback. Not all credit cards offer this.

Thanks grumbler. That definitely is a good reason to get one. Is this the same with the Classic / Cash back reward card?

I normally buy breakable goods and things like this on one of my Platinum cards (with other providers), but I suppose there's no harm in having the Nationwide card as well.

pin

grumbler wrote:

I am a fan of NW debit and credit cards for using them abroad or for foreign currency internet purchases. However, their credit card also offers FREE extended warranty for a further 12 months on selected gas and electrical goods. This extended warranty is worth considerably more than any cashback. Not all credit cards offer this.

Should note extended warranty doesn't apply to goods bought abroad, only goods bought in the UK. Here is the link to what is covered:

http://www.nationwide.co.uk/creditcard/what-do-you-get/PPI.htm

The extended warranty applies to all Nationwide Credit Cards.