Nationwide ends cashback on Select credit card

jet01

I will keep mine because it’s the only CC I have that doesn’t charge for overseas transactions. Will only use it for that purpose and for places that don’t accept Amex here. 

ratechaser

Roger1 said:

ratechaser said:

Ah well, since the last cashback cut, I've only been using it for foreign spending. 

Me too.  Given the lack of travel in recent months and almost nil in foreign spend, I won't miss the cashback.  I think recent applicants didn't get the cashback anyway.

Traditional advice is that one should maintain longstanding cards with high limits.  I have a number of cards.  This one is successor to my longest and has the 2nd highest limit.  Pity, really, but it's probably time to bite the bullet and cancel it.

Exactly that. It's got quite a useful 15k limit and I know I will be travelling again at some point (in fact it has had some use this year, just not much!) so may as well hold onto it for now...

Nebulous2

jet01 said:

I will keep mine because it’s the only CC I have that doesn’t charge for overseas transactions. Will only use it for that purpose and for places that don’t accept Amex here. 

I'm the same. I used it a lot until they cut the rate from 0.5% to 0.25%. I still have a Barclaycard at 0.5% so it gets most of my usage. Nationwide has a couple of small monthly subs to keep it going and is used for purchases abroad. 

whitesmith

I also have Barclaycard at 0.5% and each day I wake up amazed it is still there

ic

I haven't used this card for a long time, I simply hold on to it as a backup holiday card.  Have the Barclaycard with 0.5% cashback and my main card is an Amex platinum which I get 1% on most of my shopping with.

Fingerbobs

whitesmith said:

I also have Barclaycard at 0.5% and each day I wake up amazed it is still there

Me too. All of my spending is on Barclaycard, purely for the cashback. I assume they must be making at least a small profit out of me, or the cashback would have stopped long ago. Presumably they know they'll lose a chunk of lucrative customers the day they stop paying cashback.

[Deleted User]

Fingerbobs said:

whitesmith said:

I also have Barclaycard at 0.5% and each day I wake up amazed it is still there

Me too. All of my spending is on Barclaycard, purely for the cashback. I assume they must be making at least a small profit out of me, or the cashback would have stopped long ago. Presumably they know they'll lose a chunk of lucrative customers the day they stop paying cashback.

The probably just haven't got round to it - if they are paying you 0.5% then they'll be losing at least 0.2% on each of your transactions...not sure that's what I'd call a 'lucrative customer' 

phillw

dahj said:
The probably just haven't got round to it - if they are paying you 0.5% then they'll be losing at least 0.2% on each of your transactions...not sure that's what I'd call a 'lucrative customer' 

I assume that they are making it out of a combination of fees and selling on your data.

[Deleted User]

phillw said:

dahj said:
The probably just haven't got round to it - if they are paying you 0.5% then they'll be losing at least 0.2% on each of your transactions...not sure that's what I'd call a 'lucrative customer' 

I assume that they are making it out of a combination of fees and selling on your data.

They also have costs including admin, charge-offs, fraud and S75 claims plus fee income is alot less than historically. Cashback/points card holders also tend to repay in full each month so they finance the interest free period.

hermante

Thanks for this. I haven't received any email from Nationwide.

I still have a Capital One card which pays 0.5% cashback, no forex fees and free £10 every January. Interest rate is 34.9%, not that I pay any.

For foreign transactions on weekdays under a certain monthly limit I use Curve linked to my various rewards cards.