Nationwide Member CC - Do you keep it if you close your only other account?

[Deleted User]

Over the course of this year I envisage I will switch away my Nationwide current account for a bonus. Whilst being a customer and "member" I opened a credit card and am benefitting from an interest free period.

Does anybody know whether switching away my current account would impact me holding the card, as I understand I would no longer be a "member". Alternatively, does this restriction just apply to taking the card out.

I asked on X and they said it would be fine, I also asked on live chat and they were a bit more mixed on it - so wondering if anyone had any experience?

safe_hands2

No experience on that, but I read somewhere that Nationwide are planning to do the member's reward of £100 again this year. Might be worth staying and creating another account to benefit from switching offers.

NoodleDoodleMan

Would a savings account with a small balance maintain membership status ?

km1500

in order to maintain a member's credit card you need to have be a member of Nationwide

this means having a current account, a savings account or a mortgage

blue.peter

km1500 said:

in order to maintain a member's credit card you need to have be a member of Nationwide

Sorry, but I'm not convinced. It's certainly true that you have to be a member when you apply. However, I don't believe that it's necessary to continue to be one in order to maintain the credit card. I don't see anything in the Ts & Cs that allows Nationwide to withdraw the credit card if you close all accounts that qualify you as a member.

Section 10 of the Credit Card Agreement covers Nationwide's right to end the agreement. 10a gives them a general right to close the account with two months' notice, and says "An example of when we may decide to close your account is if you have not made any transactions for 12 months or more." I suppose that they could take advantage of this clause, but it doesn't appear to be intended to apply purely because another account has been closed. If there's a general intention to close the credit card accounts of people who cease to be members, I'd expect it to be spelt out.

Of course, it's possible that I've missed a relevant clause. If so, please go ahead and explain where it is.

stclair

In order to apply for a card in the 1st place it says: 

35har1old

stclair said:

In order to apply for a card in the 1st place it says: 

He already has the card your have only detailed how to apply but under what conditions does continuing  to hold the account require.

35har1old

km1500 said:

in order to maintain a member's credit card you need to have be a member of Nationwide

this means having a current account, a savings account or a mortgage

In viewing the terms 10g would perhaps  suggest that you don't have to hold a active account as if you closed the credit card and had a postive balance they would firstly credit it to a account held with them or issue a cheque of course you could hold accounts not able to except further deposits ??

35har1old

[Deleted User] said:

Over the course of this year I envisage I will switch away my Nationwide current account for a bonus. Whilst being a customer and "member" I opened a credit card and am benefitting from an interest free period.

Does anybody know whether switching away my current account would impact me holding the card, as I understand I would no longer be a "member". Alternatively, does this restriction just apply to taking the card out.

I asked on X and they said it would be fine, I also asked on live chat and they were a bit more mixed on it - so wondering if anyone had any experience?

At the moment I think there is only one other member account that being the regular saver which in its summary does state that it might be downgraded to a lower paying account if the current account is closed the terms to apply read exactly like the CC account but it doesn't make the same statement regarding closure of current account 

[Deleted User]

NoodleDoodleMan said:

Would a savings account with a small balance maintain membership status ?

It would, but I am wondering whether I even require that.

[Deleted User]

blue.peter said:

km1500 said:

in order to maintain a member's credit card you need to have be a member of Nationwide

Sorry, but I'm not convinced. It's certainly true that you have to be a member when you apply. However, I don't believe that it's necessary to continue to be one in order to maintain the credit card. I don't see anything in the Ts & Cs that allows Nationwide to withdraw the credit card if you close all accounts that qualify you as a member.

Section 10 of the Credit Card Agreement covers Nationwide's right to end the agreement. 10a gives them a general right to close the account with two months' notice, and says "An example of when we may decide to close your account is if you have not made any transactions for 12 months or more." I suppose that they could take advantage of this clause, but it doesn't appear to be intended to apply purely because another account has been closed. If there's a general intention to close the credit card accounts of people who cease to be members, I'd expect it to be spelt out.

Of course, it's possible that I've missed a relevant clause. If so, please go ahead and explain where it is.

This is helpful thank you, my understanding is that I would keep it and the chap on Twitter seemed to think so. I am sure they couldn't foreclose it if I had a balance on this basis as they have a responsibility to treat borrowers fairly and the 15 month interest free period is in my contract. This is more of a medium term perk though really, I could satisfy the balance at any time. It would just be useful to have a back up fx free credit card.

Perhaps they don't make it obvious as they almost tacitly want to encourage people to keep their current/savings accounts. That said, it would be good for it to be clearer as people switch current accounts regularly these days.