Nationwide CC - Changing?

malc_b

I've just been telephone surveyed on my NW credit card. They wanted to get customer reactions to suggested changes to the T&Cs. These were, AFAIR, £2 pm fee, £10 pm fee but with extra benefits like insurance, no fee but no 0.25% cashback and only £500 pa of commision free foreign transactions. I said in such event I would take option 4, close account since £500 is not worth the bother when there are other totally free cards. This prompted the question , would I still close if it was £1000 pa. Again I said I'd close it as £1000 is still a fairly low limit and why have a card with limits?

The other cheeky question was if the T&Cs were changed automatically to fee would I let things slide, opt for one of the other options or close the account. I of course said close the account and send a strongly worded letter.

As a matter of princple I am a card tart :-). And bank tart, mobile phone shop tart, etc. if it comes to that. I never accept charges on cards. When Morgan Stanley said they weren't charging this yet but may next year they straight away got the close my account letter (the introductory cash bonus had finished by then anyway). NW will get the same treatment.

Usefully Martin's latest email has the Abbey Card with 0% for foreign transactions so I'm hedging my bets and taking that one out. Just in case NW do change their T&Cs.

Milarky

Shame that you couldn't mention to them the fact that their introductory offer is strictly once per customer - however long you remain or however long you wait to re-apply - you'll never qualify for an such offer.

Megalomaniac

Since when did the nationwide cc have cashback? I don't have it as far as I'm aware and the card was only issued to me in March.

System

Megalomaniac wrote: »

Since when did the nationwide cc have cashback? I don't have it as far as I'm aware and the card was only issued to me in March.

They used to issued a 3rd type of card with cashback called a cash reward (gold or classic). When they discontinued it, they halved the cashback to 0.25% and reduced the number of interest free days from 56 days to 46 days. The interest rate was also 2% higher than their standard gold card.

Now they just issue classic/gold or comic relief versions.

Altarf

Just had the same phone call. Nationwide are considering either changing to-

• £3 per month fee, and the card stays as it is now (i.e. commission free abroad and 0.25% cash back)
• £10 per month, and the car stays commission free, but includes travel insurance and car breakdown insurance.
• Card stays free, but commission free limited to £500 or £1000 per annum and no cashback.

colinw

Altarf wrote: »

Just had the same phone call. Nationwide are considering either changing to-

• £3 per month fee, and the card stays as it is now (i.e. commission free abroad and 0.25% cash back)
• £10 per month, and the car stays commission free, but includes travel insurance and car breakdown insurance.
• Card stays free, but commission free limited to £500 or £1000 per annum and no cashback.

This is all really disappointing to here especially with Nationwide. With the first two options I would definitely dump the card. No way would I pay a fee to have a credit card. If the 3rd option happens I will keep it but also get either a Post Office card or I think it is the Abbey Card. I presume it would be £500 or £1000 of any foreign transaction and not just withdraws from an ATM. I just hope they do not also change the policy on the debit card.

MarkyMarkD

I was about to mention the debit card.

If they only change the benefits on the credit card, they'll get a lot of migration to Flexaccount.

But others have suggested on here that they are beginning to get fed up with people using Flexaccount purely for overseas transactions.

I wouldn't be surprised that, if they alter things on the credit card, they also introduce minimum funding rules on Flexaccount to qualify for free overseas transactions.

Altarf

MarkyMarkD wrote: »

I was about to mention the debit card.

If they only change the benefits on the credit card, they'll get a lot of migration to Flexaccount.

The market researcher did ask if I used their Flexaccount debit card for purchases abroad, but when I said no (as I always use their credit card) and only use it in ATMs, that section of the questioning got skipped. So I would guess that they are thinking of changing that as well.

Megalomaniac

This is really depressing. If I was limited to £1000 a year, I wouldn't keep the card, nor if I had to pay £3.00 a month. I'd get an Abbey or Post Office card in an instant!

I wonder if this is only applicable to their 0.25% cashback card though?

Regarding the flex account, I do hope they wouldn't change the terms on that. Nationwide... proud to be different but gradually looking more like a bank!

King_Of_Fools

Megalomaniac wrote: »

I wonder if this is only applicable to their 0.25% cashback card though?

If they removed the cashback, it would offer no benefits over the standard card and be worse in a number of areas (46 days interest free credit, etc.). What would be the point of them keeping a card like that? If they did, everybody would just migrate to the standard card.

colinw

MarkyMarkD wrote: »

I was about to mention the debit card.

If they only change the benefits on the credit card, they'll get a lot of migration to Flexaccount.

But others have suggested on here that they are beginning to get fed up with people using Flexaccount purely for overseas transactions.

I wouldn't be surprised that, if they alter things on the credit card, they also introduce minimum funding rules on Flexaccount to qualify for free overseas transactions.

To be honest that would not bother me to much if they introduce minimum funding rules on the flex account. You can understand them wanting to stop people just using the account for overseas purchases.