Nationwide resumes 0% credit card deals
People who are about to compare credit cards in anticipation of taking one out will note that Nationwide Building Society is to bring back the 0% balance transfer card, 18 months after scrapping its interest-free offer.
People who compare credit cards and, as a result, apply for its Gold and Classic cards from tomorrow will receive 10 months worth of interest-free credit on balance transfers and three months for purchases. Nationwide will charge a 2.5% fee on balance transfers.
The building society replaced its 0% balance transfer deal with a 4.9% offer in October 2005, as it was uncomfortable with the fees being charged to customers.
“At the time we didn’t like how fees were being charged because there weren’t any guidelines in place about how they should be implemented.
“Last year, however, the Office of Fair Trading produced guidelines on credit card fees, so we feel that now is a good time to bring back the offer.”
Certainly it has caught the eye of Rachel Jackson, a 25-year-old human resources executive. “I have been meaning to compare credit cards for a long time and a 0% balance transfer offer seems like a good deal,” she said.
“I do have a balance to transfer from quite an expensive card at the moment and as Nationwide is a mutual building society I intend to take one of its cards.”