Important info for Nationwide Card Users

[Frances999]

No longer a fee-free international card - interest rates up on both Gold and Classic cards by 2% and a charge for all credit/debit card transactions outside Europe.

Anyone who uses a Nationwide debit or credit card outside Europe will also be charged a currency conversion fee imposed by Visa, which was previously absorbed by the building society. This will be £4.20 for every £500 spent.

http://www.guardian.co.uk/money/2009/feb/25/nationwide-credit-card-rates

If you're considering an alternative, Abbey Zero, The Post Office Card and Audi Card all offer fee-free international transactions.

 

[tiggerlady]

Is this charge applied if using the cash machines to draw cash or just the credit debit use?

 

[Frances999]

I should also have mentioned that this does not kick in until May - so if you're travelling before then you should be okay for now.

Is this charge applied if using the cash machines to draw cash or just the credit debit use?

This is not a currency handling charge but a currency conversion fee - AFAIK it will still be payable when withdrawing from cash machines. The card will still offer no currency handling charge.

 

[wickesy]

Thanks for posting this Frances. The relevant info on Nationwide's own web-site is here.

I guess I'll stick to my FairFX card and/or look into the other options Frances has suggested after our trip next month.

 

[Mermaid2sea]

Shocking....that is the only reason we use our card....their rates arereally good....

 

[Frances999]

I think the FairFx card is a good choice; the rates they offer seem to be very competitive. A US bank account is another alternative. However, a fee-free credit card remains, in my opinion, the best method for spending when on vacation.

Shocking....that is the only reason we use our card....their rates arereally good....

The rates remain better than "regular" credit/debit cards, since there is still no handling charge. However, there are cards offering no fees whatsoever, so it's a shame Nationwide felt the need to start passing on this conversion charge. I'm sure many people only signed up for international transactions.

 

[wayneg]

Thanks for that, I am shocked as I used to know someone that worked for them in Credit card Dept, she told me about 2 years ago it would always be a fee free card as far as she was concerned because that was the main selling point of it. How the banking industry has changed in the past few months though it is totally understandable.
Thomas Cook and Nationwide now, not sure its worth chasing another, don't want to go with Abbey then they do the same, at least with N/wide I have as much credit as I need and never a problem using abroad. Is it worth starting again for 1%?

 

[jmagla]

Very disappointing (even though it is only a 1% charge), as this was the main reason we got this card, a sign of the times maybe. We have 5 Nationwide accounts as well as the card and I do think they have been uncompetitive with their rates for a while now (having said that, they don’t seem to be in any trouble unlike most of the other financial institutions).

 

[Frances999]

Thanks for that, I am shocked as I used to know someone that worked for them in Credit card Dept, she told me about 2 years ago it would always be a fee free card as far as she was concerned because that was the main selling point of it. How the banking industry has changed in the past few months though it is totally understandable.
Thomas Cook and Nationwide now, not sure its worth chasing another, don't want to go with Abbey then they do the same, at least with N/wide I have as much credit as I need and never a problem using abroad. Is it worth starting again for 1%?

Have you considered the Post Office card, Wayne? We used to have one and the service was excellent. They were quoted saying they "remain fully committed" to their 100% fee-free policy on international transactions. We always got the very top commercial exchange rates with their card.

 

[wayneg]

Have you considered the Post Office card, Wayne? We used to have one and the service was excellent. They were quoted saying they "remain fully committed" to their 100% fee-free policy on international transactions. We always got the very top commercial exchange rates with their card.

I tried for a PO card at same time as N/wide. They refused me
I have my own home thats almost paid for, never overdrawn in my life, have quite a few investments, both of us work, no loans, spend £12-15k/year on hols. What chance has anyone else?
Its the only thing I have been refused ever. I put it down to one of 2 things, within a few months I had been given the N/wide card and virgin CC, I believe they don't like you opening lots of cards withing a short timeframe. Or the other was my refusal letter was not address to Mr but Rev, maybe some error in the application but I did not chase it up I just sent them a letter telling them to stick their card, I am probably on a blacklist now

 

[Frances999]

I tried for a PO card at same time as N/wide. They refused me
I have my own home thats almost paid for, never overdrawn in my life, have quite a few investments, both of us work, no loans, spend £12-15k/year on hols. What chance has anyone else?
Its the only thing I have been refused ever. I put it down to one of 2 things, within a few months I had been given the N/wide card and virgin CC, I believe they don't like you opening lots of cards withing a short timeframe. Or the other was my refusal letter was not address to Mr but Rev, maybe some error in the application but I did not chase it up I just sent them a letter telling them to stick their card, I am probably on a blacklist now

Credit scoring works in very strange ways. Rather than looking at whether you're "credit worthy" many of them will look at if they can make money off of you - if you pay your cards off each month then you're not their ideal customer, after all. I'd suggest you try again, I'm VERY surprised you were rejected since I would have thought they'd at least have offered their "classic" card if not the platinum. It's more than likely to do with the fact that you had just recently opened up two other accounts; like you say, they aren't keen on opening lots of cards in a short time-frame since it can signify you're in trouble.

 

[Rosie]

Disappointing news but thanks for posting it.
I shall be getting rid of my Nationwide card then and looking at others mentioned here.
I also have a fair few products from Nationwide but it does pay to shop around and keep a regular check on these things.

 

[wayneg]

many of them will look at if they can make money off of you - if you pay your cards off each month then you're not their ideal customer, after all. I'd suggest you try again.

Certainly pay it off every month, I would cry paying Credit card interest. So would be far from their ideal customer. I only apllied for it because they were giving £12.50 cashback thru Quidco for every succesful applicant.
I might try again, will decide in next few week.

 

[anthony2k7]

thats going to upset quite a few people, especially after making such a big deal out of not charging on tv adverts up until recently.

 

[natalielongstaff]

im gutted about this ! i will have a look into the post office card or use my Virgin American Express card

 

[gavvy]

Its not as bad as it could have been, and these cards are still a better option that the likes of the big banks, Nationwide are passing on visa's fees, but are not loading the exchange rate like the others do, up to 3% sometimes.

 

[Frances999]

im gutted about this ! i will have a look into the post office card or use my Virgin American Express card

The VA Amex fee for foreign currency transaction is 2.75%, so it is still cheaper to use the Nationwide card (although if you're thinking of the flying club miles then they need to be weighed up too).

 

[Cyrano]

I am really glad that this thread has been posted. But like others disappointed.
Our nationwide credit card and debit card are used as our primary spending methods on holiday.
Might look at PO but as others have said it is only 1% and does not include the currency fees of other cards.

I too would like to know what the fee would be for cash withdrawals with the debit card

 

[paulh]

shock and horror at this news,now when i go into my abby to put checkin i will now have to sound intrested in there CC
Paulh

 

[shazy03]

Many thanks for posting this info I never read the small print when it comes through the post