25 Nov 2019

Nationwide launches new Member Credit Card

  • Member Credit Card offers unlimited commission-free usage worldwide
  • Card offers choice of two introductory offers: 0% on balance transfer for 18 months or a 15-month 0% offer on purchases and balance transfers
  • Only card on market to offer travel benefit and choice of interest free introductory offers

Nationwide is today (Monday 25 November) launching its new Member Credit Card – the only card on the market to offer both unlimited commission-fee purchases abroad and a choice of two introductory offers on the same card with no annual fee. The new card is available to all existing Nationwide members with a current account, savings account or mortgage.

The choice of introductory offers is:

  • Balance transfer offer: 0% for 18 months on balance transfers. This comes with a 1.5% balance transfer fee (£5 minimum) if the transfer is done within the first 90 days. After that, the fee will be 2.4% (£5 minimum).
  • All-rounder offer: 0% for 15 months on purchases and 0% for 15 months on balance transfers. This also comes a 1.5% balance transfer fee (£5 minimum) if the transfer is done within the first 90 days. After that, the fee will be 2.4% (£5 minimum).

Every Member Credit Card will incorporate Dot and Notch1 for visually impaired members to help them identify and use their card.

The headline APR representative rate is 19.9%, which remains below the market average2. In addition, similar to the Society’s personal loans, the new Member Credit Card will offer a ‘soft quote’, meaning people can receive a quote with a realistic idea of what their APR and credit limit will be, without it leaving a credit footprint.

The new credit card will replace the Select and Nationwide Credit Cards, which were withdrawn from sale at 23:59 on Sunday 24 November. Existing customers with these cards will be able to continue using them as normal.

Richard Stocker, Nationwide’s Head of Credit Cards, said:
“With its unlimited commission-free usage abroad, our new Member Credit Card is ideal for holidaymakers who like to pay for items on their card. It also comes with improved balance transfer and purchase offers and a Dot and Notch feature, meaning every member can easily use the card.

“The new Member Credit Card really demonstrates the benefits of being a member of Nationwide either through having a current account, savings account or mortgage. As a mutual, the Society is committed to providing the best value to those members who choose to have a deeper relationship with us.”

Notes to editors

1 The four horizontal raised dots allow members to identify their card as a credit card (versus debit or savings card) and the notch allows members to identify which way to insert the card into an ATM or Point of Sale terminal.

2 https://moneyfacts.co.uk/news/credit-cards/credit-card-apr-hits-record-high/