Nationwide Gold Credit Card

Nationwide credit card review: Gold

NATIONWIDE is one of the UK's most popular building societies - perhaps partly because of its reputation for championing fairer financial policies - and fairness is definitely a feature of the Nationwide Gold credit card.

Like all Nationwide cards, use in Europe is commission-free and the credit card has a positive allocation of payments policy, meaning that the most expensive balances will be paid off first.

That policy is particularly useful since the Nationwide Gold credit card has a long 0% balance transfer offer of 15 months.

Recent research has shown that around two-thirds of 0% balance transfer credit card holders end up paying interest, even though a third of those intended to avoid spending on their cards altogether.

With the Nationwide Gold credit card spending whilst avoiding high interest payments is no longer a problem. Just as long as you clear the purchases balance within the 56-day interest-free period you won't accrue interest.

You'll also get a little longer than 56 days to clear your spending at first. The Nationwide Gold credit card offers 3 months of 0% interest on purchases, perfect for spreading out some spending.

In all, the Nationwide Gold credit card is ideal both for reducing credit card debts and everyday spending.

To apply for the Nationwide Gold credit card you'll need to be over 25 with an annual income of over £25,000 and an excellent credit history.

Interest Rates and Fees
		Notes..
Typical APR	16.9% APR (variable)	The typical APR is the rate most people are offered.
Introductory Purchases	0% for 3 months	Payments will be applied to the debt with the highest interest rate first, this means, once the 0% purchase period ends - standard rate purchases won't get trapped behind balance transfers still at 0%.
Balance Transfers	0% for 15 months	Balances must be transferred within 3 months of account opening to qualify.
Balance Transfer Fee	3% (£5 minimum)
Cash Withdrawal Rate	27.9% p.a. (variable)
Cash Withdrawal Fee	2.5% (£3 minimum)
Annual Fee	None	-
Foreign Transaction Fee	1%	There is no foreign transaction fee charged on purchases made within Europe, however purchases made outside of Europe will be charged a fee of 1%. This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Cardholder Services & Extras
Online Account Management		You can manage your Nationwide Gold credit card account online.
Fraud Guarantee		Nationwide will not hold you liable for transactions made without your permission as long as you acted with reasonable care and notify Nationwide. Your liability for any losses which occur before you tell Nationwide will be limited to £50 as long as you have acted with reasonable care.
Fraud Monitoring		Nationwide will actively monitor your account for any suspicious activity and get in touch with you to confirm any transactions they think might be fraudulent.
Identity Protection
Verified by Visa
Purchase Protection Insurance		Most purchases over £50 will be covered against loss, theft or damage for up to 100 days from purchase anywhere in the world. See policy for full details and any limitations or exclusions.
Purchase Delivery Insurance
Purchase In-Transit Insurance		Transit is not excluded from the purchase protection insurance. However you should look at the policy for full terms and any limitations or exclusions before relying on the policy.
Comprehensive Travel Insurance
Travel Accident Insurance		Up to £100,000 travel accident insurance. See the policy for full terms, limitations and exclusions. This is not a substitute for full comprehensive travel insurance.
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	Free 12 month Extended Warranty cover for many gas or electrical items costing over £50 with a manufacturer's warranty of up to 2 years. Exclusions apply.
Optional Extras

Payments & Payment Details
		Notes..
Credit Limit	£500 minimum	Maximum credit limit subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your total balance on your statement, including any balance transfers, in full and by the due date. There is no interest free period on balance transfers or cash withdrawals.
Minimum Monthly Payment	3% (£5 minimum)	The minimum you will have to repay each month will be the higher of: - 3% of your outstanding balance, OR - £5.
Allocation of Payments	Fees, Charges & Interest » Highest Rate Balances First	Payments will be allocated first to fees, charges and interest and then to the debt bearing the highest interest rate.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.
Copy of Statement Fee	£5	£5 for one copy and £10 for two or more copy statements.

Card Details
		Notes..
Online Application	Yes - Instant decision	You will receive an instant decision on your application.
Card Type	Gold	Nationwide may offer you a classic card which has a higher APR.
Payment Company	Visa	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'Visa' logo will accept this credit card.
Card Issuer	Nationwide	The bank who issues this credit card. Nationwide Building Society Credit Card Services PO Box 8738 Wigston LE18 9BG
Card Advertiser	Nationwide	The company who advertises and promotes this credit card.

Review Continued...

The Nationwide Gold credit card might not quite be indestructible (yes, that is a Spandau Ballet reference) but it's far fairer than a lot of other plastic. Read on to find out why.

0% balance transfer

The Nationwide Gold credit card's headline offer is 15 months of 0% interest on balance transfers.

There's a 3% fee on any balance you move to the credit card but this is fairly standard and after that initial investment you'll still save in comparison with high-interest payments on other credit cards, especially considering the card's positive allocation of payments hierarchy.

The positive hierarchy means simply that higher interest balances will be paid off first.

In practice, that means there's no chance that high interest balances could become 'trapped' behind the 0% rate and rack up interest just as you're trying to minimise it.

Even if you don't plan on using the Nationwide Gold credit card for spending this is an excellent 'just in case' feature that takes some of the stress out of rate-tarting.

If you do plan on doing some spending you'll be pleased to hear that the Nationwide Gold credit card has a 0% purchases rate for the first three months.

After that purchases will typically be charged at a rate of 16.9% APR.

More purchase protection

Purchases made using the Nationwide Gold credit card will enjoy extra protection over and above that offered on all credit card transactions under section 75 of the Consumer Credit Act.

The extra purchase protection is free and covers purchases between £50 and £15,000 (up to £50,000 worth of claims every 12 months) against loss or damage for up to 100 days after the purchase.

There are some exclusions which include: season and travel tickets, animals, jewellery in baggage (unless carried by the card holder) and items covered by other insurance policies.

Still, it's nice to have a bit of extra protection (section 75 doesn't cover loss or damage) especially since it's free with the Nationwide Gold credit card.

For longer-lasting protection you can also register eligible items for a 12 month extended warranty.

To qualify the item must be a gas or electrical product that costs over £50, has a manufacturer's warranty of up to 2 years and was purchased with the Nationwide Gold credit card.

Computers and personal communications equipment (e.g. mobile phones) aren't eligible.

Use Abroad

The Nationwide Gold credit card is also ideal for use abroad since it has much lower usage fees than almost all other credit cards.

In Europe, Israel and Turkey you won't be charged any commission and elsewhere the charge is just 1% (usually around 2.75% with other cards).

Note that this reduced fee only applies to purchases abroad. Cash withdrawals remain expensive wherever you are and don't have a interest-free period either.

Travel accident cover is also included free. This isn't the same as full travel insurance by any means but it does offer a lump sum should you die or be injured whilst travelling.

In All

All in all, the Nationwide Gold credit card is ideal for everyday spending as well as paying off high-interest balance transfers from elsewhere.

Apply Online for Nationwide Gold credit card »