The Nationwide Purchase and Balance Transfer credit card is a popular choice in the UK for those looking to manage existing debt or finance new purchases with an interest-free period. Issued by Nationwide Building Society, this card is known for its competitive introductory offers and a straightforward approach to credit. It’s an ideal product for individuals who are disciplined with their finances and can pay off their balance before the promotional period ends.
Key Features and Benefits
The primary appeal of the Nationwide Purchase and Balance Transfer credit card lies in its generous introductory offers and the simple, transparent fee structure.
Introductory Offers
The main attraction of this card is the dual introductory period, which is often one of the longest on the market.
- 0% on Balance Transfers: A long interest-free period on balance transfers allows you to consolidate debt from other credit cards and pay it off without accruing any interest. This can save you a significant amount of money and simplify your monthly payments. The length of this period can vary, so it is crucial to check the current offer when applying.
- 0% on Purchases: A similar interest-free period applies to new purchases. This is perfect for financing a large item, such as new furniture or a home appliance, and paying it off over time without any extra cost.
Fees and Rates
- Balance Transfer Fee: A small fee is typically charged for each balance transfer you make. This is a one-time charge, usually a percentage of the amount you’re transferring. It’s important to factor this fee into your calculations to ensure the card is still cost-effective.
- Annual Fee: The Nationwide Purchase and Balance Transfer card does not have an annual fee. This is a major advantage, as it means you won’t have to worry about an ongoing cost just for holding the card.
- Post-Introductory APR: Once the 0% introductory period ends, any remaining balance will be subject to the standard Annual Percentage Rate (APR). The APR for this card is variable and depends on your individual credit score and financial circumstances. The APR is crucial to consider, as it can be quite high if you carry a balance past the interest-free period.
Other Benefits
- No International Fees: Nationwide is known for its fee-free international spending. This card is a good option for travelers as it doesn’t charge a foreign transaction fee when you make purchases abroad, which can save you around 3% on every transaction compared to many other credit cards.
- Credit Limit: Your credit limit will be determined based on your financial history and credit score. Nationwide provides an initial estimate during the application process.
- Nationwide’s Strong Reputation: As a building society, Nationwide is well-regarded in the UK for its customer-centric approach. This translates into reliable customer service and a user-friendly online banking platform.
Who is this card for?
This card is particularly well-suited for a specific type of borrower:
- Debt Consolidators: If you have high-interest debt on one or more credit cards, this card provides an excellent opportunity to transfer that debt and pay it down without the burden of interest payments for a set period.
- Planned Purchasers: If you are planning a significant purchase, the 0% introductory period allows you to spread the cost over several months, making it easier to manage your budget.
- Discerning Spenders: This card is ideal for those who are confident they can pay off their balance in full before the introductory period expires. Failing to do so will result in the higher standard APR kicking in, which could negate the benefits of the interest-free period.
- International Travelers: The absence of foreign transaction fees makes this a great card to use for purchases when you travel outside the UK.
How to Apply for the Nationwide Purchase and Balance Transfer Credit Card
Applying for the Nationwide Purchase and Balance Transfer credit card is a straightforward process that is most commonly done online. Before you begin, ensure you meet the eligibility criteria and have all the necessary information to hand.
Eligibility Criteria (in English)
- Age: You must be at least 18 years old.
- Residency: You must be a permanent resident of the United Kingdom.
- Credit History: You need to have a good credit history. Nationwide will perform a credit check to assess your creditworthiness. A strong credit score and a history of responsible borrowing are essential.
- Income: You must have a regular income. You’ll need to provide details of your employment status and annual income.
- Nationwide Customer (Optional but Helpful): While not always a requirement, being an existing Nationwide member can sometimes make the application process faster.
Information Needed
- Personal Information: Your full name, date of birth, and marital status.
- Contact Information: Your current address and any previous addresses from the last three years. Your phone number and email address.
- Financial Information: Your employment status, annual income, and details of any other income sources. Your monthly expenditure, including rent or mortgage payments.
- Account Details (for Balance Transfer): If you are applying for a balance transfer, you will need the account numbers and the outstanding balances of the credit cards you wish to pay off.
Step-by-Step Application Process
- Visit the Nationwide Website: Go to the official Nationwide Building Society website and navigate to the credit cards section. Find the “Nationwide Purchase and Balance Transfer” card and click on the “Apply Now” button.
- Read the Offer and Terms: The application page will display the current introductory offers and important terms and conditions. Read these carefully to ensure you understand the length of the 0% period, the balance transfer fee, and the standard APR.
- Use the Eligibility Checker (Optional but Recommended): Nationwide often provides an “eligibility checker” tool that performs a soft search on your credit file. This doesn’t leave a mark on your file and gives you an indication of whether you are likely to be accepted for the card before you make a full application. This is a great way to avoid a hard credit search and a potential rejection.
- Complete the Online Form: Fill out the application form with all the required personal and financial information. Be honest and accurate with your details.
- Personal Details: Enter your name, date of birth, and residential information.
- Financial Details: Provide information about your income, employment, and housing costs.
- Balance Transfer Details: If you’re transferring a balance, enter the details of the other credit cards you want to pay off. You can usually transfer a balance of up to 90% of your new credit limit.
- Review and Submit: Before submitting, review all the information you have entered to ensure it is correct. Read and agree to the declaration and the credit reference agency search terms. Then click “Submit.”
- Receive a Decision: Nationwide may provide you with an instant decision. In some cases, they may need to perform additional checks, and they will contact you within a few business days with their decision. If approved, your card will be sent to you in the post within a few working days.
Remember, a successful application is heavily dependent on a strong credit report and a responsible financial history.
