Nationwide offers choice of cheaper 0% balance transfers
The building society is giving new customers the option to reduce the 0% deal in return for a much lower transfer fee.
Nationwide is now offering new borrowers a choice of 0% balance transfer deals when they apply for either of its balance transfer credit cards.
The Nationwide Select Card (available exclusively to main current account holders) boasts 26 months of 0% interest on balance transfers for a 2.4% transfer fee. However borrowers now have the option of going for a shorter 15 months of 0% interest on balance transfers, in return for a tiny transfer fee of 0.55%.
On a £2,000 transfer that means you pay £11 instead of £48, saving £37.
The Nationwide Credit Card (which is open to all) also offers 26 months 0% interest on balance transfers for a 2.4% fee, but now comes with an alternative option of a shorter 15 months of 0% interest on balance transfers with a transfer fee of 0.65%.
On a £2,000 transfer that means you pay £13 instead of £48, saving £35.
The changes mean borrowers have more choice on how they manage their money. Those that think they can clear their debt in 15 rather than 26 months can go for the cheaper option, but still benefit from the same extras of the card.
More choice, same extras
Even though the Nationwide cards now offer more choice on 0% balance transfers, the other benefits remain unchanged.
So regardless of whether you go for the longer or shorter 0% balance transfer period on the Select Card, you’ll still be able to get 15 months of 0% interest on purchases, 0.5% unlimited cashback on your spending and unlimited commission-free purchases abroad.
And the same goes for the Nationwide Credit Card. You’ll still get three months 0% on purchases and the ability to earn a commission-free allowance to use abroad as you spend in sterling at home, whichever 0% balance transfer period you go for.
The best balance transfer deals
Nationwide’s two 0% balance transfer cards are well worth a look when it comes to low-fee 0% balance transfers. The table below shows how Nationwide's new offers stack up when it comes to the best low fee 0% balance transfer deals around at the moment.
|
Credit card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Representative APR |
|
12 months |
0.5% |
£10 |
18.9% |
|
|
12 months |
0.5% |
£10 |
18.9% |
|
|
15 months |
0.55% |
£11 |
15.9% |
|
|
15 months |
0.65% |
£13 |
17.9% |
|
|
18 months |
0.7% |
£14 |
17.8% |
|
|
17 months |
0.9% |
£18 |
18.9% |
*Only available to main current account holders
If you need more time to shift your debt you could go for Nationwide's 26-month offer, but there are even longer lasting deals available to pick from. The best comes from Barclaycard which offers 33 months of 0% interest, but this deal attracts a 2.99% fee.
The table below shows how Nationwide's 26-month offers compare longest 0% deals around at the moment.
Let’s start by looking at the cards with the longest 0% periods.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
Cost of transferring £2,000 balance |
Representative APR |
|
33 months |
2.99% |
£59.80 |
18.9% |
|
|
32 months |
2.89% |
£57.80 |
18.9% |
|
|
32 months |
3% |
£60 |
18.9% |
|
|
32 months |
3.5% |
£70 |
18.94% |
|
|
31 months |
2.88% |
£57.60 |
18.9% |
|
|
31 months |
2.89% |
£57.80 |
18.9% |
|
|
30 months |
2.5% |
£50 |
18.9% |
|
|
30 months |
2.89% |
£57.80 |
18.9% |
|
|
30 months |
2.9% |
£58 |
18.9% |
|
|
HSBC Credit Card* |
30 months |
3.3% |
£66 |
18.9% |
*HSBC current account customers only
For more read: The best 0% balance transfer credit cards.
More on credit cards:
The best air mile credit cards
The best cashback credit cards
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