By: Peter Stephens | Updated: 27th January 2021.
If you are looking for a credit card that offers a wide range of features, the Nationwide Select Credit Card is likely to be appealing. It has a 12-month introductory 0% interest rate on purchases and balance transfers, as well as no balance transfer fee. Although there are longer 0% interest rate periods available elsewhere, the card’s lack of foreign exchange fees could help it stand out from its rivals. Note though that it is only available to existing customers of Nationwide who have their main current account with the provider.
0% interest for 12 months on purchases
0% interest for 12 months on balance transfers
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If you are looking for a credit card that offers a wide range of features, the Nationwide Select Credit Card is likely to be appealing. It has a 12-month introductory 0% interest rate on purchases and balance transfers, as well as no balance transfer fee. Although there are longer 0% interest rate periods available elsewhere, the card’s lack of foreign exchange fees could help it stand out from its rivals. Note though that it is only available to existing customers of Nationwide who have their main current account with the provider.
I have been writing for The Motley Fool since 2013, and have experienced the booms and busts of the UK economy for a number of decades both as an investor and a consumer. I have held various senior management positions during my career, while also setting up my own manufacturing company in 1996. It was subsequently sold in 2007. I have a keen interest in consumer finance, as well as in the stock market.
If you’re looking for a long balance transfer or 0% purchase period, this may not be the ideal card for you. It is possible to find much longer introductory 0% period for both balance transfers and purchases.
But not everyone needs the longest 0% periods possible. In fact, the longest 0% periods can have sneaky costs associated with them, since you often have to pay a balance transfer fee with the longest 0% balance transfer periods, and you may have to forgo other benefits when chasing the longest interest free periods.
With that in mind, the Nationwide Select card does a nice job in providing an all-round package. You get a full 12 months of 0% interest on both balance transfers and purchases. There’s no fee on balance transfers. There’s even no foreign transaction fee, which means this could be a viable travel card.
On top of it all, the representative APR on the card (for those who qualify for that rate) is lower than most competitive cards. To be sure, the interest rate is still high in absolute terms. But if you end up in a position where you have to pay interest, having a lower rate is a good thing.
Although there is no annual fee, the card is only available to existing customers who have their main current account with Nationwide. This could reduce the card’s appeal among consumers who do not wish to switch their current account to Nationwide. A lack of rewards such as cashback or vouchers that can be used at specific retailers may mean that other cards better enable consumers to maximise the benefits of everyday spending.
Applicants for the card should have a good credit rating. Nationwide provides an Acceptance Indicator tool that offers guidance on the likelihood that you will be accepted for the card, without affecting your credit rating.
Since the advertised interest rate and the lengths of the 0% interest rate periods are representative, they must only be offered by law to 51% or more of successful applicants. This means that you may receive less favourable terms that make the card less appealing when compared to other credit cards.
Applications for the card can be undertaken online, by phone and in-branch. Applicants for the card must have their main current account with Nationwide.
Information such as your bank details, existing credit card details, address history and employment details will be required during the application process. Therefore, it is a good idea to get this information organised before starting the application.
As an all-round type credit card, the Nationwide Select could be a great option. The card offers 12 months of 0% interest on both purchases and balance transfers, and no balance transfer fee, which should be very helpful for many people looking to avoid hefty interest payments.
Add to that no foreign transaction fees, no annual fee, and a comparatively low APR, and you end up with a pretty nice package.
However, if your focus is finding the longest 0% period on either purchases or balance transfers, then it may be worth searching further. It’s possible to find 0% periods much longer than 12 months.
The card is also only available to Nationwide current account customers. That makes it a particularly great choice for Nationwide customers. That hurts the appeal for those that don’t already bank with Nationwide, but could be reason to consider a Nationwide current account.
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