Interest on Nationwide visa card

Nationwide wrote to their customers several weeks ago saying that they were increasing the cash advance fee from 0.5% to 1%, and also intended to start charging interest from the day the cash is taken.

I've noticed that they've now started charging the 1% fee, but so far they haven't charged me any interest on cash advances. Has anyone else actually been charged this interest or did I misread the letter that they sent out?

If they're not going to actually implement this policy, it seems their card is still a good way to obtain cash while travelling overseas.

Chris

Reply to
Chris Blunt
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You didn't misread it. I kept the letter and that's exactly what it says. But only from the 1st June, was your cash advance before then? Or maybe if your statement period covered part of May they won't actually start imposing the charge till your next statement period to make things easier for them?

I'm going abroad soon - I was thinking about putting the account in credit - then not only won't they be able to charge any interest, but they shouldn't really charge the "cash advance" fee, since they aren't advancing you any cash (see the "A good way of getting a cash advance" thread).

Only problem is that normal card spending will use up the credit - unfortunately we've got a joint card account - could really do with one Nationwide card each, one for spending and one for cash advances.

-- Andy

Reply to
Andy Pandy

I've taken several cash advances since 1st June. All show the new 1% fee, but no interest appears on my latest statement. It will be interesting to see what appears on my next statement due next week. Nothing shows up on my internet banking view of the account which indicates that any interest has been applied so far.

Chris

Reply to
Chris Blunt

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