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.
Compare credit cards
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.
*Fee reduction on offer until 7th July.
**Only available to main current account holders
The cheapest 0% balance transfer deal going comes from Barclaycard. Until 7th July it is offering six months 0% interest on balance transfers for a tiny fee of 0.25%. But with 18 months 0% interest on transfers for a 0.8% fee the Post Office Platinum MasterCard is the cheapest long-lasting 0% offer.
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.
|Lloyds Bank 32-Month Platinum||32 months||3.5%||£70||18.9%|
|Halifax 28-Month Balance Transfer Credit Card||28 months||2.5%||£50||18.9%|
|Lloyds Bank Platinum 28-Month Balance Transfer Credit Card||28 months||2.5%||£50||18.9%|
*Only available to main current account holders