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"Nationwide to charge for using credit and debit card overseas"

By admin | March 24th, 2009 | Credit Cards

According to a recent report Nationwide is to start charging consumers who use its credit cards and debit cards overseas, and this results from a change of policy that will see customers that use their plastic overseas being hit with a charge from the building society.

The changes will come into effect from the first week of May for credit card holders, and for those using their debit cards abroad the changes are due to come into effect slightly later, in June.

For any foreign transaction outside of Continental Europe credit and debit card holders will be hit with a fee of 0.84 percent of the transaction value as of the dates that the fees come into effect for the two different card types. Worse still, from July the fees on both debit and credit card transactions will increase from 0.84 percent to 1 percent in line with increases that are imposed by Visa.

An official from Nationwide stated: “As a prudent organisation, we have to maintain the balance between offering competitive products whilst ensuring these are sustainable in the long term, particularly in the current economic climate. By passing on the fee of 0.84% that Visa currently charge us, we can continue to offer a number of benefits.”

She also added that in the past these fees had been taken on by Nationwide rather than being passed on to the consumer.

The Nationwide also said that whilst people using their cards in the specified destinations would be charged the fee, they would still not be charged any commission by Nationwide. The building society is now in the process of writing to its cardholders to advise them of the changes.

Tags: nationwide foreign charge, nationwide

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