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"Nationwide credit card has no hiked fees"

By admin | August 2nd, 2009 | Credit Cards

It was announced several weeks ago that the financial giant Nationwide was planning to hike up the fees charged on its credit cards when used abroad by customers.

The increases were set to take place as of the beginning of this month, but those heading out on holiday armed with their Nationwide credit cards over the coming weeks will be pleased to learn that the lender has decided that it will not hike up the overseas use fees after all.

The reason behind Nationwide’s initial decision to increase the overseas usage fees on their credit cards was the increase in charges that were being levied by Visa outside of Europe.

The lender announced some weeks ago that it would be passing on this Visa fee hike to customers through increased credit card fees when used abroad. However, Visa has now shelved plans to increase the rate levied for the moment, which means that Nationwide has also shelved its plans to pass this increase on to its customers.

The fees that are charged on foreign transactions on Nationwide credit cards were set to increase from 0.84 percent to 1 percent from the start of this month, which would have meant further expense for many holidaymakers who were already struggling to afford their holidays in the current financial climate.

Whilst the decision to shelve these plans for fee hikes will be welcomed by consumers, officials warn that if Visa does eventually press ahead and levy increased fees then lenders will most likely do the same.

An official from Nationwide stated: ‘We have always said we would only pass on to customers what Visa was charging us. We will let our members know if Visa decides to increase it in the future.’

Tags: nationwide credit cards, Credit Cards, credit card charges, credit card foreign usage fees, credit card fees

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