Nationwide credit card call

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Nationwide credit card call

Thu 30th Aug 2007

Nationwide has reiterated its call for credit card providers to provide more information to customers about the order of payment (OOP) on their debts.

Many credit card providers operate an adverse OOP policy, meaning that repayments are made on the cheapest debt first.

However, more than two-thirds (69 per cent) of cardholders do not know the order in which their payments are processed, Nationwide has revealed.

"Nationwide has long-campaigned for a positive order of payments for all credit card customers as an adverse order of payments costs consumers £500 million every year," said Jeremy Wood, divisional director for banking and credit cards at Nationwide.

Holders of Nationwide's credit card pay off the most expensive debt first, which means that less interest is allowed to accrue.

This month, Nationwide set the authorised rate on all of its overdrafts at 9.9 per cent AER, available without having to pay an arrangement fee from November 1st.

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