Customers could get some bonus cash from Nationwide soon
Nationwide Building Society has clarified its account rules regarding payments, following a frustrating experience reported by one of its customers.
The customer reached out to Nationwide via social media, asking: “Why do you no longer allow a payment transfer to your credit card immediately you have spent on it as you could previously, you now have to wait until the company have taken the money before you can make a payment to it?” Using a credit card consistently to make purchases can help boost your credit score over time. Online guidance from Nationwide states: “When using a credit card, always make payments on time and minimise what you spend.
“You can negatively impact your credit score by missing payments, going over your agreed credit limit and making any new credit applications.”
In response to the customer’s query, Nationwide explained: “When you make a payment on a credit card, the payment will pend first, and then the company takes the money a day or two afterwards. If it’s pending, it isn’t a full payment yet. Once the payment clears is when you can pay the balance off.”
Bonus payments
Nationwide customers could soon be in line for some extra cash from the building society, as it is due to make an announcement shortly regarding this year’s Fairer Share payment. The organisation has previously issued three rounds of £100 payments through the scheme across each of the past three years.
This initiative sees Nationwide distribute a portion of its profits amongst its members. More than four million customers received the £100 payment last year.
To be eligible for last year’s payment, customers were required to hold a qualifying current account with Nationwide, along with either a qualifying savings account or a mortgage with the building society. Nationwide will make a formal announcement regarding the scheme as part of its full-year results, which are due to be published in May.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Nationwide have consistently offered the Fairer Share payment over the past three years, and they hope to do it again. However, it is all down to the performance of the mutual, so this is what members need to be aware of this year.
“It is also important that members check if they meet the terms to be eligible for the payment moving forward.” To qualify for last year’s payment, you need to have certain account activity between January and March of that year.
