Nationwide Building Society has provided clarification on certain account rules regarding credit card payments, following a customer complaint on social media. The customer asked: "Why do you no longer allow a payment transfer to your credit card immediately after spending, as you could previously? You now have to wait until the company has taken the money before you can make a payment."
Understanding Credit Card Payment Timing
Using a credit card consistently can help improve your credit rating. Nationwide's online guidance states: "When using a credit card, always make payments on time and minimise what you spend. Missing payments, exceeding your credit limit, or making new credit applications can negatively impact your credit score."
In response to the customer, Nationwide explained: "When you make a payment on a credit card, the transaction will first pend, and then the company takes the money a day or two afterwards. While it is pending, it is not considered a full payment yet. Once the payment clears, you can pay off the balance."
Potential Bonus Cash for Nationwide Customers
Nationwide customers may soon receive bonus cash through the Fairer Share payment scheme. The building society has distributed three rounds of £100 payments over the past three years. This initiative shares profits with members, with over four million customers receiving the £100 payment last year.
To be eligible for last year's payment, customers needed a qualifying current account with Nationwide, along with either a qualifying savings account or a mortgage. Nationwide will announce details of the scheme alongside its full-year results, expected in May.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, commented: "Nationwide has consistently offered the Fairer Share payment over the past three years and hopes to do so again. However, it depends on the mutual's performance, so members need to be aware of this. It is also important for members to check if they meet the eligibility criteria moving forward."
For last year's payment, customers were required to have specific account activity between January and March of that year.
