One of the major banks and building societies Nationwide recently, launched new policies for its Visa cards customers. For a long time credit cards customer had been using their visa cards in foreign also on without any transaction charges. Nationwide had made all the transaction without any charge for its debit and credit cards on the use of abroad.
Recently, the group of Nationwide decided to charge minimal fees on the transaction of foreign. For each transaction Nationwide will charge 0.84% on the visa cards in abroad. The charge will be applied in continental Europe and other countries also including Israel.
From the 1st of June, 2009 also on the uses of debit cards the charges will be applied by Nationwide. From the July, 2009 both fees will raise to 1% for visa cards customers.
About the charges Nationwide spokeswoman announced that the charges has not made by them it is the commission of third party. In the compensation of the charge Nationwide has decided to offer other benefits to their customers.
Nationwide has confirmed that by the policy only those customers will be affected who are using visa cards. Master cards and other cards policy are same as previous.
In the review of the charges we find that Nationwide has not made major charges on each transition of foreign because normally credit and debit card providers charges about 2.75% on foreign transactions as a commission.
About the changes there are only building societies opinions who are announcing that they will provide other offers to their customer in the compensation of the new charges but still we have not got any customer opinions.
Nationwide is one of the major banks and building societies of Europe so, it is known by the policy changer that in the recession only the policy will fulfill their losses.
The fee will be charged by 6 May, 2009 on credit cards and by 1 June, 2009 on debit cards. Along with the Nationwide another major financial company Thomas Cook has also announced to charge on uses of
Visa cards in abroad. There is only news about the charges but still no critique. The critique will also appear in few days over the internet.
Gian Brett is an expert writer of various subjects. He has written many articles on
Credit and Debit Cards also.
