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Nationwide: Over half of credit card holders are 'angry' at debt repayment system

According to new research from credit card provider Nationwide, 58% of credit card customers would be angry, shocked or surprised if they found out their credit card provider pays off their most expensive debts last.

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15 December 2009

Nationwide: Over half of credit card holders are 'angry' at debt repayment system”

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Nationwide, which offers the Gold credit card with a rate of 16.9% variable APR, also found the majority of credit card holders do not understand the order in which their repayments are allocated.

A total of 63% do not understand the order of payments, despite the Department for Business Enterprise and Regulatory Reform requiring all credit card providers to state this information on credit card bills since October 2008.

Nationwide added that credit card companies should allow customers to pay off their most expensive debts first, but that this practice is carried out by a minority of companies, including Nationwide and Saga.

The Nationwide Gold credit card offers three months of purchases at 0% for customers who use a Nationwide FlexAccount as their main account.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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