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Nationwide predicts Bank rate cut

The Bank of England's monetary policy committee (MPC) will reduce the base rate of interest to 0.5 per cent, according to Nationwide.

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7 January 2009

Nationwide predicts Bank rate cut”

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The Bank of England's monetary policy committee (MPC) will reduce the base rate of interest to 0.5 per cent, according to Nationwide.

Martin Gahbauer, senior economist at the credit card provider, states he believes the move will take place a little later this year, with March being the month he currently thinks the drop will occur.

"It could be that it ends up being later than that possibly because of the Inflation Report, but it all just depends on the severity of the data coming through," he adds.

A drop in interest rates could be welcomed by credit card customers as banks may pass the savings onto consumers.

The base rate of interest currently stands at two per cent and the MPC will take its decision whether to raise, lower or maintain it tomorrow.

Nationwide's Gold Credit Card offers a range of features, including free purchase cover for damage, theft or loss to most purchases over £50.

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	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).
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	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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