MSE News

Nationwide to scrap cashback on its credit cards

Nationwide to scrap cashback on its credit cards

Over a million Nationwide credit card holders will lose their 0.25% cashback deal in December, as the building society is scrapping this perk for its Select and Cash Reward cards. 

Nationwide's cash purchase scheme allows customers to earn 0.25% of what they spend on Select cards taken out before 11 January 2018, as well as Cash Reward cards (which are no longer available for new customers). 

But cardholders will no longer earn any cashback from 1 December. If you have one of these cards, you'll carry on earning until 30 November, with your final cashback paid to you as part of your December statement.

While over a million cardholders will see their cashback perk withdrawn, Nationwide says that more than three quarters of those affected have earned less than £10 so far this year through the scheme. And if you're a Nationwide cardholder it's likely you can already earn more cashback with another card, as some can pay up to 5% as an introductory rate - see our Credit Card Rewards guide for more info on our top picks.

Nationwide said that cutting cashback will ensure its credit card offering remains "sustainable and effective". 

See our Credit Card Rewards guide for more on how to earn cashback or vouchers from your usual spending.