Another victory for Nationwide
In a recent poll of the most trusted banks and building societies the Nationwide Building Society pipped all of the major banks to the post, securing the number one spot as most trusted bank or building society.
The only building society to even feature in the top ten in the poll the Nationwide managed to fend off competition from the major banks including Barclays, Lloyds TSB, and HSBC, with consumers stating that they were particularly happy with the services provided by the building society.
It seems that the Nationwide has now reigned victorious once again, after being recognised as the best credit card provider at a recent awards ceremony.
The building society received the recognition at the Card Awards, and was praised for being transparent about charges and terms, as well as for the positive way in which borrowers’ repayments are allocated. The building society claims that its credit card customers save around £2.1 million a year collectively as a result of the allocation of payments.
Campaigners and the Office of Fair Trading have stated that credit card providers need to be cleared and more transparent when it comes to charges, as many consumers are getting confused and credit card companies are through to be netting around £400 million a year in extra revenue because of this confusion.
Card companies have also been slated for allocating monthly repayments to lower interest balances first and leaving higher interest balances to continue accruing interest.
An official from the Nationwide Building Society stated: “We understand how difficult it can be for consumers to make the right card choice. This is why it is important that the information is presented to customers clearly to help them choose the card that best suits them.”
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