Nationwide CC Help

[Disgruntled Biker]

Hi,

 

Firstly sorry if this has already been discussed elsewhere, I had a look through 30 odd pages of threads but couldnt find anything relevant.

 

I have just been looking at my online CC statement and noticed a charge for "Merchandise Interest" to the value of £51.66 which, after searching the nationwide website, I cant find out exactly what it is for.

 

I realise this may be a bit naive and assume it is down to purchases of goods with my CC but a further check of my statements show it has been charged every month from April 08, with varying amounts, but not before.

 

A quick google search showed up some similar concerns but no answers and many conflicting views.

 

Atempting to contact nationwide but so far no answer and stuck on hold.

 

Any help with this would be greatly appreciated.

 

Colin

[sea-sidelady]

I must admit i haven't come across this one before. Try calling the bank again, or go into your local branch.

[Disgruntled Biker]

Hi,

 

I finally got through and apparently the "merchandise interest" is the standard interest my account acrues based on a daily account balance when it is not paid offf in full at the end of the month.

It was not noted on my account prior to April 2008 as I was still in my 6 months interest free on purchases period.

 

This does sound a reasonable explanation but, as I mentioned, I have seen posts elsewhere claiming it was a glitch, a systems failure, that nationwide messed up an upgrade to a credit card system in march 08 and I just want to make sure im not being fobbed off with a reasonable sounding excuse.

 

Thanks, Colin