This is the best credit card I have! Why?
1) It has an APR of 7.24%!!!
2) It came with a very VERY generous credit line.
3) 1% cash-back reward on all purchases every month.
4) I've had 2 automatic credit line increases since I've opened the account.
The downside (which doesn't effect me at all) is that I'm not sure if the 7.24% APR is still being offered. I think the lowest now might be 11.24%.
I had a money market account for years that I was depositing to on a regular basis. Good initial rate, no problems. Then I had a period of inactivity and they started charging "dormancy" fees (even though I had several thousand dollars in my account). So I contacted them and they refunded the charges and told me I just needed to withdraw or deposit funds periodically to avoid charges. So I did that and when my account dropped below a certain figure, they started charging a low balance fee of $8 per month. When I complained that their representative did not warn me of this when I told him I was going to take out most of the money, they refused to refund the charges. They said the charge was listed in the account disclosure statement.
My experience is the same as others report here. If there is no activity in a six month period Nationwide charges a $5.00 monthly "inactivity fee". Activity can be a simple phone call, but you have to remember to call. Why should anyone have to do this? This is obviously a scam. I have not encountered this scam at any other similar online bank. So it's clear- find a different bank.
On the 366th day of no withdrawals or deposits
|Non-Sufficient Fund (Overdraft)||$25||$30|
|Stop Payment item||$20||$27|
|Domestic Wire Transfer (Outbound)||$25||$22|
|Domestic Wire Transfer (Inbound)||$0||$9|