Nationwide is a Fortune 100 financial service company owned by its policyholders. The company was founded in 1926 as The Ohio Farm Bureau Federation and is currently headquartered in Columbus, Ohio. The Fortune 100 company provides a wide range of insurance and financial services for its customers along with 24/7 customer service. According to its corporate website, Nationwide currently holds more than $158 billion in statutory assets. The financial services company offers a Nationwide Bank Visa Credit Card with cash back rewards and no annual fee.

Rank Chart
APR
Reward Options
Our Score
#1
6.99 - 10.5%
Yes
6.2
#2
0 - 18.15%
Yes
6.2
#3
5.99 - 18%
Yes
6.1
#18
nationwide
0 - 21.49%
Yes
5.6

The Good

  • Cash back rewards
  • 24-hour service
  • Financial education and resources

Cash Back Rewards

The Nationwide Bank Visa Card rewards cardholders with one percent cash back on everyday purchases. Cash rewards are automatically applied to the customer’s card. A unique offering is the zero percent promotional APR rate for one year on automobile repair purchases. Customers are also able to personalize their credit cards with photos. The credit cards are protected from any unauthorized activity through the company’s identity theft protection and card replacement services.

24-Hour Service

Nationwide provides 24-hour online account management and customer service for cardholders. Customers can access statements and make payments directly from their mobile devices. In the event a card is ever lost or stolen, customers are able to contact a customer service representative anytime day or night for assistance. The financial service company also provides other 24 hour services such as emergency roadside assistance and ATM machine access. Customers also have access to a variety of other lending and investment services such as personal banking services, loans, home and automobile insurance, and investment portfolios.

Financial Education and Resources

The financial services company offers a variety of educational articles, tools, and resources for customers on its corporate website. Financial education article topics include home and automobile insurance, retirement savings, investment strategies, small business, personal finance, and more. There are many types of financial calculators provided on the website as well. Consumers are also able to access financial advisors regarding any questions they may have on various financial products they may be interested in.

The Bad

  • High APR rates
  • Additional fees
  • Service limitations

High APR Rates

The financial services company offers a zero percent introductory APR rate for only six months on eligible purchases, which is a much shorter time frame than similar competitor offerings. Once this introductory period expires, APR rates for purchases, balance transfers, and cash advances range from 12.74 percent to 21.74 percent. If a cardholder makes a late or returned payment or goes over their credit limit twice in six months, a penalty variable APR rate of 24.99 percent will be applied until the cardholder makes six consecutive minimum monthly payments. Frequent travelers and those seeking debt consolidation from multiple cards may want to consider competitor offerings that feature much lower interest rates.

Additional Fees

The financial services company charges a late payment penalty of $15 on credit card balances up to $500 and $35 for balances exceeding $500. The returned payment fee is $20 and an over-the-credit limit fee costs $35. The company also charges a one percent fee of the settlement amount for foreign transactions. Cash advance and balance transfer fees are three percent of the transaction amount. Individuals wishing to transfer large debt balances or are frequent travelers may find other available options more suitable for their needs.

Service Limitations

Since rewards are automatically placed onto a customer’s card, the accrued earnings are not able to be applied to benefits typically offered by many other industry competitors. For example, the accrued points cannot be redeemed for airline miles, merchandise, or gift cards. However, the company does offer a separate membership rewards card that does offer these types of awards. Certain restrictions apply to this card as well. The company’s service branch locations are limited also with locations only in Ohio, Iowa, Texas, Arizona, Pennsylvania, and California.

The Bottom Line

Nationwide credit cards are best suited for individuals with excellent credit who are already customers. The cards offer one percent cash back on frequent eligible purchases with no annual fee. Earned rewards are automatically posted to the cardholder’s account as soon as they are acquired. However, accrued rewards cannot be redeemed for non-cash items such as gift cards or merchandise. Customers are also able to enjoy 24-hour customer service and account management. The company also provides numerous other financial education tools and resources at no additional charge.

The APR rates are a bit high when compared to industry standards, especially for those with less than perfect credit. These cards are also not suitable for individuals who desire to consolidate large amounts of debt or are frequent travelers. Other penalties and fees may be assessed and customers should read contract terms and conditions carefully before making any significant purchases or transactions.

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