Nationwide to withdraw cashback card

Building society Nationwide will be withdrawing its Cash Reward card to new customers from Wednesday 11th 2006.

The announcement comes following the decision by a number of other firms in recent months to reduce cashback offerings. American Express, Alliance & Leicester, Bank of Scotland, Egg, Halifax and Sainsbury's Bank have either reduced or removed their cashback facility over the past year.

A spokeswoman for Nationwide remarked: 'We have to weigh up the interests of our members and we felt the cashback card wasn't meeting the targets we had set for it. We intend to concentrate on our Classic credit card instead.'

Existing Nationwide Cash Reward customers are able to continue using the card.

The market leading cash reward schemes currently on offer include Morgan Stanley which offers 2% for the first £2,000 and 1% after and American Express' blue card offers 2% for three months, 0.5% for the first £2,000 and 1% after that.