Nationwide: 0% transfer for 15 months

Nationwide's new Gold credit card is offering 0% on balance transfers for 15 months, with the added bonus of a positive repayment order.






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This means cardholders will pay off their most expensive debts first – such as cash advances which are usually at a much higher rate.
Along with Nationwide, the only other providers to offer a positive payment order are Saga and Co-op, with MBNA expected to follow suit in September.

All other providers will be moving to positive payment orders as of January 2011, under new regulations.

Nationwide's Gold credit card also offers 0% on new purchases for three months.

Following this, the rate increases to 16.9% but prospective applicants should be aware this rate could be higher, depending on your credit rating.

Chris Rhodes, Nationwide's products and marketing director, said: 'Unlike most other providers, Nationwide operates a positive order of payments.

'This can save you money because any more expensive debts – such as cash advances – are repaid before the 0% balance transfer offer, leaving customers to enjoy the 0% rate for longer.'

Is it a good deal?

The new terms of the Nationwide Gold credit card are attractive for those looking to transfer a balance and pay down debt.

The deal matches the current market leaders – Barclaycard's Platinum, NatWest Platinum and RBS Platinum – exactly in terms of the length of the 0% introductory periods and rates.

However, Nationwide offers the added bonus of a positive payment hierarchy.

In the long run those looking to transfer and pay down debt without making many purchases will reap benefits with this card.

Kevin Mountford, head of banking at moneysupermarket.com, adds: 'The card is also perfect for using abroad as it is commission free on foreign purchases and cash withdrawals within Europe, unlike many other cards on the market.'

Phoenix IT Group hikes dividend as earnings edge up

IT and communications support firm Phoenix IT Group said it has continued to make good progress over the past year despite challenging trading conditions. The Group has again grown profits and improved cash management.

Group revenues decreased as expected by 2.9% to £245.8m (2009: £253.2m) and profit before tax increased by 61.0% to £25.2m (2009: £15.6m).

Underlying profit before tax increased by 4.2% to £29.5m (2009: £28.3m).

Diluted earnings per share increased by 73.2% to 24.6p (2009: 14.2p) and normalised diluted earnings per share increased by 6.8% to 28.1p (2009: 26.3p).

The Group is highly cash generative and during the year net debt (including finance leases) reduced by £20.5m to £67.9m (2009: £88.4m).

The Board has proposed a final dividend of 4.3p per share (2009: 4.2p). Combined with the interim dividend of 2.15p per share paid on 6 April 2010 this would make a total dividend per share of 6.45p (2009: 6.3p), an increase of 2.4%.

The Annual General Meeting will be held on 26th August.

Phoenix said it remains confident in the long-term growth potential of the Group and will continue to explore opportunities to supplement organic growth by selective acquisitions.