The NatWest Balance Transfer Credit Card

By: Peter Stephens | Updated: 22nd October, 2019.

Great for: NatWest customers consolidating debt
3.5 stars question mark
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NatWest customers interested in consolidating credit card debt and getting close to two years of 0% interest on their balance transfer may want to check out the NatWest Balance Transfer Credit Card offer. In NatWest fashion, this is a simple, straightforward offer, so don’t look for bells and whistles. But 23 months of 0% provides a good amount of time to pay down a lingering balance, and there’s no balance transfer fee to pay. Note that you must be a current NatWest current account, savings account, credit card or mortgage customer to apply.

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CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0% interest for 23 months on balance transfers made in the first 3 months
  • No balance transfer fee
  • 0% interest on purchases over the first 3 months
  • No annual fee
  • Note: You must be a current NatWest customer (current account, savings account, credit card or mortgage) to apply

REPRESENTATIVE EXAMPLE

Representative rate 19.9% APR (variable)
Purchase rate 19.9% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

what we like

  • 0% interest for 23 months on balance transfers made in the first 3 months
  • No balance transfer fee
  • 0% interest on purchases over the first 3 months
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.9%
  • INTRO OFFER:

    0% interest for 23 months on balance transfers made in the first 3 months

    0% interest on purchases for 3 months

KEY SCORES:

  • 2/5 Perks
  • 3/5Fees
  • 4/5APR

HIGHLIGHTS

  • 0% interest for 23 months on balance transfers made in the first 3 months
  • No balance transfer fee
  • 0% interest on purchases over the first 3 months
  • No annual fee
  • Note: You must be a current NatWest customer (current account, savings account, credit card or mortgage) to apply

REPRESENTATIVE EXAMPLE

Representative rate 19.9% APR (variable)
Purchase rate 19.9% p.a. (variable)
Assumed credit limit £1,200

* This is an offer from one of our affiliate partners. Click here to learn more about why and how we work with partners.

OUR BOTTOM LINE

The NatWest Balance Transfer Credit Card offers a highly attractive 0% interest rate period of 23 months on balance transfers. Its lack of a balance transfer fee helps to further its appeal versus rivals. Likewise, an introductory 0% interest rate on purchases for three months after account opening provides differentiation versus peers. However, the card is only available to existing NatWest customers, while it lacks additional features such as rewards or cashback.

Credit Rating Requirement: Good/Excellent

What I like

  • Balance transfer period – The card offers a 23-month balance transfer period. That means that for a 23-month period, a 0% interest rate is charged on existing debt that is transferred from another credit card within three months of account opening. Depending on the interest rate currently being paid on existing credit card debt, this could reduce your interest payments over the period, and allow you to clear your balance earlier than would otherwise have been the case.
  • Balance transfer fee – The NatWest Balance Transfer Credit Card does not charge a balance transfer fee. This makes it even more appealing to consumers who are looking to reduce their interest payments and pay off their debt at a faster pace. A lack of a balance transfer fee could help to differentiate the card versus other balance transfer credit cards that also offer a relatively long balance transfer period.
  • Interest saving – For example, an individual with a £3,000 credit card balance at an interest rate of 18.9% repaying £150 per month could save £570 in interest costs by taking up the card’s balance transfer offer. If they maintain their £150 payment each month, they would be able to repay their debt four months faster than if they had not undertaken the balance transfer.
  • No annual fee – The card does not charge an annual fee. This could make it appealing to a wide range of consumers, and may increase the total savings on balance transfers when compared to rival cards that charge an annual fee.
  • Introductory 0% interest rate – There is an introductory 0% interest rate on purchases for the first three months after account opening. This could make the card more attractive for consumers who have a large upcoming purchase for which they wish to delay payment without incurring interest costs.

Why trust me

I have been writing for The Motley Fool since 2013, and have experienced the booms and busts of the UK economy for a number of decades both as an investor and a consumer. I have held various senior management positions during my career, while also setting up my own manufacturing company in 1996. It was subsequently sold in 2007. I have a keen interest in consumer finance, as well as in the stock market.

What could be improved

  • Rewards – There are no rewards, such as vouchers for retailers or cashback, offered to cardholders. Although the focus of the card is on offering an appealing balance transfer offer, consumers may wish to have a second credit card for everyday spending in order to maximise the benefits they receive when using their credit card.
  • Foreign transaction fee – Like many credit cards, the NatWest Balance Transfer Credit Card charges a fee when a transaction is undertaken in a foreign currency. It charges 2.75% of the total transaction, which could add up over the long term for consumers who wish to use the card while abroad.
  • Existing customers – In order to apply for the card, you must have either a NatWest current account, savings account, credit card or mortgage. This limits the card’s total addressable market, and may mean it is unavailable for consumers who do not wish to have other products with the company due to superior offers being available elsewhere.

How does it stack up?

The NatWest Balance Transfer Credit Card offers a relatively long 0% interest rate period on balance transfers when compared to rival cards. Unlike many of its peers, though, it does not charge a balance transfer fee. This could increase the savings on interest payments that are available to consumers with existing credit card debt, and help indebted cardholders to pay off their balance at a faster rate.

The card’s introductory 0% interest rate period on purchases for the first three months after account opening helps to differentiate it from other balance transfer credit cards.

However, the lack of rewards and its foreign exchange fees could reduce the appeal of the card when compared to some of its peers. Therefore, it may be worth considering having a second credit card in order to maximise your benefits on everyday spending, while also keeping fees to a minimum when travelling abroad.

Credit score

In order to successfully apply for the card, you need to have a good credit score. Applicants should also have an annual income of at least £10,000 and be a UK resident.

As with every credit card, the advertised rates are representative rates. This means that they must only be offered by law to 51% of successful applicants. As such, you may be offered a shorter balance transfer period, or a different rate of interest, for example.

How to apply

Applications for the NatWest Balance Transfer Credit Card can be made online, with the process generally taking less than ten minutes to complete.

When applying for the card, information such as your employment situation, previous address history for the last three years and details regarding your existing products with NatWest will be required. You will also need details about any existing credit card balances that you wish to transfer to the card.

Is the NatWest Balance Transfer Credit Card right for you?

If you are looking to reduce the amount of interest you pay on existing credit card debt, the card could be appealing. Although there may be longer 0% interest rate periods on balance transfers available elsewhere, the card’s lack of a balance transfer fee could make it more attractive than some of its rivals.

The introductory 0% interest rate on purchases for the first three months following account opening helps to broaden its appeal. This may be useful if you have a large upcoming purchase for which you wish to delay payment without being charged interest.

Since the card is only available to existing NatWest customers, it does not offer the same accessibility as other balance transfer credit cards that are available to new customers. However, for existing NatWest customers, it offers an appealing opportunity to reduce interest payments on existing credit card debt over a relatively long time period.

See the Best Balance Transfer Credit Cards


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