By: Harvey Jones | Updated: 12th February, 2019.
Don't skip over the NatWest Reward Credit Card! Our rating is low on this card for good reasons -- it doesn't offer a welcome bonus, it doesn't have a 0% purchase offer, there's an annual fee, and the APR is higher than competitors. Ouch. However, the yield on rewards points is better than most competitors, and you're not as limited as store-brand cards. Plus, that annual fee is reimbursed if you have a Rewards current account.Read full review >
|Purchase Rate||18.9% p.a. (variable)|
|Representative APR||23.7% (variable)|
|Assumed credit limit||£1,200|
“The credit card that rewards you for shopping” – that’s the tagline on NatWest’s promotional page, and it sums up this attractive offering nicely. You spend money, they give you a bit back. You get a competitive 1% on your supermarket spend, 0.5% elsewhere, and up to 15% off at selected retailers. There is an annual fee, though.
There are plenty of cashback and reward schemes out there, but the NatWest Reward credit card makes collecting points worth your while. It gives you a competitive rate of 1% on your supermarket shopping, which is one of the biggest household expenses, plus 0.5% elsewhere. Another key attraction is that you can collect rewards on all your spending, with no upper limit.
I’ve been a personal financial journalist for 30 years, writing for national newspapers, magazines and websites. I reported on the technology boom in the 1990s, and the subsequent bust. I covered the financial crisis, and the tentative recovery. Decades of writing about the big banks has taught me to be sceptical, to examine every pledge and promise, and look closely at the small print of their product offerings. I’m on the side of the consumer, alert to rip-offs while also keen to highlight top deals. There are plenty out there, if you know where to look.
Reward schemes aren’t what they used to be, and even this one could be improved here and there.
That headline 1% rate on your supermarket shop is a winner, especially as it frees you to shop in different stores. Most cashback cards stick at 0.5%, which is the rate you get on the rest of your shopping. I particularly like the fact that there is no upper limit on how many rewards you can collect. I don’t like that £24 fee, though.
Like every provider, NatWest will check your credit rating with one of the big reference agencies, such as Experian or Equifax. This will highlight any financial problems such as missed payments, bankruptcy or county court judgements (CCJs) in the last six years. Card issuers are only obliged to give their headline offers to 51% of all applicants; those applicants with credit issues may get a poorer deal. NatWest offers a two-minute eligibility checker so you can check your chances of acceptance without leaving a “footprint” on your credit record.
You must be 18 and earn at least £10,000 a year. The application takes 10 minutes online, but you need to gather some basic personal information including address details for the last three years, income, outgoings, employment details and bank account details. You will also need details of any cards you wish to transfer a balance from. The application process is a bit faster if you already have NatWest online banking, so grab your log-in details. You still need details of income, outgoings and employment, though.
If you clear your balance every month and are looking for rewards, you should check out this deal. It will be particularly attractive for those who spend a fair bit of money in several different supermarkets each week. If you resent paying an annual £24 fee for a credit card when so many providers charge nothing at all, you might want to look elsewhere.
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