NatWest Reward credit card: everything you need to know

Shopping around for a new credit card? There are lots of options out there, so it can be hard to know which is the best choice for you.

There’s also the issue of which cards you’ll be accepted for. This is why it’s a good idea to check your credit score before applying.

Here, we’ll be putting the NatWest Reward credit card under the microscope. We’ll run through everything from features and rewards to interest rates and fees. And of course, eligibility requirements and how to apply.

We’ll also take a look at how NatWest credit cards work abroad. If you’re looking for a cheaper way to spend outside the UK, check out the Wise debit card. It’s not a credit card, but offers low-cost spending and cash withdrawals in 150+ countries worldwide, with no foreign transaction fees.

But for now, let’s focus on what the NatWest Reward credit card has to offer.

What is the NatWest Reward credit card?

The NatWest Reward card is one of a handful of credit cards offered by the popular high street bank. It’s designed for everyday spending, and can be managed in the NatWest mobile app.

Unlike some other credit cards, this one gives you cashback rewards on spending. This can give you a little extra back on your purchases, although bear in mind that the NatWest Reward credit card also has an annual fee.

We’ll look at this in more detail later, along with a way you can avoid the fee altogether.

How Rewards work¹

When you shop using your NatWest Reward credit card, you’ll earn a little cashback on whatever you spend. The amount varies depending on where you spend. Here’s how much you could earn:

• 1% cashback on spending at supermarkets
• 1% to 15% cashback on spending at selected participating retailers (check out the your personalised list of offers in the NatWest mobile app)
• 0.25% cashback on all other spending (excluding supermarkets and petrol stations).

You won’t actually get the above in terms of cash in your credit card or current account though - or at least not automatically. Instead, you’ll earn points when you make an eligible purchase. With the NatWest card, 5 Reward points equals £5 once redeemed.

To redeem your points, you’ll need to wait until you’ve earned at least £5. Then you’ll have the choice to redeem as cash in the bank, trade up for a gift card or put the points towards a donation to one of NatWest’s chosen charities.

NatWest Reward credit card interest rates and fees

Now we come to the important question - how much does it cost you to use the NatWest Reward credit card?

Here’s what you need to know about fees and interest rates.

Annual fee

First up, the annual fee. The NatWest Reward credit card costs £24 a year¹ in annual maintenance fees. It’s not a scarily high fee, and it could be good value if you earn enough back in cashback.

But there’s also a way you can avoid the fee altogether. If you open a NatWest Reward current account, the annual fee for the credit card will be refunded.¹ It’s worth noting that the current account has a fee of £2 a month, but you can also earn Rewards when spending on the debit card linked to the account.²

So, you’ll need to do your sums to decide whether this combination of current account and debit card will work for you.

Interest rates

The NatWest Reward credit card has a representative interest rate of 26.8% APR (variable). Assuming a credit limit of £1,200, this means there’s a purchase rate of 21.9% per annum (variable).¹

The interest-free period is a maximum of 56 days.³ This is how long you have to pay your balance in full. There’s no interest-free period for cash advances, money transfers or balance transfers.³ This means that interest starts accruing as soon as you initiate the transaction.

Fees for using the credit card

Here’s a quick look at the main fees associated with the NatWest Reward credit card:³

Can I use the NatWest Reward credit card abroad?

You can use your NatWest Reward credit card outside of the UK. It’s a Mastercard, so can be used worldwide wherever Mastercard payments are accepted.

But you’ll need to be careful. As you can see from the table above, any transactions made on your credit card in a foreign currency will have a fee of 2.75%.

You’ll also pay a 3% fee (a minimum of £3) if you use your card to withdraw cash at an overseas ATM - or any ATM, for that matter. And remember that interest on cash withdrawals starts accruing right away.³

The good news is that NatWest uses the Mastercard exchange rate for currency conversions. This tends to be pretty close to the mid-market exchange rate, which is the rate that banks use to trade currency with each other.

How to apply for the NatWest Reward credit card

If you’re happy with the fees, interest rates and everything else, it’s time to apply. The first thing to do though is check your eligibility for the NatWest Reward credit card. If you apply and are rejected, it could potentially harm your credit score.

Eligibility requirements

The NatWest Reward credit card is available for people who:¹

• Are a UK resident
• Are at least 18 years old
• Earn at least £10,000 a year.

Helpfully, NatWest lets you check your eligibility for the card at the start of the application, with no impact on your credit score. You can find out if you’re likely to be approved for this card, and what credit limit you could get.

What will I need?

To apply for a credit card in the UK, you’ll usually need the following:

• Your address details for the last 3 years
• Details of your income
• Your bank account details
• Details of any credit cards you wish to transfer a balance from
• Your ID (if you’re a new customer) - accepted documents include your passport and driver’s licence
• Proof of address (for new customers - accepted documents include your driver’s licence, recent UK utility bill, bank statement or council tax bill.

How to apply - step-by-step

Once you’ve checked your eligibility and have your documents ready, here’s how to apply for a NatWest Reward credit card:

1. Go to the NatWest Reward credit card page on the bank’s website
2. Click ‘Apply now’ and read all the terms and conditions carefully
3. Click ‘Continue’
4. After confirming whether or not you’re an existing NatWest customer, click ‘Check eligibility and apply’
5. Complete the online form, following the on-screen instructions
6. Provide your personal details and upload your ID documents when prompted
7. Check the details and submit your application.

You could get a decision on your application almost instantly. However, NatWest advises that it could take up to 9 working days to complete the application process.⁴ Once accepted, your card will be posted out to you around a week or two later.⁵

Spend worldwide for low fees and great rates with the Wise debit card

If the fees for using a credit card abroad are off putting, consider an alternative solution for spending overseas.

It’s not a credit card, but the Wise debit card is the perfect low-cost solution for travellers, holidaymakers and expats.

It’s the perfect travel companion, as it’s contactless, works worldwide and is compatible with mobile wallets. Best of all, it has no foreign transaction fees.

Your Wise debit card can be used for spending and cash withdrawals in a whopping 40 currencies, in 150+ countries. This means that there’s no need for separate cards for multi-destination trips - you can do it all with just the one card.

Here are all the advantages at-a-glance:

• Open a Wise account online for free
• Get a Wise debit card for a one-time cost of just £7
• No monthly fees
• No foreign transaction fees
• Automatically converts currency at mid-market exchange rates
• Works worldwide, wherever Visa and Mastercard are accepted.
• Withdraw up to £200 a month (max. 2 withdrawals) for free (Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks). Fee of 1.75% + 0.50 for withdrawals over this limit.

You can manage your card and account in the handy Wise app, wherever you are in the world. This includes options to freeze your card if you lose it.

Join Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

And there you have it - a handy guide to the NatWest Reward credit card and everything it has to offer. We’ve run through the interest rates, fees, rewards features, eligibility requirements and how to apply.

So if you like the sound of it, you’re all set to check your eligibility and apply for your new credit card.

Sources used:

Sources last checked on date: 28-Jul-2023