MSE News: NatWest and RBS scrap 0% credit card deals – but their new offer...

Former_MSE_Helen · 17 March 2014 at 1:00PM

"NatWest and RBS have launched a new deal which charges 6.9% representative APR on transferred balances and spending..."

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NatWest and RBS scrap 0% credit card deals – but their new offer can be beaten

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helpme_115 · 17 March 2014 at 1:23PM

I posted earlier about this, will delete that thread and move to here to keep things tidy

Just heard about this card and didnt think i would have a chance in getting it as my noddle rating is 2/5 and ive been declined for alot worse cards before

I currently have 3 Credit cards:

Barclaycard Cashback (ex Egg) £800 limit, paid in full monthly
Barclaycard Platinum, 18.9% APR, £5,600 limit, paying approx £250 a month and is at limit (as i keep reducing limit so I cant spend it)
NW Platinum £1,400 Limit, Interest free for a year, paying minimum.

This new card talks about £11.1% APR which is quite a bit lower than my 18.9% card with a high balance so thought I would apply (thinking I wouldnt have a chance but worth a go) **Note there is a annual fee of £24**

I got accepted, not quite the full amount (I got £3500) but will certainly reduce the amount I pay a month in Interest. It was also at 8.9% APR, As soon as the balance transfer goes through I will be reducing the limit on my Barclaycard to its new balance and continue to pay that off as much as I can, then move onto the new NW Clear Rate until the interest free is over on my other NW Card.

Should hopefully be out of my mess alot quicker thanks to Natwest

They have a calculator which says how much you could save, apparently I could save £350 a year (based on assumptions...)

Sorry but cant paste URL as new to site, goto Natwest dot com then Credit Cards, Select Clear Rate and at the bottom of the page there is a link to the calc

Caddyman · 17 March 2014 at 5:36PM

I don't think I'll be bothering myself to look at credit cards provided by either NatWest or RBS group. I've been tarting for years. Truthfully, I haven't paid a penny in interest on a credit card for years. Only ever go for the 0 percent cards for x amount of months, buy the things I need on free credit and move on to the next.

I currently have 3 cards, a Nationwide card, which I've only had since February, 17 months interest free period. A Tesco credit card, which was 16 months interest free when I took it out and I have a Barclaycard Platinum, which I've had for years on a 6.8 percent purchase rate, though when I use it, I always repay it in full every month.

stclair · 17 March 2014 at 5:40PM

More details can be found here in RBS's words.

http://www.rbs.com/news/2014/03/teaser-rate-debt-traps-banned-with-launch-of-low-rate-credit-card.html

helpme_115 · 17 March 2014 at 6:41PM

For those with a poor credit rating looking to get a lower Apr this could be a god send.

I've been trying to get a lower rate for a while and always declined.

NatWest/rbs even have a indicator to show how likely you are to be accepted .

Herbalus · 18 March 2014 at 4:29PM

I guess this new ideology makes some kind of sense. I'm all for introductory bonuses, rates, new customer incentives and the like, but I guess that's because I'm generally a new customer as I follow the deals around. I don't have any particular loyalty to any company, so I'm quite happy for them to tempt me to a special deal, knowing full well that I'll leave again when it ends.

For those people who have stayed with RBS for years however, I guess this is a good thing. For the majority, having their bank focus on their needs instead of using them to subsidise new customers is a step in the right direction (even though this latest card can be beaten).

I guess ultimately the best thing would be an institution that offers the best rates to new and existing customers.

Thrugelmir · 18 March 2014 at 6:34PM

This ahead of the change of regulator I suspect. As the FCA takes over from the Office of Fair trading from the 1st April. So all consumer credit will be dealt with by a regulator that is willing to show their teeth. First on the agenda apparently is Payday lenders.

Kimberley · 18 March 2014 at 10:20PM

Can they withdraw their offers on existing 0% balance cards or is it for new customers?

chambta · 18 March 2014 at 10:42PM

Herbalus wrote: »

I guess this new ideology makes some kind of sense. I'm all for introductory bonuses, rates, new customer incentives and the like, but I guess that's because I'm generally a new customer as I follow the deals around. I don't have any particular loyalty to any company, so I'm quite happy for them to tempt me to a special deal, knowing full well that I'll leave again when it ends.

For those people who have stayed with RBS for years however, I guess this is a good thing. For the majority, having their bank focus on their needs instead of using them to subsidise new customers is a step in the right direction (even though this latest card can be beaten).

I guess ultimately the best thing would be an institution that offers the best rates to new and existing customers.

I think you're probably right.

chambta · 18 March 2014 at 10:43PM

Kimberley wrote: »

Can they withdraw their offers on existing 0% balance cards or is it for new customers?

It's for new card holders. Existing deals are unaffected.

MSE News: NatWest and RBS scrap 0% credit card deals – but their new offer...

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