NatWest Your Points; Are they the worst value

I was amazed to find that when you have to collected 10000 Your points they are only worth £50. Are they the worst value Credit Card?store Card freebie in percentage terms on what you spend.I know it is something for nothing but is doers seem a very mean return
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  • aleph_0
    aleph_0 Posts: 539
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    I was amazed to find that when you have to collected 10000 Your points they are only worth £50. Are they the worst value Credit Card?store Card freebie in percentage terms on what you spend.I know it is something for nothing but is doers seem a very mean return

    Not really. Each point is worth 0.5p, so the scheme gives 0.5% back on spending.

    Other cards give 1% or more back, but some give nothing or even 0.1% back. So it's not the best reward card, but it's not the worst.

    I do think that all the cards are a little sneaky, in that they advertise point schemes, but make it harder to work out what points are worth. On the other hand, consumers should realise that they need to find out what the points are worth before getting a card.
  • jen245
    jen245 Posts: 1,606
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    Natwest also give you 2500 free points every year you have the card, so it's not that bad.
    Debt free and staying that way! :beer:
  • We have been customers of NatWest for many years and have not changed as personally we have received good service with no complaints. However as far as loyalty cards are concerned Your Points offers a very poor return. We much prefered the old Air Miles scheme, Incidentially we do not receive 2500 free points a year. If a loyalty card is a major issue you may bette off switching your credit card to maybe Tesco.Maybe at some stage Natwest may increase the value of this loyalty card or offer an incentive scheme to use their credit card which we pay off each month.
  • -sparky-
    -sparky- Posts: 23 Forumite
    I was amazed to find that when you have to collected 10000 Your points they are only worth £50. Are they the worst value Credit Card?store Card freebie in percentage terms on what you spend.I know it is something for nothing but is doers seem a very mean return

    If you look at the entire package - annual fees, interest rate, cashback points rate, what you can get for the points, etc, then the NatWest card is one of the best out there.

    It's not The best, but it will consistently be in the top 5. The Capital One card and a couple of others have a better deal (last time I checked). Problem is, most of these cards need an extremely good credit rating - if you're young or have a low paying job it's very hard to get one.

    You have to watch out because a lot of cards advertised as "cashback" are a crap deal overall. Some have a very high APR, like 35%+. Some charge an annual fee that pretty much cancels out the reward value (it's a thinly veiled attempt sell you a bunch of "reward points" to spend with their chosen partners). For some schemes, you might get the points only to realise you can only spend them in a small selection of obscure stores.

    Also, some providers have several cashback cards on offer and they vary a lot in terms of how good a deal you're getting. I applied for the posh "for people with perfect credit history" Capital One cashback card (which is amazing if you can get it). They refused the application but slipped a "pre approved" form for a different cashback card into the envelope. That card was a total piece of s**t - 35%API, annual fee that was more than the cashback I'd be getting. Total bait and switch. If I wasn't looking I'd sign the forms and get the crappy card without knowing about it. Something to watch out for.

    The Natwest card is 17.95% APR, no annual fee, 0.5% effective cashback rate. And you can exchange points for cash to spend in M&S, Boots, and Amazon, so you are guaranteed to translate them into cash to spend on a decent item in a decent store.

    If you can't get the "super posh" Capital One card, which is definitely better, then this is a good second choice.

    Note to Natwest customers: if you have money in the bank and were behaving yourself financially you have a better chance of scoring this card (compared to a card with equivalent beneftis from a differet provider). Being a customer of Natwest, they have more financial information stored about you. And if this information is good, they'll give you the benefit of the doubt.
  • guesswho2000
    guesswho2000 Posts: 1,703
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    edited 28 October 2012 at 5:58PM
    @sparky - from what I can see Capital One only charge a fee on one of their cards, that one being the "super posh" Aspire Elite...the Aspire World offers the 5% intro and ongoing up to 1.25%...interestingly the Classic Extra card would work out better after the initial three month period for low spenders, as you get a £10 bonus on top of the 0.5% cashback.

    As for cashback vs points, it can get complicated, but the Natwest scheme certainly isn't a bad one in the scheme of things, especially with the free 2500 points each year (I've currently gone back to using this card while I wait for the 99 day period to elapse, as I've hit the £100 max you can earn in the intro period for the aforementioned Capital One Aspire World, I also use Barclaycard Freedom Rewards for fuel purchases, as it works out minutely better than yourpoints for similar rewards, as you get double points on fuel and supermarket spend).
  • -sparky-
    -sparky- Posts: 23 Forumite
    @sparky - from what I can see Capital One only charge a fee on one of their cards, that one being the "super posh" Aspire Elite...the Aspire World offers the 5% intro and ongoing up to 1.25%...interestingly the Classic Extra card would work out better after the initial three month period for low spenders, as you get a £10 bonus on top of the 0.5% cashback.

    That VIP card must be their latest offering because I don't remember seeing it advertised when I was looking for a credit card. The Aspire World or Classic Extra cards still seem to be the best in the market if you just want to use one card for all purchases.

    I remember that I filled out a form for the card with the best deal they had (which was #1 at several review sites at the time). They rejected me and tried to slip in a pre-approved form for some crappy "credit builder" card with horrible terms, which I thought was very shifty move. I think it was called "Vanquis" or "Vanguard", or something like that.
  • I have been a NatWest credit card customer now for many years and like other users have been the recipient of NatWest Your Points when using the card.

    Also I suspect like others I have built up a significant total of points over the years but rarely have I cashed any in.

    However I was spurred on recently to potentially change this habit by the arrival into my in-box of an e mail from NatWest Your Points stating that my points total now exceeded 227, 000 and giving me the monetary equivalent conversion valueof Iin excess of £1, 100. By my simple arithmatic the value of each point equated to 0.5 pence a fact confirmed in a number of forums on the web.

    My wife and I had recently booked return flights with Easyjet directly via their website departing Bristol on 25 April 2015 returning two weeks later on 9 May with one bag in the hold at a cost of circa £158.96 for two people.

    Using the direct link through to the Easyjet website via the Your Points website I enquired on the required number of points for exactly the same flights on the same dates plus the one bag in the hold. I was quoted a total of 51, 000 points or the equivalent of £255 for the privilege I.e. £96.04 more than the direct booking with Easyjet or 60% more than the cash price.

    Why I asked myself would I want to spend the equivalent of £255 for the flights using Your Points when I could save the equivalent of £96 by booking in the tradional way? It occured to me that this represented poor value for money and that perhaps, like me other Your Points recepients had many thousands of unused points sloshing around that they rarely, if ever, used.

    I queried this with NatWest Card Services who typically responded with a stock unhelpful response saying quite incorrectly that the points had no equivalent value despite their recent e mail stating quite clearly the number of points and monetary equivalent.

    Under the circumstances I have concluded that Your Points are essentially nothing more than a complete con and will in future instead make more use of my Santander credit card which gives quite generous cashback.

    Sorry NatWest but you need to seriously revisit the points calculations for the redemption of points otherwise existing customers will simply be attracted away to other competitors products. I will certainly be one who will be joining them.



    Out of interest therefore, using the link through to the Easyjet website on the Your Points website I requested identical flights on the same dates in 2015 plus the one bag in the hold. The total Your Points required for this were shown as 51, 000 which at 0.5 pence per point equated to a monetary cost of
  • ricky_v
    ricky_v Posts: 330
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    edited 12 September 2014 at 5:32PM
    Convert them into Sainsbury vouchers or something. At least you have something close to cash, don't just forget about the points.

    I vaguely remember getting £50 of sainsburys vouchers with 5,000 points so it is 0.5% "cashback". However there's sub-prime cards such as Cap One and Aqua offering 0.5% cashback in actual cash, with cap one giving £10 a year on top, even better is your santander card (for certain purchases). Use Santander for purchases which qualify for the cashback, and get a Cap One Classic Extra for the remainder or do a stooz.

    I would only use your points again IF natwest offers 0% again for the stooz, but since they're pretending to do you a favour by not offering 0% cards I'll be sticking to cards which give me cashback in cash!
  • No_6
    No_6 Posts: 835
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    Got my 2500 extra points after my 1st year this month, so may be worth a query with NW
    regards
    6
  • 1DayAAT
    1DayAAT Posts: 226
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    I am a Natwest Mastercard user too with the YourPoints deal. I always wait early December and then cash them all in to put toward Xmas shopping :) Handy for a few Amazon bits usually.
    Debt Free 08/08/2014 :beer:
    ]
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