The end of 0% Introductory CC Rates?

garynuman

Sorry if this has been asked before but ..


What are Natwest up to with their "Hello to credit cards without teaser rates" (http://personal.natwest.com/global/fairer-natwest.html)


So they no longer want to offer introductory interest free periods and instead offer 4 different types of cards with 'normal' rates?!


Apart from stopping people stoozing, what possible benefit does this bring them\us?


Gaz

thebritishbloke

They're pushing it as though they're an open book. They want to be upfront about what it's going to cost you if you don't pay it back in full every month, rather than having you put something on a 0% interest rate and then forgetting to save up to pay it off at the end.

For those of us who are actually smart about using credit, it has zero benefit to us, so bye bye Natwest. Other people might prefer it.

YorkshireBoy

garynuman wrote: »

Sorry if this has been asked before but ..

It was first announced nearly a year ago so probably has.


http://www.thisismoney.co.uk/money/saving/article-2569268/NatWest-RBS-ban-teaser-rates-savings-credit-cards-product-overhaul-reward-loyal-customers.html

Apart from stopping people stoozing...

And rate-tarting (I don't want all the blame! ).


They'll be back in the 0% market at some point I'm sure. It's only a matter of when, not if.

PBA

Natwest has a couple problems:

1) Natwest is owned by RBS;
2) RBS is almost entirely owned by the taxpayer;
3) RBS is heavily leaned on by the Government to "do the right thing".

The problem is that, by doing the right thing, RBS is also not offering the customers what they want. But they are doing what a taxpayer owned bank should be seen to be doing.

[Deleted User]

The NatWest card is actually quite handy to shift balances about as there is no balance transfer fee. There is a £24 annual fee though.

[Deleted User]

I was thinking this when I saw their adverts. It sounds like they're just trying to make a 0% rate sound like a bad thing, so they don't have to offer it.

Sort of like Poundland saying "Things priced at £1 are evil! But don't worry, we're saving you from Satan by charging £1.50 now!!! Yay!!!"