RBS Rewards accounts...currently a waste of money?

colsten

People seem to be overly concerned about a hard credit check. One or two checks now and then really make no difference to your overall credit worthiness.

dunstonh

Two hard checks in 6 months is considered fine with most lenders.

The bank is not being difficult and is offering a fee free alternative.   So, you have a choice. 

With a full package PBA like this, the bank is collecting the fee and distributes a cut of it to each supplier in the PBA.    So, not all of that £31 goes to the bank.    If the underlying suppliers withdraw their product/service and the bank no longer has to pay them then it may consider offering a reduction or replacement but given the short term nature of this (at this stage - it may change in some areas) it is unlikely that wholesale contracts will be changed for something that may only be short term.

jonnygee2

People seem to be overly concerned about a hard credit check. 

Indeed. They also seem confused about what it is. A hard credit check is an application for credit, if you aren't applying for new credit accounts its not a hard check.

It's not some sort of button they press on their side that says 'hard check'. Checks on your account say what they are for and only credit applications can be passed on to lenders.

sausage_time

From the RBS web site:

Due to an unforeseen event impacting the travel industry, relating to Coronavirus COVID-19, we are temporarily not accepting new applications for our Reward Silver, Reward Platinum and Premier Reward Black Bank Accounts. We apologise for any inconvenience.

So not clear if you downgrade you will ever be able bounce back up?