NatWest Rewards Credit Card

JamesM_2

I'm just checking I'm not missing something here as this got 'offered' to me recently and seems a great deal but I don't see it mentioned anywhere.

The blurb:

"Reward credit card

• Earn 1% back in Rewards on supermarket spend (0.25% at their petrol stations and everywhere else)
• Get between 1-15% back at selected MyRewards retailers
• Annual fee refunded if you have a Reward current account

To apply, you must be a UK resident, aged 18+ and earning at least £10K per year

Representative example: Purchase rate: 25.9% p.a. (variable) Representative APR: 31.0% APR (variable) Assumed credit limit: £1200 Annual fee: £24 (or £0 if you have a Reward current account)

Your actual credit limit and APR may vary depending on our credit assessment of you. Interest on fees and charges is payable in line with our terms and conditions."

The 'Rewards current account' is one I already have, recommended from this website I think. You get given £5 a month for having a couple of direct debits taken from it and opening the app once a month.

So by my thinking, this should work out as free to me (so long as I always pay off in full anything I charge to it)

They also do a soft credit search first which is handy and showed me approved. I am thinking of getting rid of a post office credit card first that I barely use, to increase the chance of a larger credit facility (not that I'll probably need it, but you never know). I have a M&S credit card that I've had for years that I'll keep to show that I can hold an account a long time. It gets used but the M&S reward vouchers are useless to me.

Sounds good no? Missing anything?

Newbie_John

Not sure what's good here?
For supermarkets you can buy giftcards at more than 1%. 
Then you get 0.25% back for elsewhere.. that is £2.50 for every £1000 spend.
Chase pays 1% etc.

Sounds better than paying cash, but that's it.

flaneurs_lobster

That Rewards current account pays out £5/mth in "Rewards" - but charges a fee of £2/mth.

Only reason I have this card is as a backup for an ad-hoc large purchase where Chase debit has insufficient funds/no cashback and my reward Amex isn't taken.

MDMD

It’s useful for places where Chase don’t pay cashback or where Amex isn’t accepted.

I used to use it for paying council tax.

PRAISETHESUN

It's a good card and it was high up on my list when I when I was reorganising my CCs recently. Combo with the Rewards current account and the fee gets waived, and you also get £3 net for meeting the other reward criteria. At the end of the day though I think there's probably just too many hoops to jump through compared to other cards, and in isolation the £2 monthly fee probably also stops it from being more widely recommended by sites such as MSE.

WillPS

It's a very underrated card, IMHO, even though I don't really use mine much.

Newbie_John said:

Not sure what's good here?
For supermarkets you can buy giftcards at more than 1%. 
Then you get 0.25% back for elsewhere.. that is £2.50 for every £1000 spend.
Chase pays 1% etc.

Sounds better than paying cash, but that's it.

Lidl doesn't offer discounted gift cards, nor do Co-op, nor do Booths, nor do Costcutter...

Tesco and Morrisons also don't allow gift card redemption on delivery/click & collect orders. Perhaps others are the same.

It's also a total faff doing it for small transactions. I'm quite happy to jump through the hoops of awkwardly floating around a large supermarket to buy a 3-figure gift card but I'm not going to do the same in Tesco Express for a meal deal.

TheBanker

This is my longest standing credit card. I don't use it as much these days but I don't pay the fee as I have the Natwest Rewards account too. In addition to the standard cashback they sometimes have decent offers - Morrisons paying 5% pops up quite regularly, Waitrose occasionally appears, and there is usually an offer for cashback on train tickets. There are other cards that come and go, but the Natwest one is quite consistent in its offer. 

dave_dph

This was my everyday card until Chase came along. To be fair it does have good offers if you exchange your rewards for gift cards, e.g. 10% back into rewards account when exchanging for a Greggs gift card. Think they still have 8% cashback on purchases at Greggs too.

With the imminent changes to Chase, I need to review what cards I use, and where.