NatWest Card Reward Rate Reduction

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Had an email this morning that says :

From 1 February 2020 we’re reducing the Reward rate from 0.50% to 0.25%. The new rate will continue to apply to all purchases you make using your credit card, this means you will earn at least 0.25% on whatever you spend. We’re making this change as the costs we incur for servicing your card have increased.


Doesn’t make it clear whether or not the supermarket 1% reward remains or whether that goes down to 0.25% as well.

Their website hasn’t been updated yet.

Comments

  • CollinT
    CollinT Posts: 32 Forumite
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    Thanks for that DazCM.

    I shall await my e-mail from them with interest.

    I wonder if they will also keep the 2% rewards on household direct debits from current accounts?

    With them recently dropping the exchange of rewards to British Airways Avios, I am really wondering if my time with Natwest is coming to an end and to move on elsewhere.

    Collin.
  • fullofcold
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    I thought the same. Although financially my circumstances are changing over the next few months anyway and will be reviewing my banking this has just pushed me to get rid of my Natwest Reward Acc and C/card and move elsewhere.
    I am a Protection Adviser. You should note that this site doesn't check my status as a Protection Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • john1002
    john1002 Posts: 984 Forumite
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    Problem is there are not that many places left that offer better now, it will all depend on the ongoing promotions like supermarket spend etc.



    John
  • Nessie23
    Nessie23 Posts: 245 Forumite
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    john1002 wrote: »
    Problem is there are not that many places left that offer better now, it will all depend on the ongoing promotions like supermarket spend etc.
    John


    Hi, I've just asked Natwest through Twitter. They mentioned they are not changing the 1% cashback "promotion" on supermarket spend, however I wouldn't bet on it staying this way for long. Hope I'm wrong.
  • 18cc
    18cc Posts: 2,120 Forumite
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    Tandem Credit Card will give you 0.5% .
  • CollinT
    CollinT Posts: 32 Forumite
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    I see not only are Natwest cutting the rewards on card useage, they are also scrapping the 2% rewards on household direct debits on Rewards linked current accounts:

    https://www.moneysavingexpert.com/news/2019/11/natwest-and-rbs-rewards-cashback-to-change-from-february---what-/?_ga=2.14433783.1559345967.1573629986-680239437.1573629986

    It is being replaced by £1 for logging into the app and a flat £4 for having at least two direct debits over £2.00 per month.

    Just worked out that with the cut in the credit card rewards and the other changes, I will be losing about £70 per year in rewards.

    Certainly time to look for another bank and credit card.

    Collin.
  • CollinT wrote: »
    I see not only are Natwest cutting the rewards on card useage, they are also scrapping the 2% rewards on household direct debits on Rewards linked current accounts:

    https://www.moneysavingexpert.com/news/2019/11/natwest-and-rbs-rewards-cashback-to-change-from-february---what-/?_ga=2.14433783.1559345967.1573629986-680239437.1573629986

    It is being replaced by £1 for logging into the app and a flat £4 for having at least two direct debits over £2.00 per month.

    Just worked out that with the cut in the credit card rewards and the other changes, I will be losing about £70 per year in rewards.

    Certainly time to look for another bank and credit card.

    Collin.

    A whole, whopping, £70 over a 12 month period!?

    I understand leaving due to severe cutbacks, but seriously...
  • LeytherMatt
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    Can't say I'm happy about this as I've earned £120.25 so far this year, even when considering the £2 per month charge. I've also found the £5 Cineworld tickets to be a bargain via MyRewards so presumably they're a goner as well.

    I have signed up for an American Express Cashback card and that pays 5% for the first three months plus a £25 sign up bonus so within a week I am already up to £32! However, that doesn't help on the 'cashback for bills' front so if anyone has any recommendations on that front then that would be very helpful.

    (From a combination of NatWest MyRewards, QuidCo and a month's free council tax we've essentially got a 'free' Christmas apart from presents! It has paid for three of us to dine out on Christmas Day at £65 a head with £50 for drinks, £20 for a tip, £25 for extra food shopping and £40 for a few beers and a curry on Christmas Eve so the goal is to match that again next year!)
  • CollinT
    CollinT Posts: 32 Forumite
    edited 13 November 2019 at 10:48AM
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    !!! wrote: »
    A whole, whopping, £70 over a 12 month period!?

    I understand leaving due to severe cutbacks, but seriously...


    Ah, a sticky '1' key - it should have said £170.

    And for £170 per year, yes it is definitely worth changing bank/card - particularly if a sign-up bonus is in the offing as well.

    This is after all MSE!

    Collin
  • hieveryone
    hieveryone Posts: 3,845 Forumite
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    I'm shocked at such a big change! I earn about £15-£20 a month through my direct debit rewards (I have Platinum Reward), so at £20 a month but reduced to £5 reward a month, I'm really out of pocket.

    Is there an easy way to compare bank accounts?


    Bought is to buy. Brought is to bring.
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