NatWest Reward Credit Card: A Comprehensive Guide

The NatWest Reward credit card is designed for customers who want to get something back from their regular purchases. Instead of complex points systems, this card uses a cashback-style reward program that is easy to understand and use. You earn a percentage back on your spending, which can then be redeemed in various ways.

Key Features and Benefits

Here are some of the main reasons people choose the NatWest Reward credit card:

• Cashback-Style Rewards: This is the card’s core feature. You earn a percentage back on your purchases. The earning rates vary:
  • 1% back on supermarket spending.
  • 1% to 15% back at selected partner retailers through the MyRewards program.
  • 0.25% back on all other eligible spending, including at supermarket petrol stations.
• No Annual Fee (for eligible customers): While the card has a standard annual fee of £24, it is waived for customers who hold a NatWest Reward current account. This makes it a very attractive option if you already bank with them or are considering switching your main account.
• No Foreign Transaction Fees: One of the most significant benefits is the absence of foreign transaction fees on purchases made abroad. This makes it an excellent card to use when traveling, as you won’t incur extra charges for transactions in a different currency. Note that this only applies to purchases; cash withdrawals abroad will still have fees.
• Convenient Mobile Banking: As a NatWest product, the card is fully integrated with the NatWest mobile app. You can easily manage your account, check your balance, view your MyRewards balance, request a PIN reminder, and even temporarily lock and unlock your card if you misplace it.
• Mastercard Network: The card is on the Mastercard network, which means it is accepted almost everywhere in the world, both in-store and online.

How the Reward System Works

The reward system, known as MyRewards, is what sets this card apart. It’s designed to be simple and beneficial for a wide range of spending habits.

Earning Rewards

You earn “NatWest Rewards” on eligible purchases. These rewards are essentially a form of cashback.

• Supermarkets: You’ll earn the highest standard rate of 1% on your grocery shopping. This is a significant benefit for a common household expense.
• Partner Retailers: This is where you can earn the most. Through the MyRewards program, NatWest has partnered with a wide range of retailers, offering enhanced earning rates, often between 1% and 15%. These offers are personalized and can be viewed in the NatWest mobile app or online banking. Partners often include popular brands in travel, entertainment, and retail.
• Everywhere Else: For all other spending that doesn’t fall into the above categories, you’ll earn 0.25% back. This ensures you’re always getting something in return for your spending.

Redeeming Rewards

Once you’ve accumulated at least £5 in rewards, you have a few options for how to redeem them. This flexibility is a key advantage of the program.

• Cash: You can transfer your rewards directly into your NatWest bank account as cash. This is the most straightforward option, allowing you to use the money however you like.
• e-Codes: You can trade up your rewards for e-codes or gift cards from selected partner retailers. Sometimes, this option provides better value than simply taking the cash.
• Donations: If you’re feeling charitable, you can donate your rewards to one of NatWest’s chosen charities.

How to Apply for the NatWest Reward Credit Card

Applying for the NatWest Reward credit card is a straightforward process that can be completed online. Before you start, it’s a good idea to check if you meet the eligibility criteria.

Eligibility Requirements

To be eligible for the card, you generally must meet the following criteria:

• You must be a permanent resident of the UK.
• You must be at least 18 years old.
• You must have a good credit history.
• You must have a minimum annual income of at least £10,000.

It’s important to note that meeting these criteria doesn’t guarantee approval, as NatWest will also consider your overall financial situation and credit score.

The Online Application Process

Applying online is the quickest and easiest way to get the card. The process typically takes around 10 minutes.

1. Check Eligibility: Before you apply, NatWest offers an eligibility checker tool on their website. This tool performs a “soft search” on your credit file, which doesn’t affect your credit score, to give you an idea of your likelihood of being accepted and the credit limit you might be offered.
2. Gather Your Information: To complete the application, you’ll need to have the following information ready:
   • Your full address history for the last three years.
   • Your current employment details and annual income.
   • Your bank account details.
   • Information about your monthly outgoings.
3. Start the Application: Visit the NatWest credit card page on their official website and select the Reward credit card. Click “Apply Now” to begin.
4. Fill in the Form: You’ll be guided through a secure online form. If you are already an online banking customer with NatWest, some of your information may be pre-filled to save you time.
5. Submit and Await a Decision: Once you’ve completed all the required fields, you can submit your application. In many cases, you’ll receive an instant decision. If your application needs further review, it may take a few business days.

What Happens Next?

If your application is approved, NatWest will send your new credit card to your registered address. You’ll then need to activate it, which can be done through the mobile app or online banking. Once activated, you can start using the card and earning rewards on your spending.

Conclusion

The NatWest Reward credit card is a fantastic option for anyone looking for a simple yet effective rewards card in the UK. Its clear cashback structure, combined with enhanced rates at supermarkets and partner retailers, makes it a valuable tool for everyday spending. The added benefits of no foreign transaction fees on purchases and the waivable annual fee for NatWest account holders further enhance its appeal. If you’re a UK resident seeking a reliable and rewarding credit card, the NatWest Reward credit card is definitely worth considering.