Credit cards are an essential tool for managing finances, offering flexibility, and sometimes even providing a buffer for unexpected expenses. Among the various options available in the UK market, the NatWest Purchase & Balance Transfer card stands out for its balanced features that cater to both everyday purchases and managing existing debt.
In this article, we’ll dive deep into the NatWest Purchase & Balance Transfer card, exploring its key features, benefits, potential drawbacks, eligibility criteria, and the application process. By the end, you’ll have a thorough understanding of whether this card suits your financial needs.
Key information about the credit card
How does the annual fee work?
One of the most attractive aspects of the NatWest Purchase & Balance Transfer card is that it comes with no annual fee. This feature is particularly appealing in a market where many credit cards charge an annual fee for similar benefits. Not having to worry about an annual fee means that the cardholder can take full advantage of the 0% interest periods without any additional costs piling up.
How is the credit limit determined?
The credit limit on the NatWest Purchase & Balance Transfer card is determined based on the applicant’s creditworthiness, which includes an assessment of their income, credit history, and overall financial situation. While the representative example suggests an assumed credit limit of £1200, this amount can vary significantly depending on individual circumstances.
Advantages of the credit card
- 0% interest on purchases for 19 months: This allows cardholders to spread the cost of large purchases over an extended period without incurring interest charges.
- 0% interest on balance transfers for 19 months: This feature can be particularly beneficial for those looking to consolidate existing credit card debt into a single, interest-free payment plan.
- No annual fee: As mentioned earlier, the absence of an annual fee makes this card a cost-effective option.
- Worldwide acceptance: The card can be used at Mastercard® locations worldwide, both in-store and online, providing flexibility for international travelers.
- Mobile app management: The NatWest mobile app allows users to track their spending, monitor balances, and make payments on the go.
Standout advantage
The standout advantage of the NatWest Purchase & Balance Transfer card is undoubtedly its dual 0% interest offers. The combination of 0% interest on both purchases and balance transfers for 19 months provides unparalleled flexibility for managing finances.
Disadvantages
- Balance transfer fee: A 2.99% fee applies to balance transfers, which can add up depending on the amount being transferred.
- Potential high APR after the introductory period: Once the 19-month 0% interest period ends, the standard variable rate of 24.9% APR (variable) kicks in, which can be relatively high.
- Limited to UK residents: The card is only available to UK residents, which limits its accessibility.
Standout disadvantage
The standout disadvantage of the NatWest Purchase & Balance Transfer card is the balance transfer fee of 2.99%. While the 0% interest for 19 months is a significant benefit, the transfer fee can diminish the overall savings, particularly for large balances. For example, transferring £5,000 would incur a fee of nearly £150, which is something potential applicants should carefully consider.
Who can apply for this card?
The NatWest Purchase & Balance Transfer card is available to UK residents aged 18 and over who have an annual income of at least £10,000. Applicants must also have a good credit history, meaning they should not have any recent bankruptcies or County Court Judgements (CCJs) against them. Additionally, the card is not available to those who already have another NatWest Group credit card, as the terms prevent balance transfers between cards within the same banking group.
It’s also important to note that the approval process involves a credit assessment, which will determine the exact APR and credit limit offered. While NatWest provides an eligibility checker that does not impact your credit score, the final approval and terms are subject to a full credit check.
How to apply for the NatWest Purchase & Balance Transfer Card
For the website
To apply for the NatWest Purchase & Balance Transfer card online, you can start by visiting the NatWest website and navigating to the credit cards section. From there, select the Purchase & Balance Transfer card and click on “Apply now.” You’ll be prompted to fill out a short form with your personal details, including your income, employment status, and contact information.
Before you proceed with the full application, NatWest offers an eligibility checker, which will give you an indication of whether you’ll be approved and the likely credit limit. This step does not affect your credit score, making it a risk-free way to gauge your chances of approval. Once you’re ready, you can proceed with the full application, which will involve a credit check and a decision on your application typically within minutes.
Through the app
Applying through the NatWest mobile app is equally convenient, especially if you’re already a NatWest customer. After logging into the app, navigate to the “Products” section and select “Credit cards.” Choose the Purchase & Balance Transfer card and follow the prompts to start your application.
The app will pre-fill some of your personal information if you’re an existing customer, making the process quicker. Like the online application, you’ll have the option to use the eligibility checker before submitting your full application. The app also allows you to track the status of your application in real-time and receive notifications once a decision has been made.
At the branch
For those who prefer a more personal touch, applying in person at a NatWest branch is an option. Visiting a branch allows you to ask any questions you might have about the card directly to a NatWest representative. To apply, you’ll need to bring proof of identity, such as a passport or driving license, as well as proof of address and income.
The branch staff will help you fill out the application form and submit it on your behalf. Applying in person might take a bit longer than the online or app options, but it can be a reassuring process for those who are unfamiliar with credit card applications or who prefer face-to-face interactions.
