The NatWest Reward Black Credit Card stands out as a versatile financial product tailored to meet the needs of frequent travelers and savvy spenders. With a range of rewards and perks that make everyday purchases more rewarding, it is designed to cater to individuals who want more from their credit card experience.
In this article, we’ll explore everything you need to know about this card, from its key features to how you can apply for it. As we delve into the details, you’ll discover why the NatWest Reward Black Credit Card could be the perfect companion for your financial journey.
Key information about credit card
How does the annual fee work?
The NatWest Reward Black Credit Card comes with an annual fee of £84. This fee can be considered standard for a premium card with such a comprehensive rewards program. The fee can be broken down into monthly payments, which provides some flexibility for those who prefer not to pay the full amount upfront.
How is the credit limit determined?
The credit limit for the NatWest Reward Black Credit Card is determined based on NatWest’s credit assessment of the applicant. This process involves evaluating the applicant’s credit score, income level, and overall financial stability. The minimum credit limit for this card is set at £5000, which underscores its positioning as a premium product.
Advantages of the credit card
- No foreign transaction fees: One of the most significant benefits is that there are no foreign transaction fees when using this card abroad. This feature alone can save frequent travelers a substantial amount of money, making it a cost-effective option for international spending.
- Generous rewards program: As mentioned earlier, the card offers up to 1% back on supermarket purchases, 0.5% back at petrol stations, and 0.5% back on other spending. Additionally, cardholders can earn between 1% to 15% back at selected retailers, adding substantial value to everyday purchases.
- High credit limit: With a minimum credit limit of £5000, this card offers significant purchasing power, allowing you to manage larger expenses or take advantage of significant reward-earning opportunities.
Standout advantage
The standout advantage of the NatWest Reward Black Credit Card is undoubtedly the absence of foreign transaction fees. This feature makes it an ideal choice for travelers who frequently make purchases abroad. Whether you’re dining in Paris, shopping in New York, or booking a hotel in Tokyo, you can use your card without worrying about additional fees adding to your bill.
Disadvantages
- High APR: The card comes with a representative APR of 40.7% (variable), which is relatively high compared to other cards. This could lead to significant interest charges if you carry a balance month-to-month.
- Annual fee: While the annual fee of £84 is justified by the card’s benefits, it might still be a deterrent for some potential users, particularly if they do not fully utilize the rewards program.
- Eligibility requirements: With a required minimum income of £15,000 per year, this card may not be accessible to everyone, limiting its appeal to a narrower audience.
A standout disadvantage
The most notable disadvantage of the NatWest Reward Black Credit Card is its high APR. At 40.7% (variable), the interest rate is significantly higher than many other cards on the market. This can quickly become costly if you don’t pay off your balance in full each month.
Who can apply for this card?
To apply for the NatWest Reward Black Credit Card, applicants must meet several criteria. Firstly, they must be UK residents aged 18 or over. Additionally, a minimum income of £15,000 per year is required, ensuring that the applicant has the financial stability to manage the responsibilities that come with a high-reward credit card. The credit score is also a critical factor; applicants should have a good to excellent credit score to be approved.
Applicants should also be aware that their credit limit will be determined based on NatWest’s credit assessment, which includes evaluating their income and credit history. For those who meet these criteria, the NatWest Reward Black Credit Card offers a range of benefits that can enhance both everyday spending and international travel experiences.
How to apply for the NatWest Reward Black Credit Card
For the website
To apply for the NatWest Reward Black Credit Card online, you can start by visiting the NatWest website. Once there, navigate to the credit card section and select the Reward Black Credit Card. NatWest will ask for personal details, including your income, employment status, and residential information. They will also conduct a soft credit check, which won’t impact your credit score, to provide you with an indicative credit limit and interest rate.
After reviewing the preliminary offer, you can decide whether to proceed with the application. If you choose to continue, NatWest will then perform a full credit check, which will appear on your credit report. Once your application is submitted, NatWest typically provides a decision within a few minutes, though in some cases, it may take longer if additional information is needed.
Through the app
Applying for the NatWest Reward Black Credit Card through the NatWest mobile app is equally convenient. To begin, download the app from your device’s app store and log in using your NatWest online banking credentials. If you don’t already have an account, you’ll need to create one. Once logged in, navigate to the credit card section and select the Reward Black Credit Card.
The application process within the app mirrors that of the website, with questions regarding your personal information, income, and employment. Once your application is complete, you’ll receive a decision, and if approved, your new card will be mailed to you. The app also offers the convenience of tracking your application status in real time, providing peace of mind as you await your new credit card.
At the branch
For those who prefer a more personal touch, applying for the NatWest Reward Black Credit Card in person at a NatWest branch is an option. To do so, visit your nearest branch and speak with a banking representative. They will guide you through the application process, starting with assessing your eligibility.
During the branch visit, you’ll need to provide identification, proof of income, and potentially other documentation to support your application. The representative will enter your details into the system and conduct a credit check on your behalf. Once the application is complete, you may receive a preliminary decision on the spot. If further information is required, NatWest will follow up with you, and your card will be mailed to you once approved.
