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Natwest credit card review: Classic (Existing Customers Only)

IF you're a fan of helpful banking - or at least already a Natwest customer - the low interest rate on purchases available with the Natwest Classic credit card is especially for you.

For the first nine months the Natwest Classic has a rate of just 4.9% p.a. on purchases - ideal if you sometimes let your balance roll over at the end of the month or are looking for a way to spread the cost of a large purchase.

After the introductory rate expires the typical APR is 19.9%, although Advantage Gold customers will get a 1% discount on that rate.

The Natwest Classic credit card will also offer extra protection on your purchases. As well as the statutory extra protection you'll get for purchases made on a credit card under section 75, the Natwest Classic offers active fraud monitoring - with a free text alert service - and an Internet fraud guarantee when you register with Natwest Secure (MasterCard SecureCode).

Finally, as a Natwest credit card holder you'll be able to take advantage of members services such as the Natwest travel service - for discounts on flights, hotels and insurance - and the Natwest wine club.

You'll need to be over 18, earning over £10,000 a year with a Natwest current account to apply for the Natwest Classic credit card. While it's not aimed at 'poor credit' customers, it's particularly recommended if you've had trouble getting access to credit elsewhere, since your current bank is more likely to approve a credit card application.

All in all, the Natwest Classic credit card is a simple way to spend more securely, availably exclusively online to existing customers.

Interest Rates and Fees
		Notes..
Typical APR	19.9% APR (variable)	Advantage Gold Account customers will receive a 1% discount in the APR for at least 12 months. The typical APR is the rate most people are offered.
Introductory Purchases	4.9% for 9 months	Payments will be applied towards promotional purchases first.
Balance Transfers	19.95% p.a.	-
Balance Transfer Fee	None	There is no balance transfer handling fee to pay.
Cash Withdrawal Rate	27.95% p.a. (variable)	You can withdraw up to £300 each day, within your credit limit.
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.75%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Travel Discounts	Travel discounts with the Natwest Travel Service. Includes air tickets and hotels.
Reward #2	Wine Club Offers	Enjoy special offers and the occasional free gift from the Natwest Wine Club.

Cardholder Services & Extras
Online Account Management		You can manage your account online if you have a Natwest current account.
Internet Fraud Guarantee		If your card has been used on the internet without your knowledge or consent, Natwest guarantee not to hold you liable for the fraudulent transaction if you have signed up to Natwest Secure (a free service in partnership with MasterCard SecureCode).
Fraud Monitoring		Active Fraud Monitoring with Free Mobile Text Alerts Choose SMS text alerts and receive a text message instead of a phone call if Natwest spot anything suspicious on your account.
Identity Protection
MasterCard SecureCode		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad		Travel Helpline Get advice and help with medical emergencies whilst abroad.
Emergency Card Replacement
Other Extras
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Card Protection - Identity Protection Cover

Payments & Payment Details
		Notes..
Credit Limit	£300 minimum	Maximum credit limit is subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your balance in full and on time, and have paid the previous month's balance in full and on time. There is no interest free period on balance transfers, money transfers or cash advances.
Minimum Monthly Payment	2.25% (£5 minimum)	The minimum monthly payment will be the greater of: - 2.25% of your outstanding balance (rounded down to the nearest pound), OR - £5.
Allocation of Payments	Interest on Special Offers » Other Interest, Fees & Charges » Special Offers » Purchases & Balance Transfers » Cash Advances & Money Transfers	-
Default Charges	£12	- Returned Payment: £10 - Returned Promotional Cheque: £12 - Late Payment: £12 - Exceeding Credit Limit: £12
Copy of Statement Fee	£3	This is the fee you will be charged for duplicate statements.

Card Details
		Notes..
Online Application	Yes	Only available to existing Natwest current account customers. Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type	Classic	-
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	Natwest	The bank who issues this credit card. National Westminster Bank Plc 135 Bishopsgate London EC2M 3UR
Card Advertiser	Natwest	The company who advertises and promotes this credit card.

Review Continued...

Keep it simple with the Natwest Classic credit card for extra protection on your purchases in exchange for a low interest rate for the first nine months.

4.9% on Purchases

The Natwest Classic credit card's big draw is its fairly low interest rate on purchases for the first nine months.

There are a number of 0% interest on purchases credit cards available, which would be preferable if you're eligible to apply for them but if you think you might have trouble obtaining credit from another provider the Natwest Classic is a good alternative.

The only caveat with the headline rate is that it's important to know which credit card transactions count as purchases. Purchases made at the lowest interest rate will be paid off first which means that higher-interest transactions could potentially accrue interest over a number of months.

For example, cash withdrawals (including cashback at the till) and gambling transactions don't count as purchases and you'll have to pay a higher rate of interest on them. Shopping vouchers are also sometimes classified as cash, as well as buying foreign currency.

It's also important to remember that the introductory rate will only apply if you meet every monthly minimum repayment. This is particularly important to note if you're hoping to use the Natwest Classic credit card to build up or repair your credit history.

The minimum monthly repayment for the Natwest Classic credit card is 2.25% of your outstanding balance (rounded down to the nearest pound) or £5, whichever is larger.

Ideally, you should pay back more than the minimum to avoid as much interest as possible.

Extra Protection

Under law, credit cards offer more protection on your purchases than debit cards or paying cash, but the Natwest Classic credit card also offers a number of other security services to keep your money safe.

Section 75 of the credit card act says that your credit card provider and the retailer are equally responsible for any purchase between £100 and £30,000.

So, for example, if you buy a sofa and the company that sold it to you shuts down before it's delivered you'll be able to get the money back from Natwest.

As a Natwest Classic credit cardholder you can also sign up for Natwest Secure - which uses MasterCard Securecode to give extra protection for your online purchases - and, in return, Natwest will guarantee your account against online fraud.

You can also sign up to a free text alert service which will inform you of any unusual activity on your Natwest Classic credit card account.

Cardholder services

To apply for the Natwest Classic credit card you'll need to already be a Natwest current account holder but as a credit card holder you'll also get access to services such as the Natwest Wine Club and Travel Service.

Neither are much to get worked up about but they both offer nice extras that are worth keeping an eye out for.

The wine club has special offers on and the occasional free gift meanwhile the Travel Service offers information on foreign travel plus discounts on tickets and medical support on your travels.

The travel information service can advise on any visas, passport restrictions and the vaccinations you'll need before you go away and it's worth taking the number with you whilst you're on your travels too because Natwest can forward any necessary documents or medical supplies to you.

The medical support is basic but the service can also offer more comprehensive travel insurance.

Don't use abroad

However, despite this focus on international services its worth noting that you should avoid using the Natwest Classic credit card itself abroad because there's a fee of 2.75% on any purchase or cash withdrawal made in a foreign currency.

In the case of cash withdrawals that rate will be on top of the 3% fee (of a minimum of £3) and the 27.95% interest rate charged from the day you make the withdrawal. Withdrawing cash with a Natwest Classic credit card is therefore not advised.

All in all...

All in all, the Natwest Classic credit card is just that: a model card with a reduced rate on purchases and extra security while you spend.

Apply Online for Natwest Classic (Existing Customers Only) credit card »