You may remember that a while back I changed my business account to NatWest after a series of problems and complete lack of customer services at Barclays. When setting up this new account I was offered the chance to sign up for a NatWest business card, which I took.
The card is basically ... Read review
Advantages: Almost 40 days interest free, no transaction charges Disadvantages: No cash withdrawal function
...changed my business account to NatWest after a series of problems and complete lack of customer services at Barclays. When setting up this new account I was offered the chance to sign up for a NatWest business card, which I took.
The card is basically a MasterCard, looking and working in much the same way. It is accepted at around a quarter of a million outlets in the UK and over twenty seven million worldwide. Like a normal card you ... ...have a business account at NatWest and therefore already pass their criteria. Application can be done online instantly or by downloading an application form, at your local NatWest branch or over the phone. The whole process takes less than five minutes due to the fact that you will already be a customer of theirs and they will be able to evaluate the application in seconds. Once you have been accepted the card will be sent to your either your business ... more
You may remember that a while back I changed my business account to NatWest after a series of problems and complete lack of customer services at Barclays. When setting up this new account I was offered the chance to sign up for a NatWest business card, which I took.
The card is basically a MasterCard, looking and working in much the same way. It is accepted at around a quarter of a million outlets in the UK and over twenty seven million worldwide. Like a normal card you can also use it for purchases on the net, over the phone and by post.
Effectively the card is a short reprieve from paying for something. Once the card is used you will receive a detailed statement every month. The difference between this and many normal credit cards is that the full amount on the statement will be taken by direct debit from your business account after seven days. This will happen regardless of whether you have enough funds in your account and therefore could take you overdrawn at which point you will be liable for any charges as set out in the contract with the bank.
The biggest problem with this is that whilst you can save money for a month you must make sure that you will have enough funds to cover the amount used on the card. All transactions are interest free and counting the seven days after the statement has arrived you get almost forty days of it. Another bonus is that all transactions are also free. Every business owner will know how cost effective this can be as the charges for withdrawing cash, paying in cheques, etc is absolutely ludicrous.
The actual cost of the card is £25 for a year, although new accounts like myself are given it free for a year. This free period will allow me to work out how much money I would have saved over the year and after just a few months I can already tell you that the £25 fee is well worth it.
One of the things that did disappoint me is that it cannot be used in cash machines to withdraw money directly off the card. This would be useful in times when the bank is shut and I’m in a situation where you have to pay by cash.
To apply for the card you must already have a business account at NatWest and therefore already pass their criteria. Application can be done online instantly or by downloading an application form, at your local NatWest branch or over the phone. The whole process takes less than five minutes due to the fact that you will already be a customer of theirs and they will be able to evaluate the application in seconds. Once you have been accepted the card will be sent to your either your business or home address within five working days or you can call into your bank to collect at after the same period.
For me the card has been excellent. It allows me to delay payment of certain bills for over a month and helps me keep on top of my cash flow. This would be particularly good for those just starting out in business, when there are so many costs to contend with. The free period has also helped me establish this and got me used to making sure that I have sufficient funds to cover the amount every month. The business managers are happy to set the fee in accordance with usage and turnover – which they will evaluate every year.
I would recommend that everyone who has a business account at NatWest should try this for the free period and evaluate the costs and savings before signing up for the second year. As I’ve already said though, with the costs incurred through transactions I’m sure 99% of businesses would save money.
Advantages: Staff are very friendly and helpful Disadvantages: Long queues at town centre branches
very friendly and helpful they are a good bunch of people whom I enjoy meeting when I go to pay my money in. The service they provide is fast and reliable and the branch itself is rather large, it also has seats in it for when there are big queues. That is the only thing I hate about this branch - as it is in the town centre it often gets busy and I find myself queuing for hours.
Overall, Natwest is a good bank for young people, card plus accounts are very good!!! I hope to be with this bank for many years to come, problem free, touch wood!!!!! ...
Chuckie8766 01.01.2001
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Ciao members have rated this review on average: very helpful Review of NatWest
Advantages: Great online banking service, great Customer Service Disadvantages: Slightly higher charges than their competitors
and the Small Business Unit in 1982. The Switch debit card extended the electronic transfer of money to point of sale in 1988'.
Natwest offer a wide range of banking and financial services to Personal, Business and Commercial Customers.
I have been a Natwest Bank customer for just over 8 years. I first joined when I left School in June 1997 and got my first job. The job required that my wages be paid direct into a bank account.
*Why Natwest?*
My mum and dad had been with Natwest for as long as I could remember. It seemed a natural choice for me to bank with them too. My local branch was only 5 minutes away (in the days before I did all my banking online, this was great) and so the decision was made for me really.
My mum took me to my local branch and, as I recall, the branch Manager handled my application and attempted to talk me ...
jayandfoo 20.07.2005
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Ciao members have rated this review on average: very helpful Review of NatWest
they would have been told to call the card centre for verification as it exceeded the unverified limit. Of course Egg's online system can't make a telephone call to verify the transaction so it ends up as a refusal. He told me I could ask my bank to increase the transaction limit on my switch card, I explained that the bank staff didn't even know about the limit on my Switch card and decided to do a transfer from my bank using my online banking system.
~~~ It All Goes Smoothly ~~~
Finally something went smoothly. I set up my Egg savings account as a beneficiary from my NatWest account using the online banking service. The transaction couldn't be done for the same day as it was past close of banking but I set it up to transfer the money at close of business Monday (yes that did mean I'd lost a few days interest – grrrr ...
KathrynE 03.10.2001
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Ciao members have rated this review on average: very helpful Review of NatWest
