As a student on a low income it can be difficult to take advantage of credit cards. I had a student card from HBOS (where I normally bank). I basically had it for travelling purposes and online shopping. I had a fairly low credit limit, reflecting my income, which I was happy with. I paid attention to a few financial advice programs and articles and I realised that I should look to take advantage of 0% apr balance transfers to maximise the limited funds I have. I discovered it can be difficult to acquire a new card, even with a low credit limit when you’re on a low income.
Natwest,
to their credit, looked at my very good credit history and offered me a credit card with the same limit as my current one. Great I thought. I can transfer my balance, pay it back over 6 months at a 0% APR and everything will be rosy.
I was Wrong!
I never accounted for how difficult it is to pay the bill! I don't mean they have extortionate minimum payments or have conned me over the 0% APR. NO, these things are very reasonable. The balance transfer was perfect; the minimum payment is only a minimal amount, and the APR for new purchases sit at around a fair 17%. All very good.
----Product & Service----
The problem lies with their payment options. I'll examine them below:-
a) I don't subscribe to direct debits. I often wish to pay more than the minimum, and I don't want any charges should the money not be in my current account. I prefer to make my own payments, as and when I budget for.
b) Cheque by post. I don't HAVE a cheque book. I much prefer to use plastic or cash, I assume like a significant number of people.
c) Directly at the bank with the giro slip supplied with bill. This is my ONLY option, believe it or not. But what happens when somewhere along the way, the system fails and I fail to receive a bill (which has happened twice), or I receive my bill very close to the payment date (which has also occurred)? I was informed after waiting in a long telephone queue that I could pay at the bank by taking my card along. So I did this only to find I should have been directed only to a Natwest branch, however living in Scotland this is not exactly easy, as they are not on every high street. You may think as RBS own natwest there would be some kind of tie in, but you'd be wrong!
d) Unbelievably in this day and age, paying over the phone by debit card is NOT possible! Unlike virtually ALL their competitors etc they do not offer this service and leave me and others like me with the unfortunate lottery of wither or not you receive your bill and then the headache of having to go to the bank by the specific date.
NOT very convenient!
In their favour, they have in response to my complaints, prevented any charges being levied against me as a result of their failure to send me bills or advise me properly on payment issues. So full marks for that area of their service.
The telephone service is fairly slow although not significantly worse than their rivals, this is however NO excuse.
They do have reward scheme in place, but it’s not particularly varied and seems to be directed at specific people. They offer Air Miles, which would take an age to mount to anywhere near a useful amount. I’ve received flyers about exclusive wine club offers etc, but what if I don’t fly regularly or drink wine. NOTHING!
----Overall----
You have the option of a VISA or MasterCard, which are both virtually universally accepted.
The APR is reasonable around 17%.
Minimum payments are minimal at around 2%. The 0% APR balance transfer for 6 months is a good feature.
Their selection policy for credit customers appears to be consumer friendly, when compared with their rivals such as the Halifax, or Nationwide etc.
The reward schemes are fairly useless.
Their payment options are diabolical.
The charges are standard. £20 for late payment etc
The phone service is slow, but on a par with everyone else!
The choice of card designs was non-existent, but is unimportant to me.
I'm saying NO to recommend the card generally; I DO however acknowledge that credit cards can sometimes be difficult to obtain for some people. They are sometimes necessary for travelling abroad etc. and in this instance then Natwest may be a good option if other card providers refuse.
How helpful would this review be to a person making a buying decision? Rating guidelines
Did you know you can ring your own bank and pay it? Just give them NatWest's sort code and account number (on your bill or obtainable via ringing them) and the number across the middle of your card, and they'll send it across for you. Alternatively you can do the exact same thing on the Internet at your own bank's web site. I agree their telephone service is rubbish - no way to speak to an advisor that I've found. Also, if you have the minimum payment taken by direct debit there's nothing to stop you paying more on top. Hope this helps, and good review. Rich
jaimejay 28.02.2004 13:30
The late payment chareg appears to be a bit too much. Great review.
AnitaM 24.02.2004 01:01
That'd be no good for me - I pay all my credit cards over the internet.
Advantages: Convenience of High Street bank credit card for payments and cash withdrawals. Decent online facility. Disadvantages: Poor loyalty scheme value, extortionate charges.
Briz_Hatchings 10.10.2001 ·
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Review of Natwest Card
Advantages: Excellent on-line service, good for students, air miles scheme, helpful telephone service, sensible credit limits Disadvantages: High APR, high admin charges, trouble using it on certain websites
stuartcorey 02.09.2001 (02.09.2001)
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Review of Natwest Card
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