RBS Reward Credit Card review
- Representative example:
- Representative 31% APR variable. Based on £24 annual fee, assumed borrowing of £1,200. Rate of interest 25.9% p.a. (variable).
- Earn rate
- 1p per £4 spent
- Interest-free each billing period
- Up to 56 days
- Minimum credit limit
- £250
Our verdict
Existing RBS customers can get cashback at a range of different earn-rates with this RBS Reward Credit Card.This card offers you the opportunity to earn cashback on all of your spending, but how much you'll earn depends on where you use it.
The best earn-rates are to be had at RBS MyRewards partner retailers and at supermarkets (RBS states that this includes, but is not limited to: Asda, Iceland, Marks & Spencer, Morrisons, Sainsbury's, ALDI, LIDL, Tesco, The Co-operative and Waitrose).
You'll also earn rewards on the rest of your shopping, but at a lower rate. Don't forget the option to add an additional cardholder could boost your cashback earnings (though the account holder is solely responsible for all spending on both cards).
With an annual fee that's waived for Reward current account holders, it's existing RBS customers who are responsible for their household's weekly shopping and who don't anticipate carrying a balance from month to month that will stand to benefit the most from this deal. As with all reward credit cards, it's a smart idea to weigh up what you're likely to earn from the card versus what it's likely to cost you.
While it does the job in terms of rewards, this card is a bit lacking in terms of extras and perks. It offers no 0% deals on balance transfers or purchases, so if you need to pay back old debt or spread the cost of an incoming purchase, it isn't the right card for you.
Pros
- Customers report excellent customer service when dealing with Royal Bank of Scotland
- Earn cashback on day-to-day spending
Cons
- £24 annual account fee
- Minimum annual income requirement of £10,000
- Applicants with low credit scores are unlikely to be eligible
- You may be offered an opening credit limit as low as £250
Details
Product overview
| Issuer | Royal Bank of Scotland |
| Network | Mastercard |
| Representative APR | 31% APR (variable) |
| Annual/monthly fees | £24 per year |
| Loyalty scheme | Cashback |
| Incentive | Earn 1% back at supermarkets and 0.25% back everywhere else, including supermarket petrol stations. At selected retailers, you could earn 1-15% back. |
| Additional Rewards Info | 1% Rewards earned on supermarket spend and 0.25% at their petrol stations, at least 1-15% Rewards earned at MyRewards retailers and 0.25% everywhere else when shopping at home and abroad. 5 Rewards is £5 when redeemed. Rewards can be converted into money and transferred to a current account, exchanged for gift cards or tickets with some retailers doubling their value or converted into money and donated to one of the RBS Group chosen charities. |
| Purchases | 25.9 |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 25.9% |
| Potential costs | 7.3Great |
| Extras | 6.2Standard |
| Overall Finder Score | 6.5Standard |
Fees and charges
| Minimum monthly payment | Greater of: 1% of the underlying balance plus the month's interest and any applicable fees and charges; £5; or the outstanding balance. |
| Annual/monthly fees | £24 per year |
| Money transfer fee | 3 |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Minimum income | £10,000 |
| Availability | Available to new customers |
The RBS Reward Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
Royal Bank of Scotland's card
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How we picked theseFinder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyOther popular reward cards
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Defaqto.
Repayment options
You can make manual repayments through Royal Bank of Scotland's app by logging in to your online banking or over the phone (0345 724 2424). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (0) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
How to apply
If you've compared cards and settled on the RBS Reward Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
