NatWest Business Credit Card Review September 2020
For NatWest Business Banking customers with a turnover up to £2m, this straightforward business credit card offers a competitive ongoing (albeit variable) rate and a free app for real-time monitoring and control.
You say: ★★★★★We say: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Balance transfer fee
Up to 56 days
Interest-free each billing period
Minimum credit limit
|Annual/monthly fees||Year 1 - £0, Year 2 onwards - £30 per annum|
|Balance transfer fee||0%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Incentive||Free 'online account servicing'.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
If you already use NatWest Business Banking, then you might opt to apply for this no-frills card to help manage a fluctuating cash flow. Provided you clear your balance in full each month, you’ll be able to take advantage of up to 56 days of 0% interest on your purchases each billing cycle, though this doesn’t apply to cash advances (withdrawing cash from the card).
So aside from the annual fee, which is waived in the first year for NatWest Startup Bank Account holders, if it’s used carefully, this card doesn’t have to cost your company a penny.
The card’s strongest feature might be its well-below-average standard rate of 18.268%, so if you’re currently paying more elsewhere, you could take advantage of the balance transfer facility (no 0% offers here, sadly) to save on the interest you’re paying each month.
Pros and cons
- 56 days to spread the cost of purchases (provided you pay off your balance in full each month).
- Annual fee.
- Applicants with low credit scores are unlikely to be eligible.
NatWest Business Credit Cards use the Mastercard network, so they can be used at more than 35 million merchants and ATMs worldwide.
How does this deal compare?
When it comes to repayments, you can make manual repayments online or over the phone (0345 711 44 77), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the NatWest Business Credit Card
If you’ve compared cards and want to apply, you can download an application form from the NatWest site. You’ll then need to submit the form in one of the following ways:
To help speed up your application, it’s a good idea to have a few key details at hand. You’ll need your business address, trading address (and registered address if different) and company number if you have one. You’ll also be asked for financial information such as your business turnover, net profit before tax and bank details. Finally, NatWest will need details of each business partner/owner, including their date of birth and three years’ UK residential address history.
If you want to transfer a balance, you’ll need to phone the NatWest business team (0345 711 44 77).