NatWest Business Plus Credit Card review 2020
Existing Business Bank Account customers can earn cashback on day-to-day spending and benefit from no foreign transaction fees.
You say: ★★★★★We say: ★★★★★
Potential costs: 4/5
Doing its job: 4/5
In a nutshell:
Balance transfer fee
Foreign transaction charge
Yearly account fee
|Annual/monthly fees||£70 per annum|
|Balance transfer fee||0%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Incentive||0.5% after £1 of yearly spend. Maximum of £400 cashback paid per month. Cashback paid Monthly into Card Account. 2% cashback on eligible trade and business supplies, 1% cashback on eligible fuel and hotel accommodation and 0.5% cashback on all other business spending. Max £400 per annum.|
|Cashback details||0.5% after £1 of yearly spend. Maximum of £400 cashback paid per month. Cashback paid Monthly into Card Account. 2% cashback on eligible trade and business supplies, 1% cashback on eligible fuel and hotel accommodation and 0.5% cashback on all other business spending. Max £400 per annum.|
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 a £70 per annum might be a small sum to pay in return for the significant perks this card has to offer. Just bear in mind that that fee is per cardholder however.
In return for that £70 per annum fee, you’ll enjoy 0% fees on non-sterling transactions, 0.5% cashback on everything you buy plus a well-below-average standard rate of 14.816%. So if you’re currently paying more elsewhere, you could take advantage of the fee-free balance transfer facility (no 0%-interest offers here, sadly) to save on the interest you’re paying each month.
As with almost all credit cards, provided you clear your balance in full each month, you’ll benefit from up to 56 days of 0% interest on your purchases each billing cycle (this doesn’t apply to cash advances). If you don’t clear your balance in full – say if you only make the minimum required payment – you’ll be charged interest on each transaction from the day on which it occurred.
All-in-all, this is a respectable and versatile option, and NatWest’s new “ClearSpend” app makes for a straightforward and pleasant way to track your spending in real time. For the hardcore perk-seekers out there, a few other business cards on the market (from the likes of American Express or Capital on Tap) can offer a little more excitement.
Pros and cons
- 56 days to spread the cost of purchases (provided you pay off your balance in full each month).
- Avoid currency conversion charges when spending abroad.
- Earn cashback on day-to-day spending.
- £70 annual account 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|
Am I eligible?
Interested? Before going any further, check you meet the following requirements:
- Your business will need to be registered in the UK and have an annual turnover below £6m.
- You’ll need to already hold a business current account with NatWest (in the same legal entity name).
- You’ll need to be a director of the business, aged over 18 and resident in the UK and not have been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree.
How to apply for the NatWest Business Plus 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 to 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).
If you simply want a card to help manage an irregular cash flow, then this card’s little sister can do that too, without the annual fee. But for most businesses with an annual turnover of up to £6m, this card is likely to offer more in benefits than it costs. However, you could potentially access even more rewards through the likes of American Express or Capital on Tap