NatWest credit card rewards
With the NatWest MyRewards scheme, you can earn points for doing your grocery shopping and turn them into cash, vouchers or charity donations.
Here we’ve looked at how it works, how you can redeem your points and some of the pros and cons of the programme.
How do you earn NatWest MyRewards?
You’ll earn MyRewards points every time you use your Reward credit card, but you’ll earn at a different rate depending on where you shop. More specifically, you can earn:
- 1% of the value of your purchase at supermarkets and at NatWest partner retailers. This translates into 1 point for every £100 spent.
- 0.25% everywhere else, including supermarket petrol stations. This means you’ll need to spend £400 to earn 1 point.
While numerous other points schemes offer low-value points by the hundred or even thousand but require you to do some quick maths to work out how much your points are worth, NatWest’s points value is refreshingly simple:
- 1 NatWest MyRewards point is worth £1.
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How do you redeem NatWest MyRewards?
Once you’ve earned at least 5 points (the equivalent of £5), you can redeem them online by logging in to your NatWest MyRewards account. You have three main options:
- Cash. You can turn your points into cash and deposit it into your current account or use it to reduce your credit card debt.
- Vouchers. You can convert your points into NatWest partner gift cards. Thanks to the “trade up” feature, at certain retailers, your points can be worth more than just £1 each. It will depend on the offer, but, for example, a £40 voucher at one of NatWest’s partner retailers might only cost you 30 MyRewards points.
- Charity donations. You can donate your points to selected charities.
Pros and cons
- You earn points every time you use your credit card, no matter where.
- Points acquire greater value if you redeem them at NatWest “trade up” partners.
- Flexibility – you can redeem your points for cash or gift cards, or make a donation.
- You can choose a no foreign transaction fee card.
- Interest rates are relatively high.
- There’s an annual fee, although NatWest will pay it back if you have a NatWest current account as well.
- Many vouchers expire within a year or less.
NatWest retail partners for earning and redeeming points
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