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:
1-15% of the value of your purchase at NatWest partner retailers.
1% of the value of your purchase at supermarkets.
0.25% everywhere else, including supermarket petrol stations.
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.
Compare credit cards that earn NatWest MyRewards points
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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.
Bottom line
Earning rewards with a credit card is great, but make sure to check the annual fees, terms, and conditions to ensure the card’s overall value fits your preferences and budget. If NatWest isn’t the provider for you, there are many other rewards credit cards to compare.
NatWest retail partners for earning and redeeming points
NatWest has partnered with the following retailers where you can earn rewards as you spend:
Waitrose & Partners
Sky
Caffe Nero
NOW TV
Cote Brasserie
Morrisons
E.ON
Ted Baker
P&O Ferries
National Express
When redeeming your MyRewards points with partner retailers, you can increase your rewards with these “trade up” partner retailers:
John Lewis & Partners
Avios
Argos
Red Letter Days
Morrisons
Currys PC World
B&Q
TK Maxx
Comic Relief
Barnardo’s
Macmillan Cancer Support
Cancer Research UK
National Society for the Prevention of Cruelty to Children (NSPCC)
Princes Trust
Royal National Institute of Blind People (RNIB)
Alzheimer’s Society
British Heart Foundation
Disasters Emergency Committee
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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The NatWest Reward Black Credit Card has no overseas transaction fees and also earns points that can be exchanged for cash, vouchers or charitable donations.
Enjoy low ongoing interest rates and no annual fees or foreign transaction fees with this straightforward NatWest credit card.
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