NatWest Purchase & Balance Transfer Credit Card review 2022

Take advantage of this 23-month 0% transfer period, you'll need to be an existing NatWest customer. But the card debt you want to transfer will need to be held outside of the NatWest Group.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).

23 months

0% interest on balance transfers

21.9%

Representative APR

23 months

0% interest on purchases

£0

Account fee

Details

IssuerNatWest
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 23 months reverting to 21.9%
Balance transfer fee2.49%
Purchases0% for 23 months reverting to 21.9%
Purchases interest-free periodUp to 56 days
Money transfers26.9%
Cash advances26.9%
Minimum credit limit£250
Maximum credit limitNot specified
Additional cards available3
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Review by


Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.

Expert review

With a representative APR of 21.9%, and no annual fees, the NatWest Purchase & Balance Transfer Credit Card (existing customers only) is a competitive all-rounder.

But the main reason to consider this card is the headline-grabbing 23-month 0% balance transfer period, plus the 0% rate on purchases for the first 23 months.

While there are limits around the balances you can transfer (a maximum of 95% of your available credit limit, which must be transferred within the first 3 months), this is the longest 0% period currently on the market.

You’ll also need to be an existing customer, although the card debt that you bring across will need to be from a card held outside the NatWest Group (NatWest, RBS, Ulster Bank and, er, Coutts).

Keep in mind, you’ll need to pay a fee on any balance transfer, which may rule out anyone looking to transfer a particularly large balance. If you think you can manage it, NatWest’s other balance transfer card offers a generous 23-month 0% period with no fee, which may be a better bet for those who don’t need 23 months to pay off their balance.

Pros and cons

Pros

  • Customers report excellent customer service when dealing with NatWest
  • Almost two years of 0% interest to focus on reducing existing card debt
  • Almost two years to spread the cost of purchases
  • No annual fee

Cons

  • Minimum annual income requirement of £10,000
  • Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
  • Only available to existing customers

Approval for any credit card will depend 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.

Repayment options

You can make manual repayments through NatWest's app, by logging in to your online banking or over the phone (0345 788 8444). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 23 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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

First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the NatWest Purchase & Balance Transfer Credit Card. This won't impact your credit score. If it's good news, you can then proceed to NatWest's online application, which takes 10-15 minutes to complete. You can request a balance transfer as part of your application.

Frequently asked questions

What credit limit will I get with the NatWest Purchase & Balance Transfer Credit Card?

If NatWest is able to offer you this deal, the offer will specify a personalised credit limit based on NatWest's assessment of your situation. The minimum limit offered on this card is £250 and NatWest does not specify a maximum. Once you've had the card for a while and shown NatWest that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the NatWest Purchase & Balance Transfer Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the NatWest Purchase & Balance Transfer Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 26.9%, which is 23% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

Can I transfer a balance from another NatWest-branded card to the NatWest Purchase & Balance Transfer Credit Card?

No. NatWest doesn't accept balance transfers from credit cards issued through the NatWest group, which (as well as NatWest) includes Ulster Bank, RBS and Coutts.

What should I do with my old credit card after transferring the balance to the NatWest Purchase & Balance Transfer Credit Card?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use the NatWest Purchase & Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£172.98), it'll cost you around £4.76 in fees.

Can I transfer money from the NatWest Purchase & Balance Transfer Credit Card to a bank account?

Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using NatWest's app. This part of your card balance will incur interest of 26.9%. The fee for a money transfer is 3%.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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