RBS Reward Credit Card review April 2020
Get cashback at a range of different earn-rates with this RBS Reward Credit Card.
Finder rating: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Balance transfer fee
Earn 1 point
per £4 spent
Earn 1 point
per £1 spent with select partners
|Issuer||Royal Bank of Scotland|
|Annual/monthly fees||£24 per annum. Reward or Reward Black Current Account holders: £0 per annum|
|Balance transfer fee||0%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£300|
|Max credit limit||Not specified|
|Additional cards available||1|
|Incentive||1% Rewards earned on supermarket spend and 0.25% at their petrol stations, at least 1% Rewards earned at MyRewards retailers and 0.25% everywhere else when shopping at home and abroad. 5 Rewards is £5 when redeemed. Rewards can be converted into money and transferred to a current account, exchanged for gift cards or tickets with some retailers doubling their value or converted into money and donated to one of the RBS Group chosen charities.|
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.
This card offers you the opportunity to earn cashback on all of your spending, but how much you’ll earn depends on where you use it.
The best earn-rates are to be had at RBS MyRewards partner retailers and at supermarkets (RBS states that this includes, but is not limited to: Asda, Iceland, Marks & Spencer, Morrisons, Sainsbury’s, ALDI, LIDL, Tesco, The Co-operative and Waitrose).
You’ll also earn rewards on the rest of your shopping, but at a lower rate. Don’t forget the option to add an additional cardholder could boost your cashback earnings (though the account holder is solely responsible for all spending on both cards).
With an annual fee that’s waived for Reward current account holders, it’s existing RBS customers who are responsible for their household’s weekly shopping and who don’t anticipate carrying a balance from month to month that will stand to benefit the most from this deal. As with all reward credit cards, it’s a smart idea to weigh up what you’re likely to earn from the card versus what it’s likely to cost you.
While it does the job in terms of rewards, this card is a bit lacking in terms of extras and perks. It offers no 0% deals on balance transfers or purchases, so if you need to pay back old debt or spread the cost of an incoming purchase, it isn’t the right card for you.
How does this compare with other rewards cards?
When it comes to repayments, you can make manual repayments online or over the phone (0345 724 2424), 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 Royal Bank of Scotland Reward Credit Card
If you’ve compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you’ll need to make the process as straightforward as possible.