The imaginatively-named Royal Bank Credit Card is a handy card to carry both at home and abroad – having low rates, no annual fee and no fees for foreign transactions.
The Royal Bank Credit Card review 2023
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 12.9% (variable) p.a., your representative rate is 12.9% APR (variable).
- Balance transfer fee
- 0%
- Foreign transaction charge
- 0%
- Account fee
- £0
Our verdict
Existing RBS customers can keep interest lows while avoiding fees when travelling with an RBS credit card.A very respectable option for people who don't really want to have to think about their credit card, this deal is all about versatility and value over the long run.
You won't find any headline-grabbing introductory 0% deals here – which is great if you don't want the hassle of having to remember to switch cards after an introductory offer expires. Instead, this card comes with ongoing low (albeit variable) rates on purchases and balance transfers.
The downside of this is that if you're transferring a balance or anticipating a large upcoming expenditure (or both), there are undoubtedly cheaper deals out there. Similarly, if you're all about the rewards and perks, there are more specialised cards available on the market.
If you already have outstanding debt on a card elsewhere, there's no fee to bring it across to RBS. It'll start accruing interest straightaway, however, so if you don't anticipate clearing it sharpish, consider a 0% balance transfer deal instead.
Perhaps the biggest selling point of this card is the fact that there are no fees for using it abroad – currencies are converted at the standard Mastercard rates – making it a hard-to-beat longer-term bet for use at home and on holiday.
Pros
- A low ongoing interest rate (variable)
- Avoid currency conversion charges when spending abroad
- No annual fee
Cons
- Minimum annual income requirement of £10,000
- Applicants with low credit scores are unlikely to be eligible
- You may be offered an opening credit limit as low as £250
Details
Product overview
| Issuer | Royal Bank of Scotland |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 12.9% |
| Balance transfer fee | 0% |
| Purchases | 12.9% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 26.9% |
| Cash advances | 26.9% |
| Minimum credit limit | £250 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
| Overall customer rating | Not yet rated |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 1% of the outstanding balance; double the amount of that month's interest and any default charges, plus any instalment plan fee(s), plus £1; or the excess over your credit limit after deducting any overdue amounts from previous statements. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Money transfer fee | 0% |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 0% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | Max £12 Waived until end of 2023 |
| Duplicate statement fee | £3 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Minimum income | £10,000 |
| Residency | UK resident |
| Availability | Available to new customers |
The Royal Bank Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Approval for any credit card depends 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 Royal Bank of Scotland's app by logging in to your online banking or over the phone (0345 724 2424). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (Max £12 Waived until end of 2023) 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 Credit Card
If you've compared cards and settled on The Royal Bank Credit Card, you can head over to Royal Bank of Scotland's secure online application to apply. Don't forget, you'll need to be over 18 and a UK resident to apply, with an income of at least 10000.
Frequently asked questions
What credit limit will I get with The Royal Bank Credit Card?
If Royal Bank of Scotland is able to offer you this deal, the offer will specify a personalised credit limit based on Royal Bank of Scotland's assessment of your situation. The minimum limit offered on this card is £250 and Royal Bank of Scotland does not specify a maximum. Once you've had the card for a while and shown Royal Bank of Scotland that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using The Royal Bank 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 Royal Bank 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 109% 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).
How long does it take to receive the card?
You’ll know whether or not your application has been approved within 5 minutes of submission. As long as it’s approved, RBS states your shiny new card will be with you in 5-7 working days.
Do I need to be an existing RBS customer?
No, and if you have card debt elsewhere, you may decide to apply for a balance transfer.
Will I pay fees on cash withdrawals overseas?
Yes. While RBS doesn’t charge a fee for non-sterling transactions using this card, withdrawing cash abroad will incur a fee (and the ATM owner may add its own fee on top too). Find out more about using a credit card overseas.
How do I change my credit card limit?
You can do this through internet banking by selecting “Cards” from the main menu. In the “Manage your personal credit card” section select “Manage your credit card limit”. Add your annual income, requested credit limit and the last 5 digits of your card. Finally, select “submit”. Alternatively, you can call a customer advisor (0345 724 2424).
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