Natwest News Update: Natwest Lengthen 0% Balance Transfer Window
Natwest news update: Natwest will join RBS in their decision to increase the 0% interest free balance transfer on Platinum credit cards from 26 to 27 months.
Natwest and RBS are members of the Royal Bank of Scotland Group so it follows that the two companies would make the same decisions for their Platinum credit cards. These cards offer customer 0% interest on all new purchases for six months as well as the 0% interest free balance transfers. It is this latter service that has been extended from 26 months to 27, marking the longest 0% interest free offer by the banks but it will only be available via online applications.
The annual interest after these months will rise to 18.95%. The balance transfers will become subject to a 3.1% transfer fee and minimum account balance of £5.
Rival bank Barclays’ Platinum credit card is the one to watch at the moment as they offer the same length of time for 0% balance transfers and purchases but with a 2.99% fee and the annual interest rate being slightly lower too at 18.9%.
There are competitive rates coming from other sources too though with Tesco bank offering 27 months 0% balance transfers but with a 3.15% transfer fee and just the three month interest free on purchases. However they counter this by lowering their annual interest rate substantially to 16.9% subject to status.
For a facts and figures example, take this for instance: a customer with an RBS or Natwest Platinum credit card who wants to transfer £5000 would be charged £155 with the 3.1% transfer fee. On the Barclay’s Platinum card it would be £149.50 and Tesco Clubcard credit card £157.50.
Thus, Natwest and RBS’s new offer moves them to just behind Barclays and their 2.99% transfer fee and slightly cheaper annual rate on the leader board. However, the diversity of options now on offer to customers with these new rates is great to see – from a customer perspective.
For more information on the credit cards and other bank accounts offered by Natwest, Click Here to contact their customer services department and speak with a member of the team about your options. Alternatively you can go into any branch of either Natwest or RBS during the week and speak in person with an advisor – all of whom are trained up to provide the best possible advice they can. For all news updates involving Natwest, use the following link http://www.customerservicescontact.co.uk/news.
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