NatWest Business Credit Card Review

Read our NatWest Business Credit Card review to see if this credit card suits your business.

Updated: May 18, 2024
Matt Crabtree

Written By

Matt Crabtree

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Finding the right business credit card can be challenging. Many are on the market; getting to know each card and provider can be difficult.

To tick one off your research list, we've reviewed NatWest's business credit card so you can learn more about it and see if it suits your business.

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Who Is NatWest?

National Westminster Bank, more commonly known as NatWest, is a major retail and commercial bank in the UK. This banking institution was established in 1968 and since has helped champion the potential to help people, families, and businesses thrive.

NatWest has branches across the UK, but its business expands worldwide. NatWest gives its customers access to European, Asia and US international markets while offering banking services to everyday people, business owners and international residents. As this is a review, we will explore all the other services NatWest offers for businesses.

NatWest's business products and services include:

  • Loans and finance: NatWest has multiple loans and finance options for businesses of all sizes, from small business loans to larger business lending. There are a range of fixed and variable rates loans and commercial mortgages.
  • Business account: NatWest business accounts have free accounting software to imply invoicing and cash flow. You can bank anywhere with online banking, mobile banking app access, and visit a network of branches across the UK.
  • Business credit cards: You can open a company credit card account to keep track of all your business expenses. We'll explore this card more later in the review.
  • Business Plus credit card: The NatWest Business Plus credit card allows you to earn cashback without foreign purchase transaction fees. There is a £70 annual fee, but you earn 0.5% cashback on all purchases, 1% on eligible travel and accommodation, 2% on eligible trade and business supplies, and 3% at eligible fuel and electric vehicle charging stations.
  • Business savings accounts: A NatWest business savings account allows instant access to your money, and you can earn between 1.45% – 1.90% AER p.a variable. NatWest also offers notice accounts to excel your savings even further.
  • Accept payments with Tyl: If you're a retail, food and drink or entertainment business, you may benefit from NatWest's payment solution with Tyl. You'll get a card machine, subsequent business day settlement on payments, and you can accept online, over the phone or through card payments.
  • Startup business planning: NatWest supports new entrepreneurs to help get their ideas off the ground with support in business planning and other practical parts of starting a business.
  • Local support: NatWest will connect you with a Local Enterprise Manager to help support you and your business by connecting local communities.
  • Training and events: With NatWest's Business Builder, you can get help at any stage of your business. If you're in your idea phase or looking to grow your company, you can benefit from practical resources that help you with the next step in your business journey.
  • NatWest Accelerator programme: If you want to expand your business, the NatWest Accelerator programme could help.

The NatWest Business Credit Card

NatWest Business Credit Card

NatWest Business Credit Card
Credit Limit
Minimum £500
Representative % APR (variable)
24.3% APR
  • £30 annual fee.
  • 1% cashback at eligible fuel and electric vehicle charging stations.
  • Interest-free period of up to 56 days when you pay your balance in full.

Representative Example – If you spend £1,200 at a purchase interest rate of 16.9% p.a. (variable) your representative APR will be 24.3% APR (variable). Your APR and credit limit may vary depending on your circumstances.

The NatWest business credit card is ideal for businesses with a turnover under £2 million. So, you could benefit from this card if you're a small, mid-size or growing business. Moneyfacts rated this credit card five stars in the 2023 Business Credit Card category, so this is a strong indication that this credit card is a good product from NatWest.

One of the leading benefits of this credit card is that there is no annual fee for the first year of having the card. If you spend £6,000 or more each year, there will continue to be no annual fees.

However, if you cannot spend that amount each year, the annual card fee is £30. Another great feature of this credit card is that you will benefit from interest-free credit for up to 56 days when you pay your balance in full. The minimum credit limit for this card is £500, and the maximum credit limit is subject to status.

This credit card allows business owners to make flexible monthly payments, so you can pay when it suits you best. You just need to pay more than the monthly minimum plus any accrued interest on the account. You can make additional payments whenever you want to, so if you make a payment at the beginning of the month, you can make another if you wish to pay back the balance quicker.

If you're looking for a business credit card that makes the most of your spending, you can earn 1% cash back at eligible fuel and electric vehicle charging stations; this is ideal if you have a company car or if you do car hire as part of s business and use any of the eligible facilities.

You can make the most of your card with access to ClearSpend, which allows you to set up spending reports so you can analyse business spending. With this credit card, you'll get free access to Business Savings from Mastercard and a free merchant discount card that allows you to earn rebates on certain business purchases.

What Are the Fees Associated With the NatWest's Business Credit Cards?

Credit cards, in general, come with fees. Any line of credit you take out will involve fees of some sort; this applies to both personal credit cards and business ones.

This business card has a lot to offer, but you should know about all the charges that come with the credit card:

  • Annual fee: The credit account has no annual fee for the first year. If you spend below £6,000 yearly, there will be a £30 yearly fee.
  • Additional cards: If you wish to apply for additional cards, it is £30 per cardholder.
  • Late payment fees: There is a £12 charge for late payments.
  • Unpaid payment fee: You may face a £12 charge if you don't make a payment towards your borrowed credit balance.
  • Credit limit exceeded: There is a £12 charge if you exceed your credit limit.
  • Non-sterling transaction fee: There is 2.95% of each foreign exchange transaction charge.
  • Cash advances: If you wish to make a cash advance, there is a 3% charge on the transaction amount. The minimum charge is £3.

Benefits and Drawbacks

As part of our review, we've included all the benefits and drawbacks of using this credit card.

Benefits

✔️ Spread the cost of purchases: When you pay off your balance in full each month, you can spread the cost of purchases with 56 days interest-free credit.

✔️ Low interest rate: There is a 16.9% interest rate on purchases.

✔️ No annual fee: There is no annual fee for the first year of having the NetWest Business credit card; after the first year, it is £30 per year. The annual fee is waived if you spend more than £6,000 annually.

✔️ Earn 1% cashback: You can earn cashback at eligible fuel and electric vehicle charging stations.

✔️ Track business expenses: When you get a NatWest Business Credit Card, you'll gain access to online tools such as ClearSpend and Smart Data Online that help you track your business expenses.

✔️ Protection on purchases: Eligible deposits are FSCS protected.

Drawbacks

❌️ You have to be a NatWest customer: You can only apply for a business credit card if you're a NatWest business customer. So, you must open a NatWest business current account to apply for a business credit card.

❌️ You need a good credit score: Your application form may be rejected if you have a poor credit history.

❌️ Additional card fee: If you need multiple cards for your business, there is a £30 additional fee.

NatWest Business Credit Card: The Verdict

The business credit card from NatWest is an excellent option for growing businesses. If you use your credit card enough, you can carry on using the card without annual fees after the first year. There is a plethora of support to help your business grow, and there are chances to earn cashback for using the card. So, if you're looking for a credit card with a banking provider that does more for your business than just lending credit, this may be the right card.

Related Guides:

FAQs

Can You Withdraw Cash From a NatWest Business Credit Card?

What Are the Benefits of NatWest Business Credit Cards?

What Are the Drawbacks of a Business Credit Card from NatWest?

What Are the Fees for a NatWest Credit Account?

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