If you`re a NatWest credit card holder, you may have recently received an email or letter detailing changes to your credit card agreement. It`s important to take note of these changes and understand how they may impact your finances and credit score.
One of the main changes is the introduction of new fees. NatWest will now charge a late payment fee of £12 if you miss your minimum payment date. Additionally, if you exceed your credit limit, you will face a fee of £12. These fees may seem small, but they can add up over time and negatively affect your credit score if you`re not careful.
Another change that may impact your finances is the increase in interest rates. Depending on your credit card, the interest rate may have increased by up to 1%. It`s important to pay attention to your credit card statements and make payments on time to avoid accruing unnecessary interest charges.
NatWest has also made changes to its balance transfer offer. Previously, customers could transfer a balance to their NatWest credit card and receive 0% interest for a set period of time. However, the new agreement now includes a balance transfer fee of 3%. This fee may be worth it if you`re able to pay off the balance before the interest-free period ends, but it`s important to calculate whether the fee outweighs the interest savings.
Finally, NatWest has updated its terms and conditions to include new clauses around fraud prevention. The bank now has the ability to suspend or cancel your credit card if they suspect fraudulent activity. While this is for your protection, it`s important to be aware of the bank`s power to cancel your credit card and the potential impact on your credit score.
In summary, it`s important to carefully review any changes to your credit card agreement and understand how they may impact your finances and credit score. By staying informed and making payments on time, you can continue to use your NatWest credit card responsibly and reap the benefits of good credit.
