The relaunched NatWest business credit card is now free of charge for the first year for all new customers.
The new NatWest business credit card is aimed at start ups and smaller SMEs
NatWest has also reduced the ongoing annual fee on the card to £30 a year after the first year. The bank will waive the fee for customers that spend over £6,000 on the card annually. The cash withdrawal rate has been lowered and aligned with the purchase interest rate of 16.9% per year.
NatWest has redesigned the card based on customer research. This found that over half of NatWest banked businesses found an annual fee waiver feature ‘extremely appealing’. The extended interest free period on purchases can also be helpful for customers who want to pay suppliers prior to their customers’ settling outstanding invoices.
This card follows the successful launch of the NatWest Business Plus credit card in September last year. This offers cashback and no transaction fees on purchases abroad.
NatWest business credit card: ClearSpend
Customers will also be able to monitor card usage via free access to NatWest ClearSpend. The web and mobile app provides total control and oversight of spending. The app gives customers a live record of every transaction. It also gives the option to set cardholder credit limits, and block spending in certain categories.
Paul Thwaite, Head of Sales, Specialist Businesses and Business Banking, NatWest, says: “As the UK’s number one bank for small businesses, we know that our customers want a convenient way to pay and manage everyday expenses. That’s why we’ve relaunched our Business credit card free of charge to all new customers for the first year.”
The NatWest business credit card relaunch marks the latest initiative from the bank as it continues to broaden its range of lending options for UK SMEs. Recent initiatives include with access to innovative forms of alternative borrowing such as fast, digital loans provider Esme Loans, and forthcoming flexible overdraft alternative RapidCash.