Hey there! Sign in to join this conversationNew here? Join for free

Natwest student credit card. How does it work? Watch

    • Thread Starter
    Offline

    1
    ReputationRep:
    Hiya, could anyone give me just a basic run-down of how the card works. All i know is that i have a 350 pound limit. Thanks
    Offline

    2
    ReputationRep:
    Its just a credit card, you pay it back all in one go or you pay it back monthly and get charged interest.
    Offline

    1
    ReputationRep:
    from what i understand is that anything that you buy with a credit card you pay a month later, in a way like paying a bill. the £350 limit is that you can only put onto your bill that much to pay off a month later. where as a debit card, the money goes out from your bank accont straight away.
    people say be careful with credit cards, because if you forget to pay the bill a month later, they charge you a lot of interest and penalty fees.
    hope im correct in saying these
    Offline

    15
    ReputationRep:
    You use the card to buy things... well duh :P

    Imagine the bank has said you can borrow up to £350 at any time. You have to pay back a minimum of xx% interest per month or a minimum of £5. Alternatively pay the whole load back in one go.

    Easy.
    • PS Helper
    Offline

    0
    ReputationRep:
    PS Helper
    You put it into an ATM, type in your PIN, and withdraw some money...









    :awesome:
    Offline

    2
    ReputationRep:
    (Original post by learner_dancer)
    You put it into an ATM, type in your PIN, and withdraw some money...









    :awesome:
    DON'T DO THIS!!!

    the interest charged on credit card cash withdrawls is HORRIFIC!, even if you pay it back at the end of that month!
    Offline

    1
    ReputationRep:
    (Original post by learner_dancer)
    You put it into an ATM, type in your PIN, and withdraw some money...









    :awesome:
    If you want to make yourself poor then yea! I nearly got caught the other week, but that one in the ATM rather than Solo. Luckily it warns you!

    Credit card is basically just the same as any other, but its just got student status (lower interest and (I assume) easier acceptance criteria in credit scoring)
    • PS Helper
    Offline

    0
    ReputationRep:
    PS Helper
    (Original post by angelmxxx)
    DON'T DO THIS!!!

    the interest charged on credit card cash withdrawls is HORRIFIC!, even if you pay it back at the end of that month!
    Are you actually being serious? They charge you to withdraw money?
    Offline

    1
    ReputationRep:
    (Original post by learner_dancer)
    Are you actually being serious? They charge you to withdraw money?
    On credit cards yea. For the Student one it's 3% (min of £3) for each request, plus a percentage every month, applied from the date you take the cash out, so you pay a hell of a lot whether you pay it back in full at the end of the month or not, which goes against everything that people believe about credit cards ("pay it back on time and you won't be charged" )
    • PS Helper
    Offline

    0
    ReputationRep:
    PS Helper
    (Original post by Zack)
    On credit cards yea. For the Student one it's 3% (min of £3) for each request, plus a percentage every month, applied from the date you take the cash out, so you pay a hell of a lot whether you pay it back in full at the end of the month or not, which goes against everything that people believe about credit cards ("pay it back on time and you won't be charged" )
    ****. I'd rather just use a standard debit card, with an overdraft on it.
    Offline

    1
    ReputationRep:
    (Original post by learner_dancer)
    ****. I'd rather just use a standard debit card, with an overdraft on it.
    Yea. Credit cards charge you for "gambling transactions" too as it's a "cash advance".

    I've got the existing debit card linked to the student account, always have to remember to use that to withdraw money. Got to make sure I have both cards if I think I might need cash though, which I’ll mess up one day no doubt. My mate learnt the hard way (abroad too, so even more fees!) not to withdraw using the credit card! Can’t remember what he was charged, but he was shocked at his statement

    OP, make sure you get your Direct Debit setup to pay the minimum. Once it's confirmed as being active it saves a lot of hassle and at least some of the potential fees (but make sure the account you've linked the direct debit to has money in, otherwise they'll charge you for that instead!)

    And if you ever are going to withdraw cash (in the welcome booklet it is, quite rightly, described as in an "emergency") you probably only withdraw 50% of your credit limit like me, so unless your account says otherwise don’t go expecting to get £350 out of an ATM
    • PS Helper
    Offline

    0
    ReputationRep:
    PS Helper
    (Original post by Zack)
    Yea. Credit cards charge you for "gambling transactions" too as it's a "cash advance".

    I've got the existing debit card linked to the student account, always have to remember to use that to withdraw money. Got to make sure I have both cards if I think I might need cash though, which I’ll mess up one day no doubt. My mate learnt the hard way (abroad too, so even more fees!) not to withdraw using the credit card! Can’t remember what he was charged, but he was shocked at his statement
    I've learnt to never ever use credit cards....
    Nor take loans... My mother filed for bankruptcy this week because of loans/cards etc. Students are quite prone to racking up debts, so I reckon we shouldn't spend more than we actually earn..
    Offline

    1
    ReputationRep:
    (Original post by learner_dancer)
    ****. I'd rather just use a standard debit card, with an overdraft on it.
    I wouldn't

    my credit card has extra online fraud protection. I also have purchase protection on items i buy for over £100. my credit card also earns me nectar points everywhere i use it (even non nectar retailers, it's just for using the card) so last year I got £70 worth of shopping for free.

    also I have up to 56 days to pay it before they charge me interest on purchases.

    just don't use it for cash.
    Offline

    1
    ReputationRep:
    (Original post by learner_dancer)
    I've learnt to never ever use credit cards....
    Nor take loans... My mother filed for bankruptcy this week because of loans/cards etc. Students are quite prone to racking up debts, so I reckon we shouldn't spend more than we actually earn..
    I know a lot of adults who have had (and have still got) serious problems with debt because of credit cards. Unless you are very good with money I certainly wouldn't get a credit card. Luckily I have savings so if I HAD to pay it back to avoid charges I would, but as it is basically free money for 8 weeks (if used properly!) I’m not going to turn it down

    The other really useful thing about a credit card in day to day use is that it is accepted at self service train ticket terminals (and probably a lot of other places where Solo isn't), whereas my old Solo wasn’t, which caused havoc for early morning trips (including having to pay £5 for next day delivery last month because I had no other option)
    Offline

    0
    ReputationRep:
    I'm really confused with this student account.

    I had a nationwide flex account with a debit card. However, now i have virtually no money, so i have decided to change account to the Natwest student one.
    I have a £1250 overdraft. Which i believe is non-interest?
    I also have applied for the credit card.

    I assumed that once i have no money, the money i take out will go onto the overdraft. I will then have to pay this off once i have a job - either during uni or after...

    So, would it be best for me to have the debit card???? I see people are saying it costs to take money out, if you have no money in your bank. But i thought if you have an interest free overdraft, then surely you shouldn't be charged?
    Offline

    2
    ReputationRep:
    (Original post by the wolf at the door)
    So, would it be best for me to have the debit card???? I see people are saying it costs to take money out, if you have no money in your bank. But i thought if you have an interest free overdraft, then surely you shouldn't be charged?
    Cash advance fees are for credit cards. Your bank account will come with a debit card, which will allow you to withdraw funds and put you overdrawn. Your credit card will show up as a separate account with a separate balance.
    • CV Helper
    Offline

    14
    ReputationRep:
    CV Helper
    (Original post by learner_dancer)
    Are you actually being serious? They charge you to withdraw money?
    Yes, because it's not your money you're withdrawing. You're withdrawing their money and promising to pay it back.

    (Original post by the wolf at the door)
    So, would it be best for me to have the debit card???? I see people are saying it costs to take money out, if you have no money in your bank. But i thought if you have an interest free overdraft, then surely you shouldn't be charged?
    Your credit card has nothing to do with your overdraft. It's not recommended to withdraw money from a credit card, but paying by credit card is perfectly fine since you have about a month before you start paying interest, and it improves your credit rating if you pay it back on time.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    What's your favourite Christmas sweets?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.