Nat West Black

Old Feb 2, 03, 12:00 pm
  #1  
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Nat West Black

Some interesting info on this site

http://www.natwest.com/scripts/frame...pr_auto513.htm
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Old Feb 2, 03, 3:20 pm
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I also understand that Bank of Scotland do a "Carbon" card of a similar description but without as good travel insurance. Their flipside is that they give a Priority Pass to the cardholder and supplementary cardholder too....unlike we get with Amex Plat
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Old Feb 2, 03, 3:29 pm
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NatWest seems to have other criteria than Amex for qualifying "High wet worth individuals".

The NatWest card is a credit card, not a charge card.

I don't think that Centurion cardholders need a credit to pay for their flight tickets or hotel stays...
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Old Feb 2, 03, 4:22 pm
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Maybe it is exclusive as I acan't get one, I'm not old enough

The Press release was very carefully put together as they can't seriously be trying to compare there Black card to Centurion, maybe Platinum but its not a patch on Centurion. For starters where the hotel status?

Like I said before, they are claiming that it is the most exclusive Credit card in the world, as we all know that Platinum and Centurion are Charge crds.

Thanks,
Richard
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Old Feb 3, 03, 3:10 am
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by ahrz:
The NatWest card is a credit card, not a charge card.

I don't think that Centurion cardholders need a credit to pay for their flight tickets or hotel stays...
</font>
1. We all know that there“s an unofficial creditlimit on every charge card.

2.You can even pay your credit card bill in full each month!

So in this case it“seems to be irrelevant if it“s a charge card or credit.


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Old Feb 3, 03, 5:08 am
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There's more information on the card at www.natwestblack.com - seems it's too exclusive to be listed on the main Natwest site.

At least the acceptance criteria are fairly explicit - earn £70k pa and be over 25. Imagine if Amex were as explicit - half of the Amex FT forums wouldn't exist :-)

I have my doubts about whether it is any challenge to Centurion. However I have to agree with Axel1 that whether it's a charge or credit card makes little difference.

Nick

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Old Feb 3, 03, 10:34 am
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Legally (in the UK), it makes a big difference whether you pay by credit or charge, that is one of the reasons AMEX have this policy that they will take items back if the store refuses to.

In normal practice, with no hiccups, there is no difference, I agree.
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Old Feb 3, 03, 12:28 pm
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Even the AMEX charge cards behave like credit cards these days. Isn't that what the 'FlexSelect' thing is? Pay the balance off a bit at a time.

According to that article about NatWest black, high earning people spend over £500 a month on their cards.....are they missing a 0 there, or is my eyesight playing up again?

[This message has been edited by danam (edited 02-03-2003).]
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Old Feb 4, 03, 1:04 am
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by axel1:
1. We all know that there“s an unofficial creditlimit on every charge card.

2.You can even pay your credit card bill in full each month!

So in this case it“seems to be irrelevant if it“s a charge card or credit.

</font>
Let's do simple math.

GBP 70K for people working, say 1,800 hours p.a. means less than GBP 40 per hour average. Is it an acceptable definition for a "high net worth individual" (NatWest) ?

The credit limit for the NatWest card starts at GBP 15K.

Credit card or charge card makes indeed a huge difference :

- a limit of GBP 15K for a charge card means that the customer must pay a 15K balance in full (and this could happen every month ...)

- the same limit on a credit card (like NatWest) means, that the customer has to pay at least maybe only 5% of the balance (or GBP 750 in our example).

If NatWest assumes that it's customer base has a spending power of at least GBP 750 a month, it's definition of "high net worth individuals" seems to be ... extensible.
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Old Feb 4, 03, 7:24 am
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by danam:

According to that article about NatWest black, high earning people spend over £500 a month on their cards.....are they missing a 0 there, or is my eyesight playing up again?

</font>
Imagine that a HNW spends £6k a year (12x£500). Wow and theres me spending that on a monthly basis; more than £70k spend a year but alas no Natwest Balck for me as I'm not old enough

Thanks,
Richard
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Old Feb 4, 03, 9:45 am
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What I found funny was the following statement:

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">NatWest Black, launched to cater for this high net-worth market, offers an attractive standard rate of 14.9% APR</font>
How many people in the high net-worth market are interested in borrowing money for 14.9%?

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">RichardMannion said:
The Press release was very carefully put together as they can't seriously be trying to compare there Black card to Centurion, maybe Platinum but its not a patch on Centurion. For starters where the hotel status?</font>
It is a bit of a joke for them to make the comparison, but that's exactly what they're trying to do. Look at the comparison chart at the end - they compare their card with only two others: Amex Platinum and Amex Centurion.

Perhaps they're going after the segment of the high-end card market that wants the card as a status symbol, as opposed to those that get one for the benefits. Maybe they figure that some people will figure they're getting a "black" card for a much lower annual fee and leave it at that.
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Old Feb 4, 03, 1:40 pm
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Each company has its own definition of a 'high net worth' individual.

For Natwest, at least with respect to its private banking, aside from Coutts which is a separate banner under RBS, a customer must have at least £100,000 in liquid assets. To have an account with Coutts, a person should have in excess of £500,000. These guys look at fund management potential.

With a Centurion card, all they're looking for you to do is spend on the card. It has nothing to do with having a 'high net worth'.


[This message has been edited by Moriarty (edited 02-04-2003).]
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Old Feb 4, 03, 2:12 pm
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Maybee I'm being too cynical here but The Game seems to be simple enough. Buy a package of insurance, lounge access and concierge services in bulk, sell it on for a profit and market it so that that it appears to be "exclusive".

The markets for these cards are not generally comparable though there will be some cross over.

Natwest isn't after the high spending business traveller here. Instead, it is after someone who can carry a very high balance which is why Natwest can charge such a low level of interest (I prefer 0 myself).

And lets face it, anyone who earns 70k in the UK pays so much tax (unless they know things I most definitely don't know) that the occasional bit of credit is necessary.

As for the label "exclusive", to put things into perspective, see:

http://news.bbc.co.uk/1/hi/uk/2069758.stm

Regards
Internaut
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Old Feb 5, 03, 12:18 am
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I believe (quote in the paper recently but hey what do they know) that only 8% of Britons earn over £40,000 pa. Since almost everyone I know earns in the 40,000 to 70,000 bracket then the % earning over 70,000 is likely to be much smaller. However, that does not take away from the fact that to describe someone earning over 70,000 as High Net Worth is laughable.

A High Net Worth individual is someone who earns that much bank interest on their current account in one month.

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Old Feb 5, 03, 2:26 am
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by RichardMannion:
Wow and theres me spending that on a monthly basis; more than £70k spend a year </font>
And how high are your OWN personal spendings - without counting the supplementary cards, business expenses, your collegues airline tickets, etc..., charged to your personal card ?
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