Royal Bank of Scotland
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The Royal Bank of Scotland is a retail banking arm of the Royal Bank of Scotland Group. The bank features about 700 branches in the UK and 40 million customers globally. RBS has the credit of being the world’s first bank to offer an overdraft facility in 1728.[br]
Royal Bank of Scotland: History
The Royal Bank of Scotland was incorporated in 1727 in the Old Town of Edinburgh with employee strength of eight. Its first branch in Glasgow was a huge success, which gave way to its enormous expansion. The bank’s landmark years include 1874 and 1960, when it entered London and New York respectively. During that period, RBS acquired some major English banks, such as Drummonds Bank, Mills and Co, and Williams Deacon’s Bank. It also acquired a greater market share in Scotland by merging with National Commercial Bank of Scotland.
The RBS embraced computerization in the 1970s and later on, introduced multifunctional cash dispensers. It acquired Citizens Financial Group in the US and also commenced Direct Line motor insurance.
In the first decade of the 21st century, RBS expanded further by acquiring National Westminster Bank in 2000 and ABN AMRO in 2007.
Royal Bank of Scotland: Credit Cards
Among the RBS products and services, credit cards take special mention. Some of the bank’s credit card types include:
Gold Credit Card: It entails fixed charges on balance transfers, until these are paid off. This is beneficial in reducing credit card balance.
Classic Credit Card: Only existing RBS current account holders can obtain this card. It facilitates money management by offering low interest rates on everyday spending for nine months. The card must be obtained online.
Platinum Credit Card: This card is available only for the RBS current account holders. It entails 0% interest on balance transfers for the first 15 months, and no interest on purchases within three months from account opening.
Savings Accelerator Credit Card: This card offers increased interest rate earnings on savings if you make more purchases. To enjoy this benefit, one must have a Savings Accelerator savings account.[br]
Royalties Gold Credit Card: This card is beneficial for those above 18 years with earning more than £10,000.
Student Credit Card: This card offers money off on purchases at HP, Lonely Planet and Firebox.com. The maximum initial spending limit is £500.
