The Co-operative Bank Fair Rate credit card

Transfer an existing balance and pay 0% p.a. for 6 months, plus enjoy a low interest rate and account fee with The Co-operative Fair Rate card.

The Co-operative Bank Fair Rate credit card is suitable for anyone looking for a no-frills card with low fees. It offers a low interest rate for both purchases and cash advances, and you’ll only pay $20 a year in account fees.

While there is no rewards scheme or cardholder perks, you can transfer existing card balances and pay 0% p.a. for 6 months.

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12.95% p.a.

Purchase Rate

$20 p.a.

Annual Fee


Product NameThe Co-operative Bank Fair Rate Credit Card
Balance Transfer Limit80%
Purchase rate (p.a.)12.95% p.a.
Annual Fee$20
Interest Free PeriodUp to 55 days on purchases
Min credit limit$1,000
Minimum Monthly Payment3% of transaction value or $10, whichever is greater
Card TypeMastercard
Late Payment Fee$10
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo

Benefits and features of the Co-operative Bank Fair Rate credit card

  • Transfer an existing balance. If you have an outstanding balance on a credit card from a different bank or a store card, you can transfer the balance to the Fair Rate card. You won’t pay any interest on the balance for 6 months. It’s possible to transfer more than one balance as long as the total falls within your credit limit.
  • Interest-free days. If you pay off your statement balance in full each month, you can enjoy up to 55 days interest free on purchases. Do bear in mind that this benefit is not applicable to cash advances or if you are paying off a transferred balance.
  • Tap & Go. You won’t need to enter your PIN for purchases under $200. Just tap and go at stores that accept Mastercard around the world.
  • 24/7 fraud monitoring. Transactions are monitored around the clock to pick up any fraudulent use. If your card is used fraudulently and you haven’t contributed to this in any way, you may be protected by Mastercard’s Zero Liability Policy.

Fees and charges

  • Interest rate. The Co-operative Bank Fair Rate credit card currently has an interest rate of 12.95% p.a., which applies to both purchases and cash advances. However, as it is a floating rate, it is subject to change.
  • Account fee. A $10 account fee is charged every 6 months. With a total annual account fee of $20, this is one of the lowest on the market.
  • Cash advance fee. You are charged $0 for each cash advance made in New Zealand via an ATM, branch, online or mobile banking. If you use an ATM overseas, you are charged $6.50 per transaction.
  • Foreign currency conversion. If you make a purchase in foreign currency, a 2.1% fee applies to the converted NZD amount.
  • Late payment. A $10 fee applies every time you miss a payment.
  • Card replacement. If you misplace your card, you need to pay a $10 fee for a new one plus any applicable courier charges.

How do I manage my Co-operative Bank Fair Rate credit card?

You can manage your credit card using Internet banking or The Co-operative’s mobile app. Both options allow you to:

  • Order new cards
  • Track your purchases
  • Change your credit limit
  • Block your card

You can do this manually through Internet banking or set up a direct debit each month for payments.

How to apply

To apply, you can visit the Co-operative Bank’s website and fill in an application form. The application takes around 5-10 minutes, and you’ll be asked to provide information regarding your income, expenses, assets and debt.

Make sure that you have the required documents and meet the eligibility criteria before starting.

Eligibility criteria

  • Be at least 18 years of age
  • Be a New Zealand citizen or permanent resident
  • Be living in New Zealand
  • Meet The Co-operative Bank’s lending criteria

Once you submit your application, it’s possible to receive an answer in as little as 10 minutes.

The bottom line

If you need a little breathing space to get on top of your debt, the Co-operative Bank Fair Rate credit card provides a balance transfer rate of 0% p.a for 6 months. Also, with one of the lowest annual fees on the market and an ongoing competitive interest rate of 12.95% p.a., it could be an option if you don’t require a premium credit card. Just remember, its interest rate is floating and may change at any time.

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