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The Co-operative Bank Fair Rate credit card

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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. interest for 6 months.

12.95% APR

Purchase Rate

$20 p.a.

Annual Fee

Details

Product NameCo-operative Bank Fair Rate Credit Card
Balance Transfer Limit80%
Purchase rate (p.a.)12.95% APR
Annual Fee$20 p.a.
Interest Free PeriodUp to 55 days on purchases
Cash advance rate (p.a.)12.95% APR
Min credit limit$1,000
Minimum Monthly Repayment3% of transaction value or $10, whichever is greater
Card TypeMastercard
Late Payment Fee$10
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes

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 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’ll enjoy up to 55 days interest free on purchases. Do keep in mind that this benefit is not applicable to cash advances or if you have a transferred balance that you are paying off.
  • 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 anyway, 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. This rate applies to both purchases and cash advances, but 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.
  • Additional cardholders. For each additional cardholder there will be a $15 charge every 6 months.
  • Cash advance fee. You will be charged $2 for each cash advance made in New Zealand via an ATM, branch, online or mobile banking. If you use an ATM overseas, you will be charged $6.50 per transaction.
  • Foreign currency conversion. If you make a purchase in foreign currency, a 2.5% fee will apply 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 will 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

For payments, you can do this manually through Internet banking or set up a direct debit each month.

How to apply

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

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

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

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

Compare all credit cards

Name Product Purchase Rate Interest Free Period Annual Fee
American Express Airpoints Card
0% for 6 months (reverts to 19.95% APR)
Up to 55 days on purchases
$0 p.a.
Be rewarded with 50 bonus Airpoints Dollars. Simply apply, be approved, and spend $750 on your new Card in the first 3 months of membership. This offer is available to new Card Members only.
American Express Airpoints Platinum Card
19.95% APR
Up to 55 days on purchases
$195 p.a.
Be rewarded with 400 bonus Airpoints Dollars when you apply online by 30 March 2021, are approved, and spend $1,500 on your new Card within the first 3 months. This offer is available to new Card Members only. You will also earn 1 Airpoints Dollar for every $59 you spend on your card.
American Express Platinum Edge Credit Card
2.99% for 6 months (reverts to 19.95% APR)
Up to 55 days on purchases
$149 p.a.
Enjoy a low rate on purchases and earn 20,000 Membership Rewards Bonus Points if you apply, are approved and spend $750 in the first 3 months of Card membership. This offer is available to new Card Members only.
Farmers Mastercard
25.95% APR
Up to 55 days on purchases
$50 p.a.
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