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. interest for 6 months.
|Product Name||Co-operative Bank Fair Rate Credit Card|
|Balance Transfer Limit||80%|
|Purchase rate (p.a.)||12.95% APR|
|Annual Fee||$20 p.a.|
|Interest Free Period||Up to 55 days on purchases|
|Cash advance rate (p.a.)||12.95% APR|
|Min credit limit||$1,000|
|Minimum Monthly Repayment||3% of transaction value or $10, whichever is greater|
|Late Payment Fee||$10|
|Complimentary Travel Insurance||No|
|Available To Temporary Residents||No|
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.
- 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