Compare The Co-operative Bank credit cards for September 2020
The Co-operative Bank offers a carefully-designed range of credit cards for balance transfers, purchases and rewards.
The Co-op Bank started out in 1872 as an offshoot of the world’s first co-operative, which was established in Rochdale, Lancashire. In 2009, the bank merged with the Britannia Building Society. The Co-op Bank operates on a set of ethical principles, and won’t invest in companies which operate in markets that it deems unethical.
It’s credit cards are issued on the Visa network, which means they can be used at more than 30 million merchants and ATMs worldwide.
Co-op credit cards
What types of credit cards does The Co-op Bank offer?
0% balance transfer cards.
If you have existing credit card debt, that needn’t stop you from switching. In fact, if you’re being charged interest on the outstanding debt, you might want to look at a 0% on balance transfers credit card, which allows users to transfer a balance to a new card, and enjoy an interest rate of 0% on it for a specified period. Aim to clear the balance before the 0% period expires, otherwise a significantly higher rate will kick in.
Learn more about 0% balance transfer cards
All-round low-rate cards.
“All-round” or “balanced” credit cards are built for a variety of purposes, rather than just one. If you have multiple reasons for seeking out a new card – perhaps wanting to transfer an existing credit card debt but also expecting to make purchases on the new card, then an “all-rounder” could be the card for you. Normally these cards come with a 0% period on both balance transfers and purchases, after which both will revert to a higher rate.
Learn more about low rate cards
Rewards credit cards
Depending on the particular card, with a rewards card you’ll be able to earn loyalty points, cashback or air miles while you spend. Before you apply for a rewards card, check out the earn rate (rewards per pound spent) and weigh it up against any fees plus interest that you’re going to be charged to see if it’s worthwhile. The Co-operative Bank’s rewards card lets you earn cashback each time you use the card. When you shop at Co-op stores, you’ll benefit from cashback at an even higher rate, so if that’s where you do your weekly shop, and you’re registered as a Co-operative member, this card is certainly worth a closer look.
Learn more about rewards cards
What benefits can I expect from a Co-op Bank credit card?
- It’s accepted widely. Co-op Bank credit cards are welcome at over 30 million shops, restaurants, garages and other outlets in most countries throughout the world – wherever you see the Visa symbol.
- Customer services phoneline staffed seven days a week. You can contact Co-op Bank to carry out a range of transactions or make changes to the details on your credit card account between 8am and 8pm, 7 days a week, 365 days a year.
- Additional card holders. You can nominate an additional card holder using your usual online account-handling system, provided they are over 18 years old and a UK resident. For rewards cards, this is a real plus, as you’ll earn rewards not just on your own spending, but on theirs too.
- Fraud text alerts. A text-only phone number will send an SMS to your mobile if the card issuer notices any activity on your card which it thinks might be suspicious.
Applying for a Co-op Bank credit card
It’s quick, easy and secure to apply for a Co-op Bank credit card online, and the process takes about 15 minutes.
To qualify for a Co-op Bank credit card, you need to be:
- Aged 18 or over.
- A UK resident.
- Earning a minimum of £10,000 a year before deductions.
- An existing customer having held a Co-operative Bank or smile current account for at least 7 months (Cashminder, Student and Pathfinder accounts are not eligible).
- Without any County Court Judgements (CCJs), not have entered into any Individual Voluntary Arrangements (IVAs) or Trust Deeds nor been declared bankrupt within the last 6 years.
- Not in arrears or have not missed more than two payments on any credit agreement in the last six months.
- Employed full-time, part-time, self-employed or retired.
- You should ensure that you can meet the monthly repayments, as missed payments incur a charge and could have severe consequences on your ability to obtain future credit.
Why might your application not be approved?
If you meet the broad criteria outlined above, but have a history of bad debt or no credit history, you could be rejected. Also, if you have been made the subject of a CCJ you may not be accepted, and you are unlikely to be given a card if you have ever declared bankruptcy.
Frequently asked questions about Co-op credit cards