In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
  • Your reviews

The Co-operative Bank Balance Transfer Credit Card review

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The Co-operative Bank Balance Transfer Credit Card Visa
4.0
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Finder score
Representative example:
When you spend Β£1,200 at a purchase rate of 20.6% (variable) p.a., your representative rate is 20.6% APR (variable).
0% interest on balance transfers
24 months
Account fee
Β£0
0% interest on purchases
4 months

Our verdict

Existing customers could enjoy up to 24 months interest-free with The Co-operative Bank.

This is the Co-op’s only 0% deal on balance transfers. It’s only available to consumers who have a current account with the Co-op or with smile bank, but you don’t need to be a member to qualify.

If you bank with the Co-op and you're looking to minimise interest and clear your card debt faster, this deal offers an appealing 24 months of 0% interest on balance transfers, and a balance transfer fee of 3% (minimum Β£5).

What's more, you won't lose your 0% deal if you make a late payment (although there are plenty of other reasons not to miss a repayment – not least of all your credit record). So it might give you greater peace of mind than other lenders.

All this makes it a decent balance transfer credit card. On the other hand, it doesn’t offer a whole lot of extras.

You won’t earn any rewards, but if you also anticipate using the card for upcoming purchases, the card comes with an introductory offer of 0% on purchases for 4 months. It’s not a lot but it can help you spread out the cost of a big purchase.

Finally, once the interest-free period on purchases is over, you'll still benefit from a 56-day long billing cycle.

Pros

  • Two years of 0% interest to focus on reducing your current credit card debt
  • No annual fee

Cons

  • Minimum annual income requirement of Β£10,000
  • Applicants with low credit scores are unlikely to be eligible
  • Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
  • Only available to existing customers

In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
  • Your reviews

Details

Product Overview

Issuer The Co-operative Bank
Network Visa
Annual/monthly fees Β£0
Balance transfers 0% for 24 months reverting to 20.6%
Balance transfer fee 3% (minimum Β£5)
Purchases 0% for 4 months reverting to 20.6%
Purchases interest-free period Up to 56 days
Cash advances 27.9%
Minimum credit limit Β£500
Maximum credit limit Subject to status
Additional cards available 3
Potential costs 4.0 β˜…β˜…β˜…β˜…β˜…
Doing its job 3.5 β˜…β˜…β˜…β˜…β˜…
Extras 4.0 β˜…β˜…β˜…β˜…β˜…
Overall Finder score 4.0 β˜…β˜…β˜…β˜…β˜…

Fees and charges

Minimum monthly payment 2% or Β£5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
Annual/monthly fees Β£0
Balance transfer fee 3% (minimum Β£5)
Foreign usage charge (EU) 2.75%
Foreign usage charge (rest of world) 2.75%
Cash advance fee 3% (min. Β£3)
Late payment fee Β£10
Exceeding limit fee Β£10
Additional card fee Β£0
Dormancy fee Β£0

Application Requirements

Minimum Age 18
Minimum income Β£10,000
Availability Available to existing customers

The Co-operative Bank Balance Transfer Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.

How does it compare?

The Co-operative Bank's card

1 - 1 of 1
Name Product Finder score Finder score Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
The Co-operative Bank Balance Transfer Credit Card Visa
4.0
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Expert analysis
0% for 24 months reverting to 20.6%
3% (minimum Β£5)
0% for 4 months reverting to 20.6%
Β£0
20.6% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 20.6% (variable) p.a., your representative rate is 20.6% APR (variable).
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Other popular balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Finder score Finder score Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Santander Everyday Long Term Balance Transfer Credit Card
4.0
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β˜…β˜…β˜…β˜…β˜…
Expert analysis
0% for 26 months reverting to 23.9%
3% (min. Β£5)
0% for 3 months reverting to 23.9%
Β£0
23.9% APR (variable)
Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers.
Representative example: When you spend Β£1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Check eligibility
M&S Bank Credit Card Transfer Plus Offer Mastercard
4.0
β˜…β˜…β˜…β˜…β˜…
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Expert analysis
0% for 26 months reverting to 24.9%
3.49%, min Β£5
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
1 point per Β£1 spent with M&S and 1 point per Β£5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card.
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Check eligibility
HSBC Balance Transfer Credit Card
4.0
β˜…β˜…β˜…β˜…β˜…
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Expert analysis
0% for 26 months reverting to 24.9%
3.49% fee, min Β£5
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
Check eligibility
Royal Bank of Scotland Longer Balance Transfer Credit Card
3.5
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Expert analysis
0% for 23 months reverting to 24.9%
3.49%
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
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Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through The Co-operative Bank's app by logging in to your online banking or over the phone (0345 600 6000). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of Β£10).

You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply

If you're an existing The Co-operative Bank customer and you've compared cards and settled on The Co-operative Bank Balance Transfer Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.

Frequently asked questions

What credit limit will I get with The Co-operative Bank Balance Transfer Credit Card?

If The Co-operative Bank offers you this deal, it will specify a personalised credit limit based on The Co-operative Bank's assessment of your situation. The minimum limit offered on this card is Β£500, and The Co-operative Bank does not specify a maximum. Once you've had the card for a while and shown The Co-operative Bank you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using The Co-operative Bank Balance Transfer Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on The Co-operative Bank Balance Transfer Credit Card is 3% (min. Β£3). For example, if you withdraw Β£50, you'll incur a fee of Β£3.00. Withdraw Β£250 and you'll incur a fee of Β£7.50.

The interest rate on this part of your balance will be 27.9%, which is 35% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to The Co-operative Bank Balance Transfer Credit Card?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you) and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use The Co-operative Bank Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (Β£170.79), it'll cost you around Β£4.70 in fees.

What is the minimum payment on The Co-operative Bank Balance Transfer Credit Card?

Each month, you must pay at least 2% of your balance at that point or Β£5.00 – whichever of the 2 figures is greater. So if you had, say, Β£225.00 outstanding, you'd pay Β£5.00, and if you had Β£1,000.00 outstanding, you'd pay Β£20.00.

Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.

Finder credit card scores

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β˜…β˜…β˜…β˜…β˜… β€” Good
β˜…β˜…β˜…β˜…β˜… β€” Average
β˜…β˜…β˜…β˜…β˜… β€” Subpar
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Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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