Earn 0.5% cashback when you use your card in a Co-op store and 0.3% cashback when you use your card elsewhere.
The Co-operative Bank Members’ Credit Card review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 18.2% (variable) p.a., your representative rate is 18.2% APR (variable).
- Account fee
- £0
- Balance transfer fee
- 0%
- Interest-free each billing period
- Up to 56 days
Our verdict
An exclusive cashback credit card for Co-op members, with a higher earn-rate when used in-store.This is a decent cashback credit card, even though the earn-rate isn’t the best you’ll see around. It gives you cashback wherever you spend, but you'll enjoy a preferential rate when you use it at Co-op stores. As such, if you're a frequent Co-op shopper, you'll stand to benefit the most from the card.
While it does the job in terms of rewards, don’t expect fireworks from this card when it comes to perks and extras. There’s no balance transfer fee, but given the lack of 0% deals, carrying a balance on it isn’t especially convenient.
This card is more suitable for people who don’t have debt and plan to clear their balance in full each month instead. Provided that you do, you'll be able to take advantage of up to 56 days of 0% interest on your purchases.
Finally, like with the vast majority of credit cards, using it abroad isn’t a good idea. The 2.75% foreign transaction fee (which is the percentage you'll be charged on all your non-sterling spending) can quickly amount to a significant sum.
To apply, you'll need to have held a Co-operative Bank or Smile current account for at least one month and to be a Co-op member. If that rules you out, don't panic – we have a selection of other cashback cards you can check out.
Pros
- Earn points on day-to-day spending
- No annual fee
Cons
- Minimum annual income requirement of £10,000
- Applicants with low credit scores are unlikely to be eligible
- Only available to existing customers
Details
Product Overview
| Issuer | The Co-operative Bank |
| Network | Visa |
| Representative APR | 18.2% APR (variable) |
| Annual/monthly fees | £0 |
| Loyalty scheme | Dividends Cashback |
| Incentive | 1p earned for every £2 spent in The Co-operative Food stores (excluding in-store concessions) and 1p earned for every £3.33 spent anywhere else. Cashback will be added to your share of the Group profits and this will be paid to you twice a year. |
| Purchases | 18.2% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 18.2% |
| Potential costs | 4.5 ★★★★★ |
| Doing its job | 3.5 ★★★★★ |
| Extras | 3.0 ★★★★★ |
| Overall Finder Score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £10 |
| Exceeding limit fee | £10 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £10,000 |
| Availability | Available to existing customers |
The Co-operative Bank Members' 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 this card compare with other cashback cards?
Table: sorted by representative APR, promoted deals first
1 - 15 of 15
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 either damaging your credit score, getting hit with a penalty fee (£10) or losing any promotional rates as a result.
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 Members' 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.
Frequently asked questions
What credit limit will I get with The Co-operative Bank Members' 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 £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 Members' 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 Members' Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 27.9%, which is 53% 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).
How much does it cost to use The Co-operative Bank Members' Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£168.69), it'll cost you around £4.64 in fees.
What is the minimum payment on The Co-operative Bank Members' Credit Card?
Each month, you must pay at least 2% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £225.00 outstanding, you'd pay £5.00, and if you had £1,000.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money, which can lead to persistent debt.
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score cashback credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any limits or restrictions to earning cashback, 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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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