The Co-operative Bank 3 Year Fixed Rate Credit Card review 2023

Existing customers can enjoy low rates for an impressive three years with The Co-operative Bank.

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Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).


Representative APR


Balance transfer fee


Account fee

Up to 56 days

Interest-free each billing period


IssuerThe Co-operative Bank
Annual/monthly fees£0
Balance transfers8.9%
Balance transfer fee0%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Minimum credit limit£500
Maximum credit limitSubject to status
Additional cards available1

Review by

Chris Lilly is a publisher at He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.

Expert review

If you’re looking for a credit card where a low everyday rate is guaranteed for a lengthy period, this could be the card for you.

There’s no annual fee to worry about, and the balance transfer fee of 0% will be a significant perk for some.

Realistically, there are 0% balance transfer and 0% purchase deals out there that could work out cheaper, especially if you’re trying to spread the cost of a big purchase or to pay back your old card’s balance.

On the other hand, if you find yourself carrying a balance on your card only occasionally, a low rate card could be a good option, and this card offers one of the lowest on the market. Just keep in mind that it’s only guaranteed for three years – there are credit cards out there that offer an ongoing long rate instead, so you may want to check those out too.

The other features of this card are pretty average. There are no special perks or rewards to get excited about and, because of the 2.75% fee on non-sterling transactions, it isn’t a great card to use abroad.

Pros and cons


  • A low ongoing interest rate (variable)
  • No annual fee


  • Minimum annual income requirement of £10,000
  • Applicants with low credit scores are unlikely to be eligible
  • Only available to existing customers

How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
1 - 1 of 1
Name Product Purchases Balance transfers Annual/monthly fees Representative APR Incentive Link
The Co-operative Bank 3 Year Fixed Rate Credit Card
(0% fee)
8.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).

Compare up to 4 providers

Approval for any credit card will depend 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

There are no 0% interest deals attached to this card, so you’ll want to repay your debt as quickly as possible. In any case, you’ll be subject to a minimum monthly repayment.

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 for this Co-operative Bank deal

If you're an existing The Co-operative Bank customer and you've compared cards and settled on The Co-operative Bank 3 Year Fixed Rate 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 3 Year Fixed Rate Credit Card?

If The Co-operative Bank is able to offer you this deal, the offer 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 that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using The Co-operative Bank 3 Year Fixed Rate 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 3 Year Fixed Rate 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 213% 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 3 Year Fixed Rate Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£177.70), it'll cost you around £4.89 in fees.

What is the minimum payment on The Co-operative Bank 3 Year Fixed Rate 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.

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