The Co-operative Bank 3 Year Fixed Rate Credit Card review September 2020
Existing customers can enjoy low rates for an impressive three years with The Co-operative Bank.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
Balance transfer fee
Up to 56 days
Interest-free each billing period
|Issuer||The Co-operative Bank|
|Balance transfer fee||0%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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 this card compare with other similar cards on the market?
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.
When it comes to repayments, you can make manual repayments online or over the phone (0345 600 6000), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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.
It’s also possible to arrange direct debits using the Co-Operative Bank smartphone app.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the The Co-operative Bank 3 Year Fixed Rate Visa
If you’ve compared cards and want to apply, 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.