The Co-operative Bank Balance Transfer Credit Card review January 2020
Existing customers could enjoy up to 24 months interest-free with The Co-operative Bank.
Finder rating: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
Balance transfer fee
|Issuer||The Co-operative Bank|
|Balance transfers||0% for 24 months reverting to 20.6%|
|Balance transfer fee||0%|
|Purchases||0% for 4 months reverting to 20.6%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||3|
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.
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 0%.
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.
How does this card compare with other similar cards on the market?
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.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the Co-operative Bank Balance Transfer Credit Card
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.