The Co-operative Bank Balance Transfer Credit Card review
- Representative example:
- When you spend £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
- £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 £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 £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
Details
Product Overview
| Issuer | The Co-operative Bank |
| Network | Visa |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 24 months reverting to 20.6% |
| Balance transfer fee | 3% (minimum £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 | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Potential costs | 4.3 ★★★★★ |
| Doing its job | 4.0 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder Score | 4.1 ★★★★★ |
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 | 3% (minimum £5) |
| 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 new 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
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyOther popular balance transfer deals
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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 £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'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 £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. £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 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 (£164.83), it'll cost you around £4.53 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 £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 makes it much harder to get debt-free before that introductory 0% period expires.
Finder credit card scores
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.
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