Co-operative Bank Fair Rate Credit Card

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The Fair Rate Credit Card from The Co-operative bank has a low Purchase rate of 12.95% per annum, a low annual fee of $20 and a balance transfer rate of 0% p.a. for 6 months. This might be a good card if you are looking for a credit card with a low-interest rate and/or want to transfer your balance to a credit card with a low interest rate and a balance transfer offer.

A nice feature of this card worth highlighting is that the Cash advance rate is the same as the Purchase rate (unlike most credit cards), plus you don't get charged a Cash advance fee at NZ ATMs, branches, and using online or mobile banking.

This card might be suitable for cardholders who are likely to carry a debt on their card or who want to transfer their credit card debt from another credit card and benefit from the balance tranfer rate of 0% p.a. for 6 months. If you do not plan to carry a debt on your credit card then a no annual fee credit card might be more suitable.

Key Features

Purchase Rate: 12.95% p.a.
Cash Advance Rate: 12.95% p.a.
Balance Transfer: 0% p.a. for 6 months
Annual Fee: $20 charged as $10 every six months
Interest Free Days: 55 days
Minimum Repayment: The monthly minimum payment is the greater of 3% of the closing balance shown on your statement or $10.
Card Reward Details: N/A
Credit Limit: Minimum of $1,000
Other Fees: Late payment fee of $10 per late payment, Additional card holder fee of $30 per year charged as $15 every six months, Overseas Cash advance fee (ATM or branch) of $6.50 per transaction (there is no Cash advance fee at NZ ATMs, branches, and using online or mobile banking), Foreign currency conversion fee of 2.10% of the New Zealand dollar converted value of the foreign currency transaction, Card replacement fee of $10 (plus courier costs, where applicable), Disputed transaction handling fee of $15. See the Co-operative Bank website for full list of fees that apply.

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

Co-operative Bank Fair Rate Credit Card Review

Pros and Cons

We've compiled below the pros and cons of the Co-operative Bank Fair Rate Credit Card to help you decide.

Pros

Low Interest rate
Low cash advance interest rate
0% balance transfer for 6 months

Cons

Annual Fee
No Reward points

What we like about The Co-operative Bank Credit Card

Competitive Interest Rates

One of the standout features of The Co-operative Bank Credit Card is its competitive interest rate of 12.95% per annum. This rate is notably lower than many other credit cards available in New Zealand, making it an attractive option for those who wish to minimise interest payments. Additionally, the card offers a 0% balance transfer for the first six months, providing an excellent opportunity to manage existing debt more effectively.

Customer Service and Support

The Co-operative Bank is known for its exceptional customer service and support. As a customer, you can expect prompt and helpful assistance with any queries or issues you may encounter. The bank's commitment to transparency and customer satisfaction sets it apart from many other financial institutions. Whether you need help with your credit card or other banking services, The Co-operative Bank aims to provide a seamless and supportive experience.

What is Not So Great About The Co-operative Bank Credit Card

Annual Fees

While The Co-operative Bank Credit Card offers a low annual fee of $20, it is important to consider that some other banks provide credit cards with no annual fees at all. This could be a deciding factor if you are looking to minimise your yearly expenses.

High Foreign Transaction Fees

The Co-operative Bank Credit Card may not be the best option for frequent travellers. Its foreign currency conversion fee is 2.50%, which is higher than the average range of 1.40% to 2.25% charged by other banks.

Lack of Premium Perks

If you are seeking a credit card with premium benefits such as rewards, cashback, or airline miles, The Co-operative Bank Credit Card might not meet your expectations. The card focuses on providing a low-interest rate and low fees, but it does not offer the extra perks that some other credit cards provide. This could be a drawback if you value additional benefits and rewards.

Is The Co-operative Bank Credit Card Right for Me?

Assessing Your Spending Habits

Before deciding on The Co-operative Bank Credit Card, consider your spending habits. If you often carry a balance, the low-interest rate of 12.95% p.a. can save you money. However, if you frequently travel abroad, the 2.50% foreign currency conversion fee might add up.

Comparing with Other Cards

It's wise to compare this card with others. While The Co-operative Bank offers a low annual fee of $20 and a 0% balance transfer for six months, it lacks rewards programmes and premium perks. If you value cashback or airline points, you might find other cards more appealing.

Long-term Financial Goals

Think about your long-term financial goals. If you aim to pay off debt, the 0% balance transfer offer can be beneficial. However, if you seek a card with extensive rewards or travel benefits, you might need to look elsewhere. Assess how this card aligns with your financial plans and needs.

Frequently Asked Questions

What are the age and residency requirements for The Co-operative Bank Credit Card?

To apply for The Co-operative Bank Credit Card, you need to be at least 18 years old and a resident of New Zealand.

What income do I need to qualify for The Co-operative Bank Credit Card?

You need to have a steady income to qualify. The exact amount may vary, so it's best to check with the bank for specific details.

How does my credit score affect my application?

Your credit score plays a big role in your application. A good credit score increases your chances of approval.

Are there any rewards with The Co-operative Bank Credit Card?

No, The Co-operative Bank Credit Card does not offers rewards.

What are the annual fees for The Co-operative Bank Credit Card?

The card comes with an annual fee of $20, which you should consider when comparing it to other cards.

Eligibility Requirements:

Your eligibility for this card would depend on a few criteria listed below. When you apply for a Co-operative Bank credit card, Co-operative Bank would ask you a few questions about the following criterias to determine your eligibility.

Income
Expenses
Debts
Assets
Savings
Investments

Documents:

In general the following documents are usually required for credit card applications.

Proof of Income

One of the following:

your most recent payslip or salary notice
copies of bank statements that show your pay or salary deposits
a letter from your employer confirming your income
an Inland Revenue Department (IRD) “summary of earnings” notice.

If you’re self-employed, you must supply:

signed financial statements for the past two years
a signed personal Statement of Financial Position
your personal tax return.

Proof of Identity:

A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.

List 1:

Current passport
New Zealand drivers licence
18+ card
Photo Credit Card

List 2:

Most recent bank statement
Debit card
Credit card
Community services card
Club or society card.

Are you interested in a low rate credit card? Compare ALL low interest credit cards on our low rate credit cards page.

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What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.