3 Year Fixed Rate Credit Card
This fixed rate credit card can be used for making purchases and paying them off gradually.
- Manage your monthly repayments at a low, fixed rate for 3 years from account opening.
- 6.9% interest per annum for 3 years on purchases and balance transfers.
- After three years this becomes 18.3% interest per annum.
- We charge 27.9% interest per annum on cash withdrawals.
- No annual fee.
- No balance transfer fee.
- Manage your credit card on our mobile app.
- Pay using Apply Pay, Google Pay or Samsung Pay.
- Receive the exact rates advertised for the first three years.
Representative example
18.3% APR representative (variable). Based on assumed credit limit of £1200 and a purchase rate of 18.3% per annum (variable).
Our credit cards are only available to Co-operative Bank customers
Our credit cards are only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
Why join The Co-operative Bank?
We are the bank for people with purpose. We were born from the co-operative movement over 145 years ago. Where others saw obstacles, we saw opportunity; a chance to make what worked for one, work for all.
We're proud to be the only UK high street bank with a customer-led Ethical Policy. Our customers know their money will be kept safe and not be used in a way that conflicts with their values and ethics.
To apply the main card holder must meet the following:
- 18 or over.
- UK resident.
- Earning a minimum Gross Annual Income (GAI) of £10,000.
- An existing customer having held a Co-operative Bank or smile current account for at least 1 month (Cashminder, Student and Pathfinder accounts are not eligible).
- Not had any County Court Judgements (CCJs), entered into any Individual Voluntary Arrangements (IVAs) or Trust Deeds nor been declared bankrupt within the last 6 years.
- Not in arrears or have not missed more than 2 payments on any credit agreement in the last six months.
- Must be employed full time, part time, self-employed or retired.
- Additional cardholders can be unemployed as long as they’re 18 or over and a UK resident.
Approval is subject to status and based on a credit check and an assessment of your personal circumstances.
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Repayments
You can help to minimise the amount of interest you pay in the following ways:
1. Setting up a Direct Debit.
2. Making at least the minimum monthly payment.
OR
Paying more than the minimum monthly repayment. This means you’ll be charged less interest and you’ll repay what you owe more quickly.
Minimum repayments
You will need to pay whichever is the greatest amount out of:
- 2% of the amount you owe, as shown as on your statement, or £5
- or 1% plus fees, interest and charges.
If the balance shown on your statement is less than £5, your minimum payment will be all of this amount.
- If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance.
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Annual Fee
- There is no annual fee for having this card.
Cash fee
The amount we charge for withdrawing cash – including foreign currency, Travellers Cheques, gambling transactions and loading pre-paid cards.
3% of value (minimum of £3)
Duplicate statement
What we charge for sending a copy of a past statement to you.
£2.50
Late or missed payment
What we charge if we do not receive a payment, or we receive a payment after the due date.
£10
Exceeding credit limit
What we charge if you spend more than the credit limit we've agreed with you.
£10
Uncleared payment cheque / Direct Debit
What we charge if you make an uncleared Direct Debit or cheque. For example, if you do not have sufficient funds in your account to make a payment.
£10
Foreign use charges
Payment Scheme Exchange Rate
This is the exchange rate that Visa uses. Rates can be found at:
www.visaeurope.comCurrency conversion charge
The charge for carrying out a transaction in a currency other than Great British Pounds (including purchasing Travellers Cheques, foreign currency and gambling transactions).
2.75% of the transaction
(Non-sterling) cash fee
The charge for withdrawing cash when overseas.
- This is charged in addition to the currency conversion charge.
3% of the cash value you withdraw (minimum of £3)
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Minimum credit limit
£500.
Maximum credit limit
This depends on how much we think you can afford to pay back on your card.
Choosing your credit limit
Please request a limit to cover your needs, including balance transfers and any purchases you intend to make. We will then carry out a credit worthiness check and inform you of your credit limit.
The amount you request will not affect your credit score or our lending decision.
If you don't get accepted for a credit card
After looking at your personal circumstances, we may decline your application. Being refused for a credit card can have a negative effect on your credit rating. If this happens, you should avoid applying for the same card again.
All applications, positive and negative, will show up on your credit file.
For free and impartial advice, please see the following website article: Money Advice Service.
Important documents
Important information, Pre-contract credit information, Terms and Conditions and Summary of Changes effective from 20th April 2020
Download Important information, Pre-contract credit information, Terms and Conditions and Summary of Changes effective from 20th April 2020 PDF 502KBFeatures, benefits and summary box
Download Features, benefits and summary box PDF 141KBHow we use your personal information
Download How we use your personal information PDF 100KBOur lending commitments and what we ask of you
Download Our lending commitments and what we ask of you PDF 61KBThe Co-operative Bank reserves the right to decline any application.
Whether we can offer you credit depends on your circumstances and our lending policy. We may decline your application based on your circumstances or our lending policy. We may be able to offer a product that's different to the ones advertised.
Interest
You pay interest for borrowing money on a credit card. We calculate interest at an annual percentage rate (APR) and charge monthly. You can see how much interest you’ve been charged by checking your monthly statements or online banking.
Per Annum
Per annum is a quicker way of saying ‘for each year’.
Purchases
When we talk about purchases, we’re referring to card transactions with retailers, as opposed to cash withdrawals or balance transfers.Balance Transfers
A balance transfer is when you move an unpaid balance from one credit card to another, typically in order to pay it off at a lower interest rate. When you do a balance transfer, you effectively use one credit card to fully or partially pay off the other. We may charge you a fee for doing a balance transfer.APR (Annual Percentage Rate)
APR is the interest rate calculated across the lifetime of your agreement, including any fees (total cost of credit). You can use it to compare the cost of similar products from other lenders.
Per annum
Per annum is a quicker way of saying ‘for each year’.
Representative
Lending decisions are based on personal circumstances, so the rates we offer may vary between customers. When we advertise our products, we use representative rates to show what the majority of customers may be offered.
Variable
When a rate is advertised as variable, it means that it could go up or down.
Fixed
Fixed means your interest rate won’t change for a set period of time. You should always check to see how long your fixed rate lasts.
Interest
You pay interest for borrowing money on a credit card. We calculate interest at an annual percentage rate (APR) and charge monthly. You can see how much interest you’ve been charged by checking your monthly statements or online banking.
Interest
You pay interest for borrowing money on a credit card. We calculate interest at an annual percentage rate (APR) and charge monthly. You can see how much interest you’ve been charged by checking your monthly statements or online banking.Per Annum
Per annum is a quicker way of saying ‘for each year’.
Variable
When a rate is advertised as variable, it means that it could go up or down.
APR (Annual Percentage Rate)
APR is the interest rate calculated across the lifetime of your agreement, including any fees (total cost of credit). You can use it to compare the cost of similar products from other lenders.
Representative
Lending decisions are based on personal circumstances, so the rates we offer may vary between customers. When we advertise our products, we use representative rates to show what the majority of customers may be offered.
Variable
When a rate is advertised as variable, it means that it could go up or down.
Credit limit
Not to be confused with ‘available credit’ (the amount available to spend), your credit limit is the upper limit of what you can borrow on a particular card. Your credit limit is typically determined by your financial circumstances and requirements when you apply.APR (Annual Percentage Rate)
APR is the interest rate calculated across the lifetime of your agreement, including any fees (total cost of credit). You can use it to compare the cost of similar products from other lenders.
Per annum
Per annum is a quicker way of saying ‘for each year’.
Representative
Lending decisions are based on personal circumstances, so the rates we offer may vary between customers. When we advertise our products, we use representative rates to show what the majority of customers may be offered.
Variable
When a rate is advertised as variable, it means that it could go up or down.
Fixed
Fixed means your interest rate won’t change for a set period of time. You should always check to see how long your fixed rate lasts.
Interest
You pay interest for borrowing money on a credit card. We calculate interest at an annual percentage rate (APR) and charge monthly. You can see how much interest you’ve been charged by checking your monthly statements or online banking.
Google Pay
Google Pay is simpler, safer, and you can use it anywhere contactless is accepted.
Samsung Pay
Carry your credit and debit cards on your Galaxy device - and make secure contactless payments on the go.
- Store your cards in a virtual wallet, and use them just like you would with your contactless card.
- Your cards are stored safely and securely with a unique virtual account number. This means that your personal details will never be shared with the recipient - just the vital information to make the payment.
- Pay in-store by activating your device, selecting your card of choice and verifying the payment by either scanning your fingerprint or iris, or by entering your Samsung Pay 4 digit PIN. Just hold your device above the contactless terminal and make a payment.
- Some merchants may set a maximum spend for Samsung Pay.
Apple Pay
Make purchases in store, online, and in-app, using your credit or debit card details. Simply store your cards on a compatible Apple device, and make payments from just one place.Contact us
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