Balance Transfer Credit Card
Consolidate your existing debt with our Balance Transfer Credit Card.
- 0% interest per annum on balance transfers for 24 months from the date you transfer your balance
- After 24 months this becomes 20.6% interest per annum
- 0% interest per annum on purchases for 4 months from account opening
- After four months, this becomes 20.6% interest per annum
- There is a 1% balance transfer fee (minimum charge of £5)
- You can transfer 95% of your credit limit (minimum of £100)
- Balances from another Co-operative Bank or smile credit card can’t be transferred
- We charge 27.9% interest per annum on cash withdrawals
- Pay back your existing credit card balances from one place
- Transfer your balance up to 60 days after account opening
- Pay using Apple Pay, Google Pay and Samsung Pay
- No annual fee
Representative example
20.6% APR representative (variable). Based on assumed credit limit of £1200 and a purchase rate of 20.6% 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 (excluding Pathfinder, Cashminder and Student accounts).
Balance Transfer Calculator
Calculations shown are for illustrative purposes only and are based on fixed monthly payments.
Illustrative example
A balance transfer of
£2,500
would be fully paid in
2 years 2 months
based on a representative rate of
20.6% APR variable
This includes a transfer fee of:
£25
You would have to repay a total of
£2,527.11
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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How do balance transfers work?
A balance transfer is when your balance from a credit card or a store card is moved to another credit card.
This means you can consolidate what you owe, make repayments from one place and you could save money if the interest rate is lower.
With our Balance Transfer Credit Card you can move your balance and pay 0% interest for 24 months.
To transfer your balance:
Once you have applied and been accepted for a Balance Transfer card, you can transfer your balance by logging into online banking.
Select ‘Balance Transfer’ on your credit card account screen, and then add your previous credit card details and the amount you want to transfer.
The transfer can take up to 48 hours. When the balance transfer has been completed, you’ll receive a secure message within online banking.
You can also call us on
+44(0)345 600 6000
Please see our UK Call Charges
A few things to consider:
The 0% interest rate for two years starts from the date of the transfer.
Balance transfers must be made within 60 days of opening the account.
We charge a 1% balance transfer fee.
-
Repayments
You can help to minimise the amount of interest you pay in the following ways:
- Setting up a Direct Debit.
- 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.
Missing and late repayments
Unlike some banks, if you miss or make a late repayment you will not be taken off the introductory balance transfer offer.
- You will have to pay a late payment fee of £10 and this could impact your credit rating.
-
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)
Balance transfer fee
What we charge for transferring your balance to the card.
1% (minimum of £5)
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 transactions
(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.
Your credit limit will cover any balance transfers, purchases and revolving balances.
- This won't impact your likelihood of being accepted.
Maximum balance transfer limit
The balance transfer limit is 95% of your agreed credit limit.
- This is subject to a minimum transfer of £100.
- Transfers can't be made from The Co-operative Bank cards.
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 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 PDFFeatures, benefits and summary box
Download Features, benefits and summary box PDFHow we use your personal information
Download How we use your personal information PDFOur lending commitments and what we ask of you
Download Our lending commitments and what we ask of you PDFInterest
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.
Purchases
When we talk about purchases, we’re referring to card transactions with retailers, as opposed to cash withdrawals or balance transfers.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.
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.
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’.
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.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.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.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.
The 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.
Important information about our call charges
If you’re calling from the UK, calls to 0800 and 0808 numbers are free from landlines and mobiles; calls to 03 numbers cost the same as calls to numbers starting with 01 and 02; calls to 0845 and 0870 numbers cost 3p per minute, plus your phone company’s access charge; calls to 0844 and 0843 numbers cost 7p per minute, plus your phone company’s access charge. Charges for calls made outside of the UK will be determined by your local provider.
Calls may be monitored or recorded for security and training purposes.
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.
Contact us
If you'd like more help & information, you can:
