Co-operative Bank cuts credit card rates'Clear' card customers to benefit from lower APRs
19 August 2010
The Co-operative Bank has announced it will cut credit card rates for many customers with its ‘Clear’ card.
If they apply for the Co-op's Clear credit card, customers with a Current Account Plus, Privilege or Privilege Premier Current Account will see the typical card rate drop from 12.9% to 11.9%.
A good all-rounder
An APR of 11.9% could be worth considering if you’re looking to use your card for borrowing. This rate also covers cash withdrawals, and there are no cash advance fees to worry about if you use your credit card at an ATM.
The card offers 2.9% on balance transfers for 12 months. While this doesn’t sound as enticing as a 0% balance transfer deal, unlike with many other cards there aren’t any balance transfers fees costing you extra.
A great all-round credit card
Which? credit card expert Martyn Saville commented: 'This Co-op card doesn't have a headline-grabbing 0% deal on purchases or balance transfers. What it does have, however, is a refreshingly straightforward approach, with fewer pitfalls than rival cards.
'If you're looking for a single card that charges you the same rate on purchases and cash withdrawals without sneaky fees and charges, this could be an excellent card for you. And the Co-op's clear ethical policy is an added bonus.
'It's also good to see a credit card provider being upfront about balance transfer fees. Most providers offering a 0% balance transfer deal add on a transfer fee of around 3%, so the deal isn't really interest-free. The Co-operative Bank has instead set its balance transfer interest rate at 2.9% with no additional transfer fee. This clear and straightforward approach is very refreshing.'
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