Co-operative Bank Credit Cards

The Co‑operative Bank

The Co‑operative Bank is dedicated to doing right by you

As a credit card holder, you will be a member of The Co‑operative Bank. And what does The Co‑operative Bank pride itself on doing? It prides itself on doing right by its members. It puts them first in every aspect of what it does, from the products and services it provides, to the customer service it offers.

The Co‑operative Bank delivers better banking

Another thing The Co‑operative Bank prides itself on is the fact that it always works hard to deliver better banking. And as it turns out, it must be doing a pretty good job. According to the Canstar 2019 Most Satisfied Customers Award, The Co‑operative Bank was voted #1 in Customer Satisfaction. Not only that, the bank also won the Consumer NZ 2019 People’s Choice Award for Customer Satisfaction in banking too.

The Co‑operative Bank offers you a say

According to The Co‑operative Bank, your voice counts. As a member, you get a say in how the bank is run. That means, every year, you can attend the AGM and cast your vote to elect a Board of Directors.

The Co‑operative Bank gives back

Did somebody say rebate? Yep. The Co‑operative Bank is the only bank in New Zealand to have shared its profits with its customers. Since 2013, the bank has shared more than $12 million with customers across New Zealand.

Rebates: How Do They Work?

Want to know more about how the rebate system works at The Co‑operative Bank? First, think about how a traditional bank operates. In that system, external shareholders buy shares in the bank – and if the bank does well, those shareholders may receive a dividend.

It’s essentially the same concept used within the co-operative system in operation at The Co‑operative Bank. When the bank does well, it ‘rewards’ its members with a rebate. That’s not to say it will give members a rebate every year, but it does offer rebates when it’s able, as a way of sharing the profits with its customers.

So, how much should you expect from your rebate? That will really depend on how well the bank has done as a business. Each year, it looks at factors such as the balances of its deposit and loan accounts, to then calculate how much it could offer its members as a rebate. Of course, the bank also reinvests some of that profit to improve its offering, which will also affect the rebate amount.

As the bank itself says: “The payment of rebates each year is discretionary in nature. Rebates are only paid if the bank makes sufficient profit and is able to. We cannot guarantee the payment of any rebate.” With that being said, rebates have looked pretty healthy recently. In 2019 alone, it shared $2.1 million among more than 115,000 customers.

Account Access

What else do you need to know as a potential customer and member of The Co‑operative Bank? Account access is always important, especially when it comes to everyday banking products such as credit cards.

First up, let’s look at everyday use of the card. As it is a Mastercard, that means you can use it everywhere Mastercard is accepted. Whether that’s at the local supermarket round the corner from your house, or overseas, as far from home as you could possibly get. The Mastercard network is vast, which means so is your potential card usage.

In terms of ATM access, you can use any ATM in New Zealand or overseas if you need to use your credit card to access cash (although, as with any credit card, cash advance fees and interest applies).

If you want to visit a branch, you can find branches across both the North Island and South Island. Just check out the bank’s website for the full list.

As for keeping track of your account, The Co‑operative Bank makes that easy with phone banking, internet banking and a free smartphone app for Android and iPhone. There’s even TXT banking as an option as well.

How To Join

Before you apply for a credit card with The Co‑operative Bank, you will need to become a member. This is an easy process, which can be done over the phone, in branch, or via the bank’s app.

If you’re using the app, first download the correct app for your device and access the Join Now page. Have your New Zealand driver’s license or passport handy, then provide some personal details including your name and address. You will have to take a short video of yourself saying a phrase the bank provides, and then let them know which product you’re interested in.

Applying for a Co-operative Bank Credit Card

What do you need to know about The Co‑operative Bank credit card range? Well, first of all, the range itself is pretty small. One card, in fact. Like many member-owned banks, The Co‑operative Bank keeps its range small, focusing on providing products that suit its members. And in this case, that means offering one basic, low cost card.

The Co‑operative Bank Fair Rate Credit Card is offered to New Zealand citizens and permanent residents who are aged 18 or over, who are currently living in New Zealand. As a low rate card, it aims to keep costs down with a low interest rate on purchases and cash advances, and a low fee charged every six months.

Low Interest Rates: Working well for cardholders who tend to carry a balance, The Co‑operative Bank Fair Rate Credit Card offers a low rate on purchases and cash advances. And, if you do happen to pay off your balance, you can keep your interest costs at zero with up to 55 days interest free on purchases (interest on cash advances will still apply).

Low Fees: Providing another way for cardholders to keep costs down, The Co‑operative Bank Fair Rate Credit Card has a low annual fee, split in two and paid every six months. To add additional cardholders to the account, it’s just an extra small amount added onto the annual fee.

Handy Features: With the Mastercard symbol on the front, the card offers access to all standard Mastercard features. These include Tap & go contactless payments, fraud protection and Mastercard Zero Liability Policy. You will also have access to Mastercard’s Priceless specials, offering a selection of offers and discounts, both local and international, across dining, entertainment, shopping and travel.

Online Access: Keeping track of your spending has never been easier, thanks to online banking and smartphone app access. You can activate your card, keep track of your purchases, block your card if it's lost or compromised, and apply for credit limit increases or decreases whenever it suits you.

Introductory Offers: Intro offers change all the time, so it’s a good idea to see what’s on offer as you compare your options. You could benefit from a balance transfer offer if you’re looking to pay down your current credit card balance, a reduced annual fee, or a purchase offer to save on interest on your purchases.

Want to find out more about The Co‑operative Bank Fair Rate Credit Card? Check out all the need-to-know info here, including up-to-date rates and fees, features and introductory offers. You can also read our review to find out what we love about the card, as well as what you may need to be aware of.