Fair Rate Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.co.nz. Ask Roland a Question about this card.

The Co-operative Bank Fair Rate Credit Card Review

As a low rate, low annual fee card, The Co-operative Bank Fair Rate Credit Card is designed to help cardholders keep costs down. And while it may not be bursting with fancy extras, it does offer all the functional features you could need in a credit card, including fraud protection, contactless payments, online account access and up to 55 days interest free on purchases.

Got a balance you want to pay down? With this card’s handy balance transfer offer, you could take advantage of 0% p.a. on balance transfers for six months.

What we love...

When you want to pay down credit card debt, transferring your balance to a simple, low cost balance transfer card such as The Co-operative Bank Fair Rate Credit Card could be a great way to get it done. There are no features or rewards enticing you to spend more on your card, so all you need to focus on is paying down that balance before the introductory period ends.

And if you can’t pay it all off in time? Unlike some other balance transfer cards that revert to a much higher rate, this card reverts to a low rate, making it easier to keep on top of your balance as you continue to pay it down.

So, what else does the card have to offer? As you would expect from a card with the term ‘fair rate’ in its name, The Co-operative Bank Fair Rate Credit Card concentrates on offering low rates, not just on purchases, but on cash advances too. That means, if you tend to carry a balance – or if you occasionally use your card’s cash advance feature – you can keep interest costs down as you work on clearing your balance.

On the other hand, if you do clear your balance month-to-month, you can take advantage of the card’s interest free feature, offering up to 55 days interest free on purchases. As long as you pay your closing balance by the due date – and don’t have a balance transfer on your account – this could help you keep interest costs on purchases at zero.

What about fees? Sticking with its low cost theme, this card also has a low annual fee. As the primary cardholder, you will pay a seriously low fee every six months – and you can add additional cardholders for just a little bit extra.

What’s not so great...

When it comes to low rate, low fee cards, there’s not much to complain about – unless perhaps, you’re looking for extras. Low cost cards such as The Co-operative Bank Fair Rate Credit Card simply don’t offer premium extras or rewards. With that being said, if you don’t need those extras – or you simply don’t want to pay more for them – then you’ll likely be pretty happy with what this card has to offer.

Why should you choose this card?

Designed to help keep costs down, The Co-operative Bank Fair Rate Credit Card would work well for cardholders who want to save on interest, on fees, or both. Cardholders who tend to carry a balance will likely appreciate its low purchase rate, while those who occasionally use the cash advance feature will like its low rate on cash advances.

As for its low fee, that could appeal to cardholders who don’t want – or who can’t afford – to pay hundreds of dollars just to access credit. As a basic card, it keeps things simple. There is very little small print to read, and there are no complex rewards programs or convoluted extras to understand. You get the card, you get access to credit, you use it wisely, the end.

In terms of eligibility, the card is offered to New Zealand citizens and permanent residents who are aged 18 or over, and currently living in New Zealand. It’s worth bearing in mind that to apply for The Co-operative Bank Fair Rate Credit Card, you will need to become a member of The Co-operative Bank. This is a straight-forward process, and it allows you to reap the benefits of being a member, which includes having a say in how the bank is run, and rebates when the bank is doing well.

So, are there any other features of note? As a cardholder, you will be able to manage your card using online banking and the bank’s app. You’ll also have access to various Mastercard features, including Priceless specials, contactless payments via Tap & go, and fraud detection and protection under the Mastercard Zero Liability Policy.

Overall Rating

The Co-operative Bank Fair Rate Credit Card is a simple, low cost card with a low rate and low fee. It provides all the basic features you could want in a credit card, plus 0% p.a. on balance transfers for six months.