05 Dec
Does The Co-operative Bank do cashback?
December 05, 2023
The Co-operative Bank is known for its commitment to providing value to its customers. One of the ways they do this is through their cashback offers and rewards program. If you’re wondering whether The Co-operative Bank offers cashback, the answer is yes!
Key Takeaways
- The Co-operative Bank offers a cashback credit card exclusively for Co-operative Members.
- Members can earn 0.5% cashback when they spend at Co-op food stores and 0.3% cashback when they spend anywhere else with the Visa symbol.
- Cashback is sent to The Co-operative Group, who distribute it to cardholders through bank transfers or Co-operative Group vouchers.
- The cashback credit card has features such as no annual fee and a 0% balance transfer fee.
- Co-operative Bank cashback is not earned on balance transfers or cash withdrawals.
Features and Benefits of The Co-operative Bank Cashback Credit Card
The Co-operative Bank cashback credit card offers several features and benefits that make it an attractive option for Co-operative Members. Here are some key highlights:
1. Cashback Offers
- Earn 0.5% cashback on purchases made at Co-op food stores.
- Earn 0.3% cashback on purchases made anywhere else where the Visa symbol is displayed.
- Cashback is sent to The Co-operative Group and distributed to cardholders through bank transfers or Co-operative Group vouchers.
2. No Fees
- No annual fee for holding The Co-operative Bank cashback credit card.
- 0% balance transfer fee, making it convenient to consolidate your credit card balances.
3. Convenient Payment Options
Cardholders can enjoy the convenience of using smart payment apps such as Apple Pay, Google Pay, and Samsung Wallet with their Co-operative Bank cashback credit card.
These features and benefits make The Co-operative Bank cashback credit card a valuable tool for Co-operative Members looking to earn rewards on their everyday spending while enjoying a range of additional perks.
The Co-operative Bank Cashback Credit Card Charges Overview:
- Interest rate on purchases: 18.2% per annum
- Interest rate on balance transfers: 18.2% per annum
- Interest rate on cash withdrawals: 27.9% per annum
- Fee for cash withdrawals: 3% of the cash withdrawn, minimum £3
- Fee for late payments: £10 per missed payment
- Fee for going over the credit limit: £10
- Fee for uncleared Direct Debit or cheque payments: £10
Using The Co-operative Bank Cashback Credit Card Abroad
When it comes to using The Co-operative Bank cashback credit card abroad, there are a few important things to keep in mind. First, there is a currency conversion fee of 2.75% of the transaction amount. This means that when you make a purchase in a foreign currency, you’ll be charged an additional fee on top of the purchase amount. It’s worth noting that this fee is standard among many credit cards and is used to cover the costs associated with converting the currency.
Additionally, if you need to withdraw cash in a foreign currency outside of the UK, there is a fee of 3% of the cash withdrawn, in addition to the 2.75% currency conversion fee. This means that cash withdrawals can be quite costly when using The Co-operative Bank cashback credit card abroad. It’s always a good idea to have some local currency on hand when traveling to avoid excessive fees.
It’s important to understand that while using The Co-operative Bank cashback credit card abroad allows you to earn cashback on your purchases, the cashback rate remains the same as when you use the card domestically. So whether you’re shopping at Co-op food stores or making purchases elsewhere, you’ll still earn 0.5% cashback at Co-op food stores and 0.3% cashback elsewhere, as long as the Visa symbol is displayed.
Summary:
- There is a currency conversion fee of 2.75% when using The Co-operative Bank cashback credit card abroad.
- Cash withdrawals in a foreign currency outside the UK incur a fee of 3% of the cash withdrawn, in addition to the 2.75% currency conversion fee.
- The cashback rate remains the same when using the card abroad, earning 0.5% at Co-op food stores and 0.3% elsewhere.
Overall, The Co-operative Bank cashback credit card can be a convenient and rewarding option for both domestic and international use. However, it’s important to be aware of the currency conversion and cash withdrawal fees associated with using the card abroad. By understanding these fees and making informed decisions about your card usage, you can maximize your cashback earnings while enjoying the benefits of The Co-operative Bank’s cashback program.
Earning Cashback with The Co-operative Bank
If you’re looking to earn cashback on your everyday purchases, The Co-operative Bank has you covered. As a Co-operative Member, you have the opportunity to take advantage of their cashback credit card program. This means that every time you use your card, you can earn cashback on your purchases.
The cashback program offered by The Co-operative Bank is quite generous. When you shop at Co-op food stores, you can earn 0.5% cashback. And when you shop anywhere else that displays the Visa symbol, you can earn 0.3% cashback. So whether you’re buying groceries or treating yourself to a shopping spree, you’ll be rewarded for your spending.
To apply for The Co-operative Bank cashback credit card, you’ll need to meet certain eligibility criteria. You must be at least 18 years old, a resident of the UK, and earn a minimum annual income of £10,000. Additionally, you’ll need to be a Co-operative Member, which requires having a Co-operative Membership number. The credit limit for the card will be determined based on your credit check and personal circumstances.
Benefits of The Co-operative Bank Cashback Credit Card:
- No annual fee: You won’t have to pay any annual fees for the cashback credit card.
- 0% balance transfer fee: If you have balances on other credit cards, you can transfer them to The Co-operative Bank cashback credit card without incurring any fees.
- Smart payment apps: The card is compatible with popular smart payment apps such as Apple Pay, Google Pay, and Samsung Wallet, offering you convenience and flexibility in how you make your purchases.
With The Co-operative Bank cashback credit card, you not only have the opportunity to earn cashback on your purchases but also enjoy additional benefits such as no annual fees, 0% balance transfer fees, and compatibility with smart payment apps. It’s a win-win situation for those who want to make the most of their spending while supporting ethical banking practices.
The Co-operative Bank’s Ethical Policy and Values
The Co-operative Bank has a strong commitment to ethical banking and operates under a customer-led Ethical Policy, which guides their approach to various aspects of their business. This policy covers areas such as ethical banking, ethical products and services, ethical business practices, ethical workplace and culture, and ethical campaigning. By adhering to these principles, The Co-operative Bank seeks to provide products and services that align with their customers’ values and contribute to positive social and environmental impact.
Throughout their operations, The Co-operative Bank aims to prioritize ethical considerations. They carefully consider the impact of their banking practices on society and the environment, striving to uphold sustainable and responsible practices. This commitment extends to the products and services they offer, ensuring that they meet ethical standards and provide benefits to both customers and the wider community.
The Co-operative Bank’s Ethical Policy
- Ethical Banking: The Co-operative Bank prioritizes transparency, fairness, and responsible practices in their banking operations.
- Ethical Products and Services: The bank offers a range of financial products and services that are designed to align with ethical values, such as their cashback credit card for Co-operative Members.
- Ethical Business Practices: The bank aims to conduct its business in an ethical and sustainable manner, considering the social and environmental impact of its operations.
- Ethical Workplace and Culture: The Co-operative Bank promotes a positive and inclusive workplace culture, valuing diversity, equality, and employee well-being.
- Ethical Campaigning: The bank actively supports and campaigns for issues that align with their ethical values, advocating for positive change in society.
By incorporating ethical considerations into their practices, The Co-operative Bank demonstrates their commitment to responsible banking, providing customers with a range of products and services that support their values while contributing to a better future.
Conclusion
The Co-operative Bank does indeed offer cashback options through their exclusive cashback credit card for Co-operative Members. This rewards program allows members to earn cashback on their everyday purchases, making it a great way to save money while supporting ethical banking practices.
The Co-operative Bank cashback credit card comes with several features and benefits, including no annual fee and a 0% balance transfer fee. It is also compatible with popular smart payment apps such as Apple Pay, Google Pay, and Samsung Wallet. However, it’s important to note that cashback is not earned on balance transfers or cash withdrawals.
One of the key advantages of The Co-operative Bank is their commitment to ethical values. They have a customer-led Ethical Policy that guides their banking practices, products, services, workplace culture, and even their campaigning efforts. By choosing The Co-operative Bank, customers can support a bank that aligns with their values.
In summary, The Co-operative Bank’s cashback credit card offers a rewarding experience for Co-operative Members, allowing them to earn cashback while enjoying a range of benefits. With its ethical approach to banking, The Co-operative Bank provides customers with an option that combines financial rewards with a commitment to ethical values.
FAQ
Does The Co-operative Bank offer cashback?
Yes, The Co-operative Bank offers a cashback credit card exclusively for Co-operative Members.
What are the features and benefits of The Co-operative Bank Cashback Credit Card?
The Co-operative Bank cashback credit card offers features such as no annual fee, a 0% balance transfer fee, and compatibility with smart payment apps. Members can earn 0.5% cashback when they spend at Co-op food stores and 0.3% cashback when they spend anywhere else where the Visa symbol is displayed.
What are the interest rates and charges for The Co-operative Bank Cashback Credit Card?
The card has an interest rate of 18.2% per annum on purchases and balance transfers, and 27.9% per annum on cash withdrawals. Cash withdrawals also incur a fee of 3% of the cash withdrawn, with a minimum of £3. Late payment fees, copy statement fees, and other charges may apply. Please refer to the terms and conditions for more information.
Can I use The Co-operative Bank Cashback Credit Card abroad?
Yes, you can use the card for purchases in a foreign currency. However, please note that there is a currency conversion fee of 2.75% of the transaction amount. Cash withdrawals in a foreign currency outside the UK also incur a fee of 3% of the cash withdrawn, in addition to the currency conversion transaction fee.
Who is eligible for The Co-operative Bank Cashback Credit Card and how do I apply?
To be eligible for the card, you must be 18 or over, a UK resident, earn a minimum of £10,000 per year, and be a Co-operative Member. During the application process, you will be required to provide your Co-operative Membership number. The application takes about 10 minutes, and you can save your progress and come back to it later.
What is The Co-operative Bank’s Ethical Policy and Values?
The Co-operative Bank has a customer-led Ethical Policy, which covers areas such as ethical banking, ethical products and services, ethical business practices, ethical workplace and culture, and ethical campaigning. The bank aims to provide products and services that reflect their values and ethics.
Source Links
- https://www.co-operativebank.co.uk/products/credit-cards/co-operative-members/
- https://www.co-operativebank.co.uk/assets/pdf/bank/creditcards/coopmember/members-credit-card-cashback-t-and-cs.pdf
- https://www.co-operativebank.co.uk/products/credit-cards/help-and-support/
