Simplifying the usual tiered interest rates which credit cards levy, the Clear credit card issued by the Co-operative Bank offers just one APR for all transactions. Cash advances, purchases and balance transfers each attract one simple rate of 12.99 percent variable. The Clear card also comes with some other attractive benefits including discounts on holidays booked through Co-operative Travel Services.
Applicants need to have a minimum gross annual income of £10,000. The advertised APR of 12.99% is reduced to the preferential rate of 11.99% for existing Co-op Bank customers who hold a Privilege, Privilege Premier or Current Account Plus account. Minimum credit limits begin at £500.
In addition to the simplicity of one interest rate applied to all transactions, the Co-operative Clear card also allows fee free cash advances. This represents an excellent saving for those who routinely use cash advances. However a standard overseas transaction fee of 2.75% does apply, as does a £5 fee for copy statements.
Although Clear is not a rewards card, cardholders can obtain a five percent discount on a wide range of holidays booked through Co-operative Travel Services. Additionally when the card is used to purchase airline tickets, up to £25,000 of free travel accident insurance is available.
Applicants with a minimum gross income of £25,000 or over who are aged more than 25, may prefer the Co-operative Bank Platinum Fixed Rate card. This card offers a fixed ARP of 9.9% for five years before reverting to the variable rate of 12.99%. Long term fixed rate credit card offers are rare thus the Platinum Card should appeal to those who like the long term feeling of security and prefer to remain loyal to one card provider.
The 9.9% APR applies to balance transfers, purchases and cash advances, but the latter attract a fee of 3% or a minimum £3. The other fees are the same as those on the Clear card. The grace period offered is slightly less than that on the Clear card, at up to 46 days.
The Platinum Fixed Rate card also offers cardholders five percent discount on holidays booked through the Co-operative Travel Services. The level of free travel accident insurance is much higher though at up to £100,000.
Card applicants looking for a card with transparency should consider the Co-operative Bank credit cards, particularly if the one interest rate fits all appeals. There is no need to consider when introductory periods end as the certainty of one rate is there. For additional peace of mind the fixed rate card is hard to beat.