The Co-op cuts credit card rates

Thousands of customers of The Co-operative Bank will see rate reductions on their credit cards from today. (16 August).

The APR will reduce from 12.9% to 11.9% typical/ variable for ‘Clear' credit card holders who are also customers of the bank's Current Account Plus, Privilege and Privilege Premier Current Accounts.

The card offers a unique combination of a low 'go to' rate, a low introductory balance transfer rate (2.9%) for 12 months, with no balance transfer or cash withdrawal fee. It will also retain its transparent pricing structure, charging one rate across all transactions.

The offer will also be available to new current account customers who open one of the eligible current accounts.

John Hughes, Business Leader, Retail Products for The Co-operative Financial Services, said: "The changes to our Clear card continue our drive to ensure that customers with the deepest relationship with the Co-operative Bank are given access to a range of excellent additional products.

"Our Clear card already offers highly competitive and transparent rates across purchases, cash withdrawals and balance transfers, but the rate reduction for existing current account customers will offer even better value."

The announcement come on the back of an existing trio of offers for all new and existing current account holders recently launched by the bank, including a highly competitive lifetime tracker mortgage at 2.49% for up to 75% LTV, discount off personal loans and discount on home insurance.