The Co-operative Bank Credit Cards

The Cooperative Bank is a New Zealand mutual bank providing credit cards, accounts, investments, loans, insurance and foreign exchange.

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If you’re considering a Cooperative Bank credit card, check out what products the company has to offer by comparing credit cards using Canstar’s Star Ratings.

Types of Cooperative Bank credit cards

The Cooperative Bank only offers a single credit card product: the Fair Rate Credit Card. Unlike most NZ financial institutions, which charge between 13.45 – 18% p.a. for a low-rate credit card, the Cooperative Bank prides itself on offering a ‘fair rate credit card’, with a lower-than-usual rate.

Cooperative Bank Fair Rate Credit Card

The Cooperative Bank Fair Rate Card claims to have the lowest interest rate in New Zealand and offers a lengthy interest-free period in addition to low fees. You’ll also pay off your highest-interest debt first by default, which saves you money in the long term.


  • Interest rate on purchases: 12.95% p.a.
  • Interest rate on balance transfers: 4.95% p.a. for the first 12 months
  • Annual fee: $20 ($10 every six months, or $15 every six months if you take out additional cards)
  • Online: Activate and manage your card online 24/7 via online banking

Eligibility to apply for Cooperative Bank credit cards

To apply for any of The Cooperative Bank’s credit cards, you must be able to satisfy the following criteria:

  • You must be a New Zealand resident
  • You must be over 18 years of age
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How to apply for a Cooperative Bank credit card

If you satisfy all of the above criteria, you can apply online for a credit card using the Cooperative Bank website, call The Cooperative Bank on 0800 554 558 or visit a branch to apply in person. The application takes 5-10 minutes, and the Cooperative Bank says approved card applicants generally receive confirmation of approval within 24 hours, with the new card arriving within five to seven work days.

You will need the usual documentation to apply for a credit card, including:

  1. Your employment details
  2. Your annual income
  3. Your usual living expenses
  4. Details about assets you own such as a home, car, other belongings or savings
  5. Any debts you currently owe on other credit cards, loans or overdrafts

If you don’t currently have a Cooperative Bank account, you’ll also need to provide:

  • Valid identification
  • Mail that has been addressed to your residential address in the past three months

Read our checklist on applying for a credit card for a more detailed explanation of how the process works.

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The Cooperative Bank credit card FAQs

You’ll need to activate your new credit card before you can start using it. After receiving your card, you can activate it online by logging in to either online banking or the Cooperative Bank mobile app, and following the prompts.


You can manage your Cooperative Bank credit card through online banking. By using The Cooperative Bank’s online banking service, you can make and receive payments, access statements and transaction details, and view all of your accounts to see how much you owe.


When interest is charged

Interest is charged on purchases when you carry a balance on your Cooperative Bank credit card, and is charged on cash advances from the date of withdrawal. Interest is calculated daily on your outstanding balance, and charged to you monthly on your regular statement.

When interest is not charged

Up to 55 interest-free days apply to Cooperative Bank credit card purchases, depending on which card you have. This applies if you have paid the balance in full for the previous month’s statement and for the current month’s statement. For more information about interest-free days, check out our article on how they work.

Your credit limit for a Cooperative Bank credit card will be determined based on the information you provide in your application, keeping in mind the minimum and maximum credit limits available for each card. Find out more about how credit limits are determined here.

To change the credit limit on your card, you can submit an online request to The Cooperative Bank at any time, or visit a branch with a valid form of photo ID to change it in person.

You can close your Cooperative Bank credit card account at any time by sending a written request to your The Cooperative Bank branch. Your card balance will need to be repaid in full even after the card is closed, and you will continue to receive monthly statements until your card balance is fully repaid.

If you’re cancelling your credit card with The Cooperative Bank because you’re struggling financially, contact its financial hardship team to find a potential solution.

If you’re cancelling your credit card because you aren’t happy with it, then consider checking out what else is on the market by clicking the button below to compare credit cards using the Canstar website:


The Cooperative Bank was first founded in New Zealand in 1928 and became a registered banking institution in 2011. The bank currently has around 161,000 customers across New Zealand, with 15,000 new ones joining in the past year. As a mutual bank, the Cooperative only exists to benefit members – of their $16.5m gross profit last year, there were $2.1m paid in rebates to eligible customers.


The Cooperative Bank - Fair Rate Credit Card

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Written by: Sam Bloom | Last updated: May 10, 2018