Co-operative Bank think Credit Card

Co-operative Bank think Credit Card Typical APR 12.9% APR Balance Transfers 7% for 6 months Free transfers Donations Made To Cool Earth Rewards 7% for 6 months on selected ethical purchases Discounts on selected ethical purchases Interest Free Period Up to 59 days Annual Fee £0 You should only apply if you are: • Aged 21 or over • UK resident • Earn at least £10,000 each year

More about Co-operative Bank think credit card...

The Co-operative Bank prides itself on having sound ethical policies, and they have designed the new Co-operative Bank think credit card with this in mind.

This is a card designed for those of us who want to be both green and ethical, and it certainly packs in a huge range of add-ons. 'think' sees the Co-op team up with Cool Earth; a charity which seeks to protect the rainforests and their local populations.

Help protect the rainforest
The Co-operative Bank think credit card initially offers the chance for your first transaction to trigger a donation to allow Cool Earth to buy half an acre of Brazilian rainforest in your name. You'll even get the grid reference so you can look it up on Google Earth!

Protecting half an acre of rainforest costs Cool Earth £35, which is a lot more than most initial charity credit card donations. You can even protect more rainforest by donating personally to Cool Earth if you want to - at a rate of just £70 per acre.

The Co-operative Bank think credit card will continue helping the rainforest every time you use it to make a purchase. For every £100 you spend on the Co-operative Bank think Credit Card, a donation of 25p will be made to Cool Earth.

Buying up and protecting rainforest isn't just about looking after local populations and their future generations who rely on the rainforest and it's wildlife - it's also about looking after the future generations of people in the UK and everywhere else in the world.

Rainforests take huge amounts of carbon dioxide out of the atmosphere; your protected half an acre will take out 130 tonnes of carbon. Currently, rainforest destruction releases more carbon dioxide into the atmosphere each year than the entire USA.

Ethics and Ethicability
OK - the standard interest rate on the Co-operative Bank think credit card is 12.9%. Not bad within the market. But there's more...

To encourage you to spend more of your cash on things that will make the world a slightly better place, the Co-operative Bank think credit card offers half price interest for 6 months on purchases made from selected ethical retailers.

There are a whole range of ethical partners, including Ikea, The Trainline, Lush, Arriva and Co-op Food Stores. If you already use these retailers, then you’re up for saving money even before you save the planet.

You'll get a whole six months to pay off these purchases before they move to the standard rate.

There is also a limit of 50 transactions on your account that can qualify for the reduced rate - any ethical transaction number 51 will be charged at the standard rate. However, as soon as you pay some off, any previously above 50 will then be moved to the promotional rate.

More persuasion
The Co-operative Bank think credit card offers a fairly useful balance transfer deal - it's half price at 7% per annum and lasts for six months.

It's nowhere near the best on the market, but the Co-op won't charge you a balance transfer handling fee - and it's a long-term offer, meaning it can be used again and again by existing cardholders - not just new cardholders in the first so many months.

The Co-operative Bank think credit card also gets good marks for it's up to 59 days interest free period on purchases - so if you repay you balance in full and on time each month, you'll get 59 days to do so without having to pay any interest.

The cash withdrawal rate is also better than most - but by far cheap. However, the Co-operative Bank will apply your payments to cash withdrawal transactions before any promotional or standard rate purchases / balance transfers. This is pretty phenomenal and a very rare find.

It will save you money if you do need to make an ATM withdrawal or buy foreign currency with the card, as it means your higher interest cash withdrawal won't be kept waiting last in line to be paid off - so you can just pay these off and leave the cheaper purchases on your account if need be.

Compare the small print on the Co-operative Bank think credit card with the standard allocation of payments clause here.

Summary
The Co-operative Bank think credit card is a great card with which to begin saving the planet, and you'll even be able to see your bit of rainforest online. The range of ethical offers with this card is simply amazing - the Co-op have put a lot of thought into this one.

In reality, if it's a great financial deal you're after, then this isn't the best on the market. That said, the Co-operative Bank think credit card isn't as far off as you might expect a 'green' card to be, and if you already spend a decent amount on Co-op food, or a rail season ticket through Trainline, the benefits to you will be even greater.

Apply for Co-operative Bank think credit card

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