Spend it........

SPEND IT, EARN IT AND TAKE OFF WITH THE CO-OPERATIVE BANK The Co-operative Bank today (3 April, 2003) launched a new reward VISA credit card that pays points redeemable at its sister organisation Travelcare. For every £1 spent on the new Travel Reward card, customers will receive one Travelcare point that can be used to help pay for holidays, flights and services booked at the Co-operative Group's travel arm. A cardholder spending £700 per month on their card would earn 8400 Travelcare points for the year with a redemption value of £84. Cardholders will also receive normal Travelcare customer discounts, and in cases where none apply they will receive guaranteed discounts between two and seven per cent. In addition cardholders will not be charged a credit card booking fee, normally 1.5 per cent. Further exclusive travel benefits are also part of the card benefits. The card is aimed primarily at customers who pay off their credit card bills on a monthly basis, who do not benefit from the many rate led offers currently available. Last year, 64 per cent* of credit cardholders paid off their credit card balance in full each month. For those who do not repay their balance in full each month, the interest rate is a competitive 14.9 per cent APR. Anyone transferring existing credit card balances to the new card will receive an initial introductory rate of just 5.9 per cent APR for six months. In addition cardholders transferring a balance will receive one point per £2 transferred in the first six months. The card has no annual fee and offers cardholders a market leading 59 days' interest free credit. Sheila Macdonald, Chief Operating Officer at The Co-operative Bank, said: "As the majority of credit cardholders pay off their balance each month, it was clear that most customers would be interested in a card that offers rewards rather than short term introductory rates which they are unlikely to benefit from. "The Travel Reward card allows cardholders to earn points and use them towards a holiday or any other service from Travelcare. "This is another example of the Co-operative Group's family of businesses working together to bring added benefits to all our customers." More information on this new Travel Reward VISA card is available on 0800 0280 0280. Ends Notes to Editors: · Source: MORI Financial Services Survey - 6 months ending Dec 2002. How the card compares with other loyalty cards. Card Type Rate Intro Rate How to earn What it Value and Period Reward covers per £100 spend Co-operative 14.9% 5.9% on 1 Redeem your £1 Bank Travel balance Travelcare Travelcare Card transfers point per points on for six £1 spent transactions months 1 at Travelcare Travelcare and get point per between 2 and £2 7% discount transferred off the price on balances of your transferred holiday in first 6 months Abbey National 16.9% 1.9% for Cashback Cash 50p/£1 six months 0.5% up to £500 1% over £500 turnover Egg 13.9% 0% til 1-08- 0.5% Cash 50p 03 cashback Amex 18.9% 4.9% til 1% cashback Cash £1 balance cleared Barclays 11.9% 6.9% til Nectar - 1 Lifestyle 29p to balance point for benefits 24.9% cleared every £2 spent Natwest 17.4% 5.9% til Airmiles 5 Air Travel 47p balance points per and some cleared £100 spent lifestyle benefits For further information contact: 3 April 2003 Paul Lawler The Co-operative Bank Press Office Tel: 0161 829 5091 Fax: 0161 839 4220 e-mail: paul.lawler@co-operativebank.co.uk ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/03/20030403BIT00280/wkr0001.DOC http://www.waymaker.net/bitonline/2003/04/03/20030403BIT00280/wkr0002.pdf