The Co-operative bank launches base rate tracker platinum credit card

THE CO-OPERATIVE BANK LAUNCHES BASE RATE TRACKER PLATINUM CREDIT CARD The Co-operative Bank today (30 September) launched a base rate tracker credit card, on which the interest rate is maintained at a fixed margin above the Bank of England base rate. The VISA Platinum card comes with the guarantee that its interest rate will only change in line with changes to base rate. The interest rate (for both balance transfers and purchases) will be base rate for 6 months, and then base rate plus 5% going forward. With base rate currently at 4%, this gives an APR of 8.3%. The card has no annual fee and offers cardholders up to 46 days' free credit. The minimum repayment each month is 2 per cent of the outstanding balance. Mick Firth, Deputy Chief Executive of The Co-operative Bank, said: "As is the case with tracker mortgages, we believe that this credit card will appeal to a significant number of customers. They can be reassured by the guaranteed long-term rate of 5% above base, with an initial rate of base rate itself for the first 6 months. This offers a degree of certainty, and compares favourably with cards that have short-term teaser rates, which then revert to much higher long-term rates. At the same time, there is the added benefit that, should base rate fall further, the rate on the card will be reduced correspondingly." Cardholders will have a credit limit from £5,000 upwards, and will receive numerous Platinum Travelclub benefits, including 5% discount off all brochure priced holidays. They will also be able to take advantage of other travel offers from Co-op Travelcare, including car hire and airport parking. In addition, they will receive £100,000 worth of travel accident insurance free of charge, purchase protection insurance for 90 days from the date of purchase, and an emergency cash and card replacement service. More information on this new Platinum VISA card is available on 08000 285 285. Ends For further information contact: 30 September 2002 Paul Lawler/Dave Smith The Co-operative Bank Press Office Tel: 0161 829 5091/5397 Fax: 0161 839 4220 e-mail: press.office@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/2002/09/30/20020930BIT00100/wkr0001.DOC http://www.waymaker.net/bitonline/2002/09/30/20020930BIT00100/wkr0002.pdf