WHAT IS A CREDIT CARD?

A Credit Card is NOT linked to any bank account, the bank assigns you a credit (loan) limit which you can access using the card. You can access the money by:

• Withdrawing cash at any Visa-branded ATM
• Paying for goods & services in a physical outlet e.g. a supermarket, fuel station, restaurant, pharmacy, and any other outlet where VISA cards are accepted.
• Paying for goods & services online e.g. clothing, books, furniture, your online subscriptions and any other services.

 

WHAT ARE THE BENEFITS OF A CREDIT CARD

READY CASH FOR EMERGENCIES

A credit card gives you instant access to a loan, without you having to call or visit the bank. It can come in handy in case you have an emergency and have nowhere else to get money at that moment.

 

FREE TRANSACTIONS

The bank does not charge you anything when you pay for goods & services with your Credit Card, it’s free of charge. It doesn’t matter if you’re paying for something in Kenya or abroad. The only amount which is deducted from the card is the cost of the item or service you are paying for. You can pay ANY amount with your Debit Card, it’s just like paying with cash.

However, if you withdraw cash using the card, you will be charged a commission up-front, which is immediately deducted from your available card limit. You will pay back the commission together with the loan.

 

NO INTEREST IS CHARGED IF YOU REPAY ON TIME

The bank gives you an interest-free period of up to 50-days, if you clear your outstanding balance on or before your statement date.

If you’re not able to repay the full loan at once, you may repay the loan in installments. The bank will charge you a monthly interest rate on the outstanding amount until you clear the outstanding balance.

 

SAFETY AND CONVENIENCE 

• It is safer to carry a Card than to carry cash. Even if the card is lost or stolen, it cannot be used without your secret PIN.
• Co-op Credit cards have a tiny chip (microchip) embedded in the card, making the card virtually impossible to copy.
• If your card is lost or stolen, call us immediately on 0703027000. We will block the card to protect the money in your account and replace your card.

 

TRACK YOUR SPENDING

You get SMS alerts on your mobile phone (if you have opted for them) every time you use your Credit Card. Also, you can receive monthly account statements (if you have opted for them).

This allows you to see where you’re spending your money in real-time, and can help you to budget your monthly expenses.

 

EXTRA BENEFIT FOR PLATINUM CARD HOLDERS:

Customers who qualify for a Platinum Card will have access to airport VIP lounges all over the world, at a highly discounted rate. If you have this card, follow the steps below to access this benefit:

• Before traveling, search for the available lounges at the airport
• At the lounge present your Platinum Credit Card
• The Lounge Staff will process the card. When the card is swiped the information is sent to the lounge key system which determines if the card is active to allow entry or deny access accordingly
• You’ll be required to sign where necessary
• Access the lounge and enjoy your stay
• For further guidance on the program and to access the FAQs, download the Lounge Key App or visit https://www.loungekey.com/en/co-opbank/faq/
• To find information on lounges, use the search tool on this website: https://www.loungekey.com/en/co-opbank/our-lounges

We are constantly working on expanding the program and including more lounges so you get to enjoy a seamless experience!

 

HOW TO APPLY FOR A CO-OP CREDIT CARD:

You don’t need a Co-op Bank account to apply for a Credit Card. You can apply at any branch countrywide with your ID, 6 months bank statement, and the card processing fee.
Below are the options available depending on your income and the type of account you have:

• Classic Credit Card (Black Card)
• Gold Credit Card
• Platinum Credit Card

 

TO AVOID FRAUD AND KEEP YOUR CARD SAFE:

• Always ensure you shop on secure websites.
• Do NOT share with anyone your Card Number, PIN, CVV (the 3-digit number at the back of your card) or the OTP’s (one-time passwords) you receive when transacting online.

 

Co-operative Bank will never call, SMS or Email you to ask for your bank account or card details. Report such requests immediately to the bank through customer service no. 0703027000