Co-operative bank CC Newbie

Steviec321

Hi,

Just received my first credit card ever from the co-operative bank.

I need to make a purchase of £1000 which is my credit limit and i know i will have to pay a 2% charge.

I would like to pay approx £30 into this card first so that i can make this purchase.

How do i pay the £30 into them. I have not got a current account with them.
Can i phone them up and ask them to take the £30 out of my current account with Lloyds.

Not sure and would appreciate any advice.

Dazza.mk_2

You'll need to pay a 2% charge? why I thought you said it was a purchase not a balance transfer?

Anyway in answer to your second question I tried to ring them and make a payment via debit card to my wife's Coop CC and was told it would be 3 working days before it was applied to the account (didn't check it out made payment via Bank transfer in the end)

Steviec321

Yeah it is a purchase. I am going to buy some euros and thought it was standard to pay a 2% charge.

Ok will give it a try tonight and transfer some cash in.

Thanks,

beverleyhills

I assume that the 2% charge is part of the agreement, although I would challenge it for that amount of money.

You could ring Lloydstsb Phone Bank and set up an arrangement for your money to leave your current account to make payment to your Coop card account. It will take 3 days as Dazza.mk stated. Once set up you can always pay it that way.

The_Boss

I didnt think you could buy currency with a credit card, since it would basically be the same as withdrawing cash but with no charges/high interest

Steviec321

Hi,

I thought about that but it is still a standard purchase as to change the money back into sterling you would not get a very good buy back rate and would be worse off than withdrawing cash

grumbler

Steviec321 wrote:

I need to make a purchase of £1000 which is my credit limit and i know i will have to pay a 2% charge.

2% is cash withdrawals fee. If you pay by the card in ££s and don't draw cash, there is no any fee. Read Summary Box in you paparwork or here: Credit Cards

I would like to pay approx £30 into this card first so that i can make this purchase.

Why 'approx £30' ? And why in advance?
There is no need to pay before you make a purchase. When you receive your statement you will have enough time to make your payment. If you use the card only for purchases and pay the balance in full and on time, you don't pay any interest.
Only if you want to draw full £1000 from the card, it is worth, possibly (I am not sure), paying small amount in advance so that interest don't push you over limit. However, cash withdrawals often attract higher interest rate than purchases. Again, check your Summary Box

How do i pay the £30 into them. I have not got a current account with them. Can i phone them up and ask them to take the £30 out of my current account with Lloyds.

Yes

Careful_ly

This is a very expensive way of buying your holiday Euros, you will be charged approx 15% from when they are bought. No free time on this type of transaction.
Which Co-op card is it and when is your holiday?

The_Boss

Careful_ly wrote:

This is a very expensive way of buying your holiday Euros, you will be charged approx 15% from when they are bought. No free time on this type of transaction.
Which Co-op card is it and when is your holiday?

So that backs up what I thought

Steviec321

Hi,

I am really confused now.

I go on holiday on Sunday. This Friday i was going to walk into a Thomas Cook with my new credit card with a credit limit of £1000 and ask for £1000 in Euros.

I thought i might have to pay a 2% charge as a charge from Thomas Cook but was not sure.

Now you are saying i might have to pay 15%.

Can anyone advise

Careful_ly

Stevie

Thomas Cook will charge you. Then Co-op will charge you.
If the card was required for getting cash then you needed a SBT card eg Egg
Then you could have transferred funds to your current account then cashed the money and walked in to buy your Euros with cash, but too late now for that.