Co-Op Payment Due Dates

msaquib

Hi,

I've opened an Co-Op Credit Card and I have checked my first statement online which was produced on friday.

It says:-

Full Payment by 07/10/2006
Part Payment by 20/10/2006

Why the dates are different for? All my other cards just had one date for minimum payment or full payment.

SM

Milarky

This is a feature of Co-op bank credit cards (inlcuding Smile) and unique to them as far as I know.

It means that they give a shorter interest-free period for purchases for those customers who always pay their bill in full in time (45 days?) whilst being able to claim that they allow 'upto' a longer time than this (59 days?) to make the minimum payments. There is no advantage to you (the customer) in having an extra 14 days to pay a minimum amount if you want to use the card and never pay any interest. For that you need another card.

Still that's not the worst product they have come out with - I got a Coop card years ago and never read the small print that said there was no interest free period ever! I just paid the full balance by the stated date (only one date, not two dates in that case) and was then charged interest. I phoned up and got that interest waived but (Coop take note!) I never used the card again for purchases.

(Have they not heard of Abraham Lincoln?)

neil40

msaquib wrote:

Hi,

I've opened an Co-Op Credit Card and I have checked my first statement online which was produced on friday.

It says:-

Full Payment by 07/10/2006
Part Payment by 20/10/2006

Why the dates are different for? All my other cards just had one date for minimum payment or full payment.

SM

Looks a cowboy outfit to me.Thanks for warning- will avoid their cards

skybluesaver

I cancelled their credit card when i saw they had different dates for Part or full payment.