co-operative membership credit card

taurusgb

This credit card pays cash back once a year - can some kind soul PLEASE save my sanity by telling me just how they pay it to you?

On my December statement it said that the cashback to date had been redeemed, but not how. Nothing was credited to my credit card, nothing paid into my bank, so I sent a sceure message to ask how it was paid. They said it was transferred to my co-op membership account and would be paid out to me from there when they paid member rewards twice a year either in vouchers or direct into my bank. You have to be a co-op member to have this credit card, and the membership card has it's own cashback scheme which is added to the card when you shop and can be redeemed whenever you like, it does not pay out twice a year in vouchers or bank transfer.

Does anyone else have this credit card and if so how have you received the cashback?

[Deleted User]

A family member gets theirs in vouchers.

King_Of_Fools

taurusgb wrote: »

You have to be a co-op member to have this credit card, and the membership card has it's own cashback scheme which is added to the card when you shop and can be redeemed whenever you like, it does not pay out twice a year in vouchers or bank transfer.

The Co-op Membership card actually has two schemes. There is the 5% cashback on own brand goods that you can redeem when you shop - this is a new addition. But there is also a profit share (dividend) scheme that pays out twice a year by your nominated method (either bank transfer or vouchers through the post by default). There has been no dividend for a few years because the Co-op made a massive loss.

WillPS

King_Of_Fools wrote: »

The Co-op Membership card actually has two schemes. There is the 5% cashback on own brand goods that you can redeem when you shop - this is a new addition. But there is also a profit share (dividend) scheme that pays out twice a year by your nominated method (either bank transfer or vouchers through the post by default). There has been no dividend for a few years because the Co-op made a massive loss.

The OP is referring to a credit card, not the membership scheme.
http://www.co-operativebank.co.uk/creditcards/members

Relevant information here:
http://www.co-operativebank.co.uk/assets/pdf/bank/creditcards/coopmember/members-credit-card-cashback-t-and-cs.pdf

It's not particularly brilliantly worded ("We will notify cashback earned to the Co-op for payment"), but the implication is that it will be paid out as part of your Co-op Membership.