Co-op kill off charity credit cards

Stuart_W

The Co-op bank have this week withdrawn all charity credit cards.

They had reduced the range dramatically in 2014 to just Oxfam, Tearfund, Woodland Trust, Save the Children and Amnesty International.

Existing account holders are unaffected.

They continue to offer the Co-op members credit card (for now) which pays cashback at 0.33% and the smile credit card paying 0.25%.

Jonmenzies

Thanks for heads up but at the minute, it's a bank that seems like they are going to have to sort stuff out. Like RBS and Clydesdale and Natwest and Yorkshire. Why would you bank with any of these brands?

Stuart_W

Jonmenzies wrote: »

Why would you bank with any of these brands?

Can't speak for anyone else, but I've always received excellent customer service, everything works as it is supposed to, enjoyed the convenience of post office banking since 1997 and I now get £5.50 every month for doing my everyday banking with them and not a penny of my money had ever been at risk.

Wouldn't be surprised to see an Everyday Rewards Credit Card replace the co-op members credit card in the future.

System

Stuart_W wrote: »

Can't speak for anyone else, but I've always received excellent customer service, everything works as it is supposed to, enjoyed the convenience of post office banking since 1997 and I now get £5.50 every month for doing my everyday banking with them and not a penny of my money had ever been at risk.

Wouldn't be surprised to see an Everyday Rewards Credit Card replace the co-op members credit card in the future.

Co-op Bank customer service was very good, internet banking / app both fairly basic but functional. I only recently ditched as they closed my local branch.

As for RBS/NatWest & Clydesdale/Yorkshire, they both are more competitive than in the past.

zerog

Before the EU interchange fee cap, the charity cards were sort of a scam.

It would have been better to get more cashback on another card and donate it to charity yourself.

With the EU interchange fee cap, the co-op probably stopped making any money on the cards (apart from customers paying interest and fees) and did have to donate all the merchant fees to charity. Hence they are now withdrawing them.

Stuart_W

Just to update the thread from the summer, existing charity card account holders are now affected too.

Existing accounts will be transferred to non-charity donating cards at the end of January 2018.

This leaves the Co-op Members' card and the smile classic card as the only two remaining cashback/reward bearing cards from the Co-op, which will most likely be due for the chop next, but can both still be opened at the moment (although both can be beaten in terms of cashback elsewhere).

realaledrinker

Ex Co-Op bank employee, used to be so proud to work for them. Bailed out a few years ago. So sad.