The co-operative bank Membership Cashback Credit Card

Stuart_W

WillPS said:

This card yields vouchers which have to be redeemed at the Co-op, so arguably also not cashback (at least in the true sense). It also relies on a partnership enduring between two companies which have no shared ownership between them.

Just to clarify the true "cashback" nature of the Co-op Members' Credit Card, it is cashback, as in cash, not money off spending or discount vouchers. It is, without doubt, the most bonkers and by far the slowest system ever, but it is a pure "cash" payout.

You must be a member of The Co-operative Group (not a different regional society).
All credit card spend between 1Jan and 30Jun is paid in your November interim dividend statement.
All credit card spend between 1Jul and 31Dec is paid in your May annual dividend statement.
However, Co-op Group have not actually paid a members' dividend since 2013 so the dividend statement will only include Credit Card Cashback. It is possible it may include some in-store spend if you use your Co-op Group membership card in Midcounties or Chelmsford Star Co-op branches for now, Central and Southern have pulled out of this scheme, the other societies were never in it. 

When you get a Co-op Group dividend statement there are two methods of payout - vouchers or direct credit into a bank account. The vouchers are cashable vouchers and you can walk in to any Co-op Group foodstore with your accompanying membership card and cash them in - for actual cash. You do not need to spend them. These vouchers were common place in Co-op Group stores in the late 2000s when the scheme was going strong. However, as so few people now get these vouchers, you can expect the person on the till to look blank, the store manager to then look equally confused and after a phone call with head office later you may eventually get your cash (sadly I witnessed this happening). Some stores may be better than others.

But you can contact Co-op Group Member services and get them to pay your dividend direct into your bank account - which I highly recommend. Still very slow payment but you get it straight into you account. 

I have online access to my Co-op Group Membership account (and the app) but this doesn't in any way show the credit card cashback. I can see my dividend points at Your Co-op dividend points - Co-op which is odd as these have absolutely no value whatsoever as dividend points earned in Co-op Group stores haven't been given any value since 2013, and there is no record of my credit card cashback. For this I have to rely on the paper letters sent in the post every 6 months confirming the amount that is to be paid into my account, often received late May and early November each year. 

So, six paragraphs later I can confirm the Co-op Members' Credit Card pays out cashback in cash, but in a way that is now left looking beyond bonkers. Coventry Building Society will hopefully improve this somehow and take Co-op Group out the equation completely, if they keep the card at all. They won't want to upset "Co-op fans" as they are being very mindful of the slow integration of the brands, so watch this space! Keeping this card going may have even been tied in with conditions laid down with being allowed to use The Co-operative branding so perhaps it will just stay as is, who knows. It's been an anomoly for over a decade, so perhaps it will just roll on. 

WillPS

Fascinating read @Stuart_W, thank you so much for the thorough explanation!

It is every bit as bizarre and slow as I had imagined, and then some. You've also reminded me I need to sort my Central Co-op membership card out, it barely scans any more.

Stuart_W

WillPS said:

Fascinating read @Stuart_W, thank you so much for the thorough explanation!

It is every bit as bizarre and slow as I had imagined, and then some. You've also reminded me I need to sort my Central Co-op membership card out, it barely scans any more.

You might want to download the Central Co-op app, you occasionally get extra vouchers on it, I got a random free Coffee then other week. Or just turn your membership number into a barcode. If you call them and ask for a replacement card you end up with a new number. At least Central still pay a dividend, although that's gone back to annual so a mid Jan to mid Jan trading year pays out about May or June time, depending on timings of member meetings.
Maybe going back to the 1970s and issuing dividend stamps would be easier!!

WillPS

Apparently it'll be the same number:

Thank you for contacting Central Co-op.

We have reprinted a new Membership card for you today as requested which will arrive in the next 10 to 14 days. As the card number remains the same you can continue to use your old card if it does still work.

Stuart_W

WillPS said:

Apparently it'll be the same number:

Thank you for contacting Central Co-op.

We have reprinted a new Membership card for you today as requested which will arrive in the next 10 to 14 days. As the card number remains the same you can continue to use your old card if it does still work.

Good grief, they have updated their systems! Good to know. If your local store has ScanPayGo app shopping (not all stores to) load the membership card number in before you shop.

steven141

If you close your credit card account do you still get your outstanding cashback?

Stuart_W

steven141 said:

If you close your credit card account do you still get your outstanding cashback?

Possibly not. Just keep it open with a nil balance and the cashback will eventually get to you. Cashback accrued now will be transferred to Co-op group after 30June and paid to you early/mid November. 

Stuart_W

Just to update anyone still interested in this thread, Midcounties Co-op and Chelmsford Star Co-op have now also pulled out of the reciprocal dividend scheme, so it is well and truly dead now. No one is left in it.

That means the May payouts being received this week and the November payout later this year will be the last dividend payouts to Co-op Group members that can possibly feature anything other than Credit Card Cashback, so now is a good time for Coventry BS to revamp this card and lose the link to a dividend payout that in reality hasn't existed in its original intended format for 12 years. 

It's not a bad time for Co-op Bank to sever any data links to Co-op Group membership given the data breach group have suffered. 

steven141

Stuart_W said:

Just to update anyone still interested in this thread, Midcounties Co-op and Chelmsford Star Co-op have now also pulled out of the reciprocal dividend scheme, so it is well and truly dead now. No one is left in it.

That means the May payouts being received this week and the November payout later this year will be the last dividend payouts to Co-op Group members that can possibly feature anything other than Credit Card Cashback, so now is a good time for Coventry BS to revamp this card and lose the link to a dividend payout that in reality hasn't existed in its original intended format for 12 years. 

It's not a bad time for Co-op Bank to sever any data links to Co-op Group membership given the data breach group have suffered. 

Hopefully they will revamp this card with a cashback one that pays directly into the credit card account.

Stuart_W

steven141 said: 

Hopefully they will revamp this card with a cashback one that pays directly into the credit card account.

This is exactly what they need to do, copying the model of their smile cashback credit card (no longer available to new customers) where cashback for each month is just credited to the account the following month.