Making payments
Ways you can make payments
Via mobile app or internet banking - pay your credit card balance easily, anytime, anywhere.
Transferring from another account - transfer money from another of your Co-operative Bank transactional accounts, like your savings account, to your Fair Rate Credit Card using the mobile app or in internet banking.
You can also do this through phone banking or by visiting one of our branches and speaking with our team.
Direct debit payments -you can set up direct debit payments from one of your transactional accounts or from another bank to your credit card account. You can chose to cover either the minimum payment or the full closing balance each month. To set up a direct debit from one of your Co-operative Bank accounts call us on 0800 554 554 or visit us in branch, and we’ll assist you.
Payments from a different bank -make or set up automatic payments from another bank. Note that payments may take up to two business days to appear against your account. Select CO-OP FAIR RATE CREDIT CARD (we’ll already be set-up as a registered payee) as your payee and follow the prompts.
In branch - visit us in person for assistance with payments.
Paying off your Fair Rate Credit Card
Pay at least the ‘minimum payment’ each month by the ‘payment due date’ - this helps you stay on top of your payments.
Avoid interest charges - pay your full ‘closing balance’ by the due date to avoid having to pay interest.
Use your savings wisely - reducing your credit card balance with your savings can save you more in interest than what you may earn from your savings account.
Processing times for paying a Fair Rate Credit Card
| Payment method to credit account | Added to available balance | Appears in transaction list |
|---|---|---|
| Internal transfer from Co-operative Bank account | Instant | 2 business days |
| Payments from Co-operative Bank customer | Instant | 2 business days |
| Automatic payment from Co-operative Bank account | 2 business days | 2 business days |
| Payments made from other NZ banks | When the payment is applied to the account | 2 business days |
| Direct Debit | On the day of the direct debit | On the day of the direct debit |
Protecting your credit card
Ways you can help protect your credit card
Keep your PIN safe - don’t write down, save, or share your PIN. Make it unique and hard to guess. Change it regularly.
Shield your PIN - prevent others from seeing you enter your PIN.
Be wary of requests for your PIN - we’ll never ask for your PIN and no-one else should either. Question and refuse suspicious requests.
Act on suspicions and check your transactions regularly - if you think your card is at risk, or you notice transactions that don’t look right, act immediately. You can temporarily block your card via our mobile app or internet banking, or by calling us on 0800 554 554.
Shop online safely - look for "https://" and a padlock icon in the web address bar. This shows that the connection between your internet browser and the website is secure and encrypted, helping to protect sensitive information, like passwords and card information.
Choose reputable websites - shop on reputable sites and check reviews if you’re unsure.
Use trusted payment systems - choose well-known payment systems like PayPal or Windcave.
Understanding interest and fees
Interest
When you use a Fair Rate Credit Card, you're borrowing money from the bank, up to a specified 'card limit'.
If you don't pay the full balance by the due date and go into areas, interest will apply.
For more details, check out our Fair Rate Credit Card - Conditions of use.
Fees explained
Account fee (primary card holder) - charged every six months for single card use.
Account fee (Primary with additional cards) - charged every six months for multiple card use.
Cash advance fees - charged per transaction for cash withdrawals.
Foreign currency conversion fee - charged for purchases in foreign currencies.
Card replacement fee - charged for replacing lost, stolen, or damaged cards.
Trouble with repayments?
Contact us early to discuss options.
If you are struggling to reasonably keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, please contact us as soon as possible as you may be able to make a hardship application.
To apply for a hardship variation, you need to:
- Make an application in writing; and
- Explain your reason(s) for the application; and
- Request a postponement of the dates on which payments are due under the contract (specify theperiod for which you want this to apply); and
- Give the application to us.
There are limits on when and how often you can make a hardship application.
You can find out more information by:
- Calling us on 0800 554 558
- Visiting in person at a branch
Disputing a transaction
If you think your card is at risk, or you notice transactions that don’t look right, act immediately. You can temporarily block your card via our mobile app or internet banking, or by calling us on:
Lost or stolen card?
If your card is lost or stolen, you can temporarily block it via our mobile app, in internet banking, or by calling us:
From New Zealand
From overseas
Cancelling your credit card
If you’d like to permanently cancel your credit card, you can either call us on 0800 554 554 or visit us in branch , and we’ll be happy to assist you.
Please note that if there’s an outstanding balance it’ll need to be paid off before your credit card account can be closed.