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Terms and conditions of private client credit cards to change in July

The standard terms and conditions of both revolving and fixed-payment credit card agreements for private clients of Coop Pank will be changing on 1 July 2020.

The main changes are as follows:

  • Coop Pank’s private client credit cards will gain a new function – they will now be able to be used in Coop stores as a customer loyalty card. When paying with the card, clients will enjoy the most competitive prices in Coop stores and earn 10% more bonus points. To use an existing credit card as a customer loyalty card in Coop stores, please contact the bank to have a new card issued free of charge.

The main changes being implemented in regard to what used to be known as the revolving credit card are as follows:

  • The new repayment date for all clients will now be the 10th of the month. If the card currently has another repayment date, this will change to the 10th of the month starting from 1 July 2020.
  • If the card agreement sets out a fixed monthly repayment, this will now only include the payment for the amount of credit used, plus any interest payments based on that amount.
  • A 40-day interest-free period will now apply to all transactions made with the card. This means that if the amount used the previous month is repaid by the 10th of the following month, no interest will have to be paid.
  • Repaying the amount of credit that has been used will become significantly more flexible. This can be done as fixed monthly repayments, or by making repayments in any amount and at any time, or by repaying the entire amount used the previous month on the payment date.
  • Transfers can be made in the Internet Bank from the card’s account to the settlement accounts in Coop Pank of an account holder who has entered into an agreement. Transfers can even be made before the card is issued.
  • We are also reviewing and updating the wording of the standard terms and conditions for private client credit cards.

The new terms and conditions can be found here.

If you have any questions, e-mail us at klienditugi@cooppank.ee or call us on +372 669 0966 (8:30-19:00 Monday-Friday).

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