Have you ever gone shopping only when you get to the counter to pay for your goods you realize that you lost all the cash you had planned to pay with? It can be very devastating when such things happen. To help you avoid this, the Co-operative Bank of Kenya (Co-op Bank) has come up with several solutions for all.
Co-op Bank has a number of cards meant to serve different needs for different customers. All these were innovated and initiated for customer convenience and security purposes. Whoever has the card, they can be sure that their funds are safe and easily accessible from anywhere since they do not need to be carrying hard cash with them all the times.
Here are some of the different cards available for you from Co-op Bank:
Local Visa Classic Card
This is a Visa Credit card designed for anyone who wants to access credit and use only within Kenya. The card allows you convenience of settling bills such as hospital, legal, air tickets, restaurants, etc, without the risk of carrying hard cash.
Benefits
- Global Cardholders Assistance Services
- SMS notifications whenever your card is used
- Worldwide Acceptance at more than 24 million locations
- Ability to move funds from your credit card to Mcoop Cash and make mobile money payments (for linked cards to Mcoop Cash)
- Emergency services with Visa’s Global Customer Assistance Service (GCAS): Lost or stolen card reporting, Emergency card replacement, Emergency cash advance, Cardholder enquiry service.
Visa Global Customer Assistance Service
If your Visa card has been lost or stolen, Visa Global Customer Assistance Services representatives can:
- Block your account from fraudulent purchases within 30 minutes.
- Arrange for a replacement card to be sent to you within 3 working days.
- Provide for emergency cash to be collected from 270,000 locations worldwide.
You may place a collect call from anywhere in the world to +1 303 967 1090
Features
- No joining fee
- Free monthly email statements
- Free access to our 24-hour authorization & helpline
- Interest free period of up to 50 days
- Option of paying full amount due or only 10% of the total amount spent or Kes.2,000/= whichever is greater and roll over the remainder
- It allows a cash advance equivalent to KShs.10, 000= per day, but not exceeding 50% of total limit. Subject to availability of funds.
Application Requirements:
For salaried applicants
- Three months current bank statements certified
- ID original and a copy or passport
- Copy of PIN certificate
- Copy of most recent pay slip
- One color passport size photo
- For Self-employed applicants
- Certified copy of national ID
- Certified Copy of KRA PIN
- One passport size photo
- Applicant with no borrowing history must have banked with Co-operative Bank consistently for the last one year or cash secure the card.
Charges
- Cash advance fee is 6% of amount drawn on any non co-op bank ATM and co-opbank ATM or Co-Op bank over the counter withdrawal.
Gold Visa Card
This is an enhanced premium credit card targeted at the upwardly mobile individual coupled with a higher spending limit and extra benefits. In addition to all the features and benefits enjoyed by Local and International Visa Card holders, Gold card International has the following added benefits.
Benefits
- Special discounts for Gold Cardholders with the Airlines, hotels, and hospitals
- Gold Visa card cardholders enjoy an additional 15% off rates at 55,000 hotels worldwide, from small boutique properties to 5-star hotel chains in over 130 countries
- Worldwide Acceptance at more than 24 million locations
- Legal and legal referral while traveling abroad
- Can be used to settle payments online
- Cash advance of up to Kes. 50,000 per day subject to availability of funds
Features
- No joining fee
- Free monthly email statements
- Free access to our 24-hour authorisation & helpline
- Enjoy up to 50 days interest-free credit
- You have the option to pay the full amount or only 10% of the outstanding credit card balance and roll over the remainder
Application Requirements
For salaried applicants
- Three months current bank statements certified
- ID original and a copy or passport
- Copy of PIN certificate
- Copy of most recent pay slip
- One color passport size photo For Self-employed applicants
- Certified copy of national ID
- Certified Copy of KRA PIN
- One passport size photo
- Applicant with no borrowing history must have banked with Co-operative Bank consistently for the last one year or cash secure the card.
Charges
- Cash advance fee is 6% of amount drawn on any non co-op bank ATM and co-opbank ATM or Co-Op bank over the counter withdrawal.
Saccolink Debit Card
It is a pocket sized visa Classic debit card that enables Sacco Members to access their cash through Co-operative Bank ATMs as well as any Visa Branded ATM countrywide. One can also use it to shop, pay fuel and much more at no additional cost, wherever Visa is accepted.
Requirements
• Be a Sacco Member
• Ensure your Sacco has signed up to the Link
• Apply through your Sacco
International Visa Classic Card
In addition to the features and benefits enjoyed by Local Classic cardholders, those with International Classic enjoy a higher limit of up to Kes. 199,999 and they can use their card worldwide wherever they see a Visa branded outlet.
- It allows a cash advance equivalent to KShs.20,000= per day Subject to availability of funds.
Application Requirements
For salaried applicants
- Three months current bank statements certified
- ID original and a copy or passport
- Copy of PIN certificate
- Copy of most recent pay slip
- One color passport size photo For Self-employed applicants
- Certified copy of national ID
- Certified Copy of KRA PIN
- One passport size photo
- Applicant with no borrowing history must have banked with Co-operative Bank consistently for the last one year or cash secure the card.
Charges
- Cash advance fee is 6% of amount drawn on any non co-op bank ATM and co-opbank ATM or Co-Op bank over the counter withdrawal.
Co-op Cash Card
A product that allows customers to access their funds anytime through the Co-operative bank ATM and any Visa branded ATM’s.
The card is also accepted in the VISA Electron branded major supermarkets, Petrol Stations, Hospitals and Hotels. When one uses this card, the money automatically comes from one’s account, as it is not a credit card.
Requirements
- Personal account holders.
- Sole proprietors.
Saccopay Prepaid Debit Cards
It is a pocket sized visa Prepaid Classic card that enables Sacco Members to access their cash through Co-operative Bank ATMs as well as any Visa Branded ATM countrywide. One can also use it to shop, pay fuel and much more at no additional cost, wherever Visa is accepted.
Requirements
- Be a Sacco Member
- Ensure your Sacco has signed the Saccopay agreement.
- Apply through your Sacco
Co-op Pay Cards (Virtual Cards)
A prepaid Card Based Solution for management of cash and other related payments that include; Petty Cash Allocation, imprest, wages, salaries, dividends, bonuses, health related payments etc. These cards are created in the Card managements system and draw funds from a pool account with zero overdrawn positions as each card has a marked limit .The cards are Visa branded and are easy to open mainly targeting the corporate and not individuals. These cards are generated towards management of the following:
• Cash related security risks
• Reconciliation of the office accounts.
• A lot of paper task.
• Increase in workforce as this duty has to have a dedicated resource allocation to manage the cash office.
Features
• Zero opening and maintence balance.
• Withdrawal through any a co-op bank ATM or any Visa branded ATM, POS terminals etc.
• Credited through the Banks branches, ATM, Internet banking or EFT.
• Use at point Of Sale with ability to make utility and cash back payments.
• Institutionally managed
Benefits
• No issue of cheque or cash payments.
• Centralized online management on internet banking.
• Minimized cash handling within the corporate network.
• Ease of changing limits.
• Creation of a more accountable system, with minimal operational issues.
• Comprehensive transaction history statements for monitoring and comparisons.
• Ability to make cards that have unique payments ability e.g. healthcare only cards, hospitality only cards
Requirements
- Duly filled and signed Coop Pay application form
- Duly filled and signed copy of terms and conditions of use
- Duly filled Coop Pay agreement form, executed under a company seal
- Corporate to open a funding account (can use already existing account if any)
- Provision of the following:-
- a list of all the prospective cardholders, their cell phone numbers, and certified ID copies on the company’s letter dully signed
- the company’s board resolution to acquire the cards, executed under the company seal
- certified copy of the organization’s KRA PIN certificate
- certified copy of the certificate of registration/ incorporation
- organization’s account number to be debited with initial card issuance charges
- the company’s memorandum and articles of association
- passport sized photos and certified copies of ID of account signatories (if non account holders)
Corporate Visa Card
The Corporate Visa Card is tool to assist manage costs and cash flow more efficiently in an organization. It can be given to Senior Management staff to carter for allowances, corporate travel expenses, entertainment, etc. It simplifies book-keeping procedures and reducing dependency on petty cash.
In addition to all the features and benefits enjoyed by Local and International Visa Card holders, Corporate Visa card has the following added benefits.
Benefits
- Multiple invoices can be paid off in a single monthly transaction
- Consolidated and individual cardholder statements
- Flexible credit limits, where you can set credit limit for each employee on employee individual accounts.
- Assists in accountability on staff within an organization by tracking staff allowances and expenditure
- No need to carry cash around on official duties
- Eliminates hustle reconciliations thus freeing employees to concentrate on core duties
Application Requirements
- Memorandum and Articles of Association
- Company’s Audited Accounts for the last two (2) years
- Certified copies of Bank statements for the past six months for corporates not banking with Co-operative Bank.
- Certified copy of certificate of incorporation/registration
- Copy of National Identification card/Passport and Passport size photo of each applicant on the corporate account
- Copy of KRA PIN for the company and the applicants.
- Copies of IDs, passport and KRA PIN for all the Directors