Exit cash, enter cards! This is the reality of the financial world today. Cash continues to lose its allure as a means of settling bills and making other payments – first due to the bulkiness of real money and increasing insecurity associated with handling physical currency.
Co-operative Bank of Kenya has a portfolio of cards – debit, credit, prepaid, and platinum – offering various financial services that have taken banking services directly into personal wallets and purses.
The king in the cards’ family is the Visa Debit Card, commonly known as ATM Card, which is safer and more convenient than cash, as it were.
The Co-op Visa Card is a transactional card that allows customers to spend without having to carry cash around. It eliminates the need to queue at cash dispensers, which can waste valuable time.
The interesting bit about the ATM card is that it has many more functions beyond withdrawing notes. The Co-op Bank Visa Card can be used to pay fuel, shopping, dining, hotels, online transactions, utilities etc, without withdrawing cash from an ATM.
The new chip and pin technology helps prevent card-related crime. Each card has a tiny chip embedded to make the card virtually impossible to copy. Not only is the chip and pin secure, it’s easy and fast to process which means shorter queuing at the till.
“No need to carry cash and small change to pay for your shopping at supermarkets and restaurants,” Co-op Bank says. “If your card is lost or stolen, call Co-op Bank immediately. We will block the card and hence protect the money in your account as well as replace your card.”
Whatever your everyday needs, you can always use your Visa card for easy, safe and free transactions over a Point of Sale since there are no extra fees, charges or commission.
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Paying for your purchases using your debit card is, indeed, cheaper than withdrawing cash from the ATM, as you avoid the ATM withdrawal charges. You can pay for any amount using your Co-op Bank Visa Card and you will pay exactly the same amount you would have if you had used cash.
You get alerts on your mobile phone every time you use your Co-op Bank Visa Card at a merchant. This allows you to see where you are spending your money in real-time and plan accordingly. Also, you can request a bank statement to see every location you have used your Visa card for easy tracking of your spending, which makes it much easier to plan your budget in real-time.
Co-op Bank also provides Prepaid Cards for holding electronic money instead of physical cash. A pre-paid card is a payment card loaded with money to make purchases anywhere that a debit or credit card is accepted including ATMs, POS, mobile money, online, abroad, etc.
What’s more, you do not have to be a Co-op Bank customer to own a Co-op Pre-paid card.
Co-op Bank Pre-Paid Cards include Co-op Pay, HELB Student Smart Cards and Sacco Pay. With a Pre-Paid Card, you can make purchases in person, online, or by phone, give gifts to friends and family and withdraw cash from an ATM or bank. It can also receive wages or funds by direct deposit to the card and pay bills as well.
Credit Cards: This is a Visa Credit Card designed for anyone who wants to access credit. The card allows you the convenience of settling bills such as hospital, legal, air tickets, restaurants, etc., without the risk of carrying hard cash.
Platinum Card: Offer the benefit of accessing airport VIP lounges globally at discounted rates. Co-op Bank is constantly working on expanding the program and including more lounges.
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