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phoenixbbs

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About me: 30 something, married, 2 mutts

Member since:05.02.2001

Reviews:32

Members who trust:2

Quote-start

Bank misleads customers over rates

Quote-end
10.11.2002

Advantages:
appear cheap

Disadvantages:
but falsely advertise rates

Recommendable No:

Detailed rating:

Competitiveness of APR

Product package

Additional Charges

Security and Privacy

Quality of Customer Service

Reward Scheme

Ease of Application

12 Ciao members have rated this review on average: somewhat helpful See ratings
helpful by (6%):
  1. coolchanty
somewhat helpful by (63%):
  1. ariadne
  2. griffiti
  3. mortimus
and 7 other members
not helpful by (31%):
  1. zoe_page
  2. Emma1973
  3. COOOEEE
and 2 other members

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I have just gone through the sign-up process and discovered that they mislead customers with offers of a low introductory rate.

Here`s an extract from an email i`ve just sent them:

---
I was a little disappointed to find you mislead customers about the effective APR on your website - I only discovered this when I got to the "tailor" part of the sign-up process.

Your main page claims an 7% APR (not an introductory rate), and an illustration elsewhere has:

credit limit £3000
monthly interest rate 0.5650%
monthly fee £0
APR³ (purchases and balance transfers) 7.0%
APR³ (cash advances) 8.6%

Yet when I got to the "tailor" part of sign-up, I got instead:

cahoot option 1 - interest only
APR : 10.000%
Monthly Interest Rate : 0.797 %
Monthly Fee : none
Credit Limit : £6000
---


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Comments about this review »

phoenixbbs 21.03.2003 20:03

I think I deleted their response, but it was along the lines of "come back and finish signing up before we discuss it"

ariadne 21.03.2003 19:36

It would be helpful to update your review with Cahoot's response to your complaint. x

SueMagee 10.11.2002 20:09

I was going to say pretty much what LostWitness has said, so I won't repeat it!

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Review Ratings »

This review of Cahoot has been rated:

"helpful" by (6%):

  1. coolchanty

"somewhat helpful" by (63%):

  1. ariadne
  2. griffiti
  3. mortimus

and 7 other members

"not helpful" by (31%):

  1. zoe_page
  2. Emma1973
  3. COOOEEE

and 2 other members

The overall rating of a review is different from a simple average of all individual ratings.



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