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67% positive

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Review of "Cahoot"

published 10/11/2002 | phoenixbbs
Member since : 05/02/2001
Reviews : 32
Members who trust : 2
About me :
30 something, married, 2 mutts
Not for me
Pro appear cheap
Cons but falsely advertise rates
somewhat helpful

"Bank misleads customers over rates"

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 on this review

  • phoenixbbs published 21/03/2003
    I think I deleted their response, but it was along the lines of "come back and finish signing up before we discuss it"
  • ariadne published 21/03/2003
    It would be helpful to update your review with Cahoot's response to your complaint. x
  • SueMagee published 10/11/2002
    I was going to say pretty much what LostWitness has said, so I won't repeat it!
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Product Information : Cahoot

Manufacturer's product description


Listed on Ciao since: 28/07/2000