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Bank misleads customers over rates

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1 Nov 10th, 2002 

16 Ciao members have rated this review on average: somewhat helpful

Advantages:
appear cheap

Disadvantages:
but falsely advertise rates

Recommendable No:

Detailed rating:

Competitiveness of APR

Product package

Additional Charges

Security and Privacy

phoenixbbs

phoenixbbs

About me:

30 something, married, 2 mutts

Member since:05.02.2001

Reviews:31

Members who trust:2

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:

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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 19:03

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 18:36

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

SueMagee 10.11.2002 19:09

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



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