Cahoot credit card interest rate

MABLE

I have an Cahoot credit card and for a long time the interest rate has been 10.8%. However received an email from them today advising me that the interest rate is going up to 16.8%. I am not bothered as I never use the card for extended credit but I am some what curious whether anyone else has received a similiar letter.

vwman_3

My Cahoot rate has gone up to 13.1%, still he lowest rate I have on any of the other cards I have...........

Squirrel29

My cahoot credit card has been at 10.9% for a long time, due to Virgin increasing it's rate to 29.9% I considered transferring the balance from that to Cahoot.

I today asked for a credit limit increase from £3000 to £3500 but got an email within a couple of hours saying it had been declined. I also then got an email saying the rate had gone up to £16.9%.

I called to ask why it had been declined as in fact, I had just paid off my £5.5k flexible loan so why was an extra £500 such a problem.

They said they no longer offer credit cards so that is why limit increase turned down plus it company decision to raise interest rate and not personal to my circumstances.

I asked therefore, if the decline was a foregone conclusion, would a search have been recorded on my credit file, obviously messing up my chances of trying for a new card. She said she didn't think so.

Has anyone else got any experience of Cahoot CC or am I being fobbed off?

MABLE

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They said they no longer offer credit cards so that is why limit increase turned down plus it company decision to raise interest rate and not personal to my circumstances.

UNQUOTE

Based on the reply I received from the other poster stating his rate had gone up to 13.1 and mine 16.9 how can this not be personal.

BONJOEY

My rate also went up from 11.9 to 13.1 so not 2 bad,

think all cards are raising intrest rates.:cool:

Milarky

Mine is going up from 10.9 to 12.9.

I called to ask why it had been declined as in fact, I had just paid off my £5.5k flexible loan so why was an extra £500 such a problem.

That's a withdrawn product too. It used to be possible to have unused credit transferred from the loan to the credit card without this being treated as a request - you just did this yourself online IIRC

Having just checked the cahoot website again, balance transfers are still interest free like purchases would be provided the full amount is paid by the due date 15 days after the statement - that is for up to 45 days from the beginning of the previous statement. There are at present no fees for this. See here

6.1 We will not charge you any interest if you pay off the full credit card balance shown on your statement by the first payment date after the date of the relevant statement.

Chris2000

Milarky wrote: »

Mine is going up from 10.9 to 12.9.

Same here.

It used to be possible to have unused credit transferred from the loan to the credit card without this being treated as a request - you just did this yourself online IIRC

Same with the overdraft limit, but it's been a long time since it worked for me. Since they closed the credit card to new customers, it is apparently their policy not to increase credit card limits.

Having just checked the cahoot website again, balance transfers are still interest free like purchases would be provided the full amount is paid by the due date 15 days after the statement - that is for up to 45 days from the beginning of the previous statement. There are at present no fees for this. See here

As does the Halifax Clear card which is also closed to new customers. They make quite a lucrative combination.