- Typical 11.8% APR variable
- Up to six weeks interest free credit
- Payment protection
- Easy balance transfer
- Free purchase protection.
Anytime anywhere access
- Bank online or use Cahoot's mobile banking and automated telephone services, 24 hours a day.
- Receive personalised account alerts via email and mobile text messaging.
- Use over 700,000 VISA cash machines worldwide*.
*Cash advances will incur a 1.5% fee (minimum £1.50). Non-sterling advances will incur an additional charge of 2.25% and non-sterling purchases will be subject to a 2.25% commission charge.
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Your security
- Use your webcard to shop online without your plastic.
- The latest technology to safeguard your details.
- Secure banking - however you access your accounts.
- Greater security with CHIP and PIN.
Cahoot Credit Card charges
The Cahoot Credit Card can be used in millions of outlets worldwide and over 700,000 cash machines - wherever you see the VISA sign.
VISA cash withdrawal handling charge (cash machine or over the counter |
1.5% withdrawn amount (£1.50 minimum)* |
overseas commission charge |
Additional 2.25% of the withdrawal or purchase amount |
* Please note that the purchase of travellers cheques or foreign currency with the card in the UK is treated as a Visa cash withdrawal and is subject to the same handling charge.
Interest rates on outstanding balances
As a cahoot customer you'll enjoy an interest-free period of up to 46 days, the rate you're offered depends on your credit rating and your agreed credit limit.
The following table is based on the typical customer who requests a credit limit of £3,000. The typical rate reflects a rating that Cahoot anticipates offering to the majority of new cahoot customers. The rate you are offered depends on your credit rating.
Cahoot Credit Card option |
credit limit |
monthly interest rate |
typical A.P.R. (variable) |
interest only |
£3,000 |
0.9367% |
11.8% |
Other charges
Other services are charged based on the necessary administrative support, postage and other costs incurred.
| duplicate statement or voucher | £5 |
| late payment of credit card | £25 per late payment |
| exceeding credit limit * | £25 |
| data protection subject access request | £10 |
* payable each statement period during which you exceed your credit limit.
Small print you should read before applying
Payment protection
Ever thought how you would make your repayments if you were unable to work through no fault of your own because of accident or sickness or involuntary unemployment?
If this happened to you, these could be your options:
- Dip into your hard earned savings.
- Borrow from family and friends.
- Claim through your payment protection insurance you cleverly took out with Cahoot - then relax.
Taking out a payment protection policy could ensure that if something unexpected did happen then:
- You could be covered if you are unable to work due to accident, sickness or involuntary unemployment through no fault of your own.
Claims will be paid to your account on a monthly basis until you are able to return to work, for up to a maximum of 12 months. In 2003, cahoot paid out more than £1.4m in claims.
- Cahoot also offer additional life cover up to a maximum of £20,000.
To insure your payments isn't expensive - it costs just 77p per £100 of your credit card balance outstanding per month so if your balance is zero you pay nothing. If you then can't work through no fault of your own, cahoot payment protection insurance could pay 10% of the outstanding balance to your card or loan on a monthly basis for up to a year, or whenever you return to work - whichever is sooner.
Payment Protection is subject to policy limits, terms and conditions, exclusions and restrictions. You should read these before you apply.
Using your card
- You will need to activate your Cahoot Credit Card and any additional cardholder's card once you have received it by visiting the secure zone.
- Cahoot may be asked to authorise a transaction you make using your Cahoot Credit Card before it can be completed. If cahoot does authorise the transaction, your credit card balance will be reduced by the amount of the authorisation. Cahoot may refuse to authorise any transaction without giving a reason.
- Where a shop or other person you have paid using your Cahoot Credit Card gives you a refund, your Cahoot Credit Card account will be re-credited when cahoot receives an acceptable refund voucher.
- your Cahoot Credit Card can be used to withdraw cash.
If you do not have a Cahoot Credit Card at any time, you may request one in the secure zone, and Cahoot will send you and any additional cardholder, a Cahoot Credit Card and a PIN.
You can change the PIN at an Abbey cash machine only.
If a Cahoot Credit Card is sent to you, Cahoot will renew it from time to time with the same type of card or a different type of card covered by the agreement which you qualify for at that time.
There are maximum daily limits on the cash you can withdraw using your Cahoot Credit Card as notified to you from time to time.
You are limited to holding a maximum number of two Cahoot Credit Card accounts at any time.
Foreign Transactions
All transactions and cash advances made outside the UK in a currency other than sterling:
- will be converted into sterling at Cahoot's current rate for that type of transaction;
- will incur a commission charge based on the amount of the transaction or cash advance in the currency of origin; and,
- you may also incur commission charges imposed by the merchant or bank who carries out the transaction.
Balance transfers
Subject to your credit card limit, at any time you can ask Cahoot to carry out a balance transfer.
The Cahoot Credit Card limit
- Cahoot will determine your credit card limit from time to time and tell you what it is. You can ask to change your credit card limit at any time by making a request in the secure zone.
- The credit card balance on your Cahoot Credit Card account must not exceed your
credit card limit. If it does, you will need to pay the excess amount immediately and you will incur a charge for each statement period during which you exceed your credit card limit. You will be permitted to withdraw up to 50% of your credit card limit in cash.
Interest
- Cahoot 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.
- If you do not pay off the full credit card balance or pay less than the full credit card balance shown on your statement by the first payment date after the date of the relevant statement, cahoot will charge you interest at the interest rate on the purchases and transactions made during the statement period until it is paid in full.
- When interest is charged, it is calculated on a daily basis at the relevant monthly rate set out in the agreement.
- Interest is charged from the date on which a purchase or cash advance (or other transaction or sum on which interest is payable) is charged to your Cahoot Credit Card account until it is paid in full.
- Interest is charged on any interest or fees you owe at the same rate that applies to the category of transaction on which interest was charged.
Repayments and changing the payment date
- Each month you must pay by Direct Debit at least the minimum payment set out in your statement.
- The minimum payment will be the greater of £5 (or the full credit card balance if it is less than £5); or, 2% of the credit card balance.
- Cahoot will collect the amount you tell them to collect and pay it into the Cahoot Credit Card account on the payment date.
- If at any time you wish to change the payment date, you should select this option from the secure zone.
Additional cards
- You can ask cahoot to issue an additional credit card on a Cahoot Credit Card account to an additional cardholder.
- An additional cardholder will not be responsible or liable for any purchases, cash advances, interest, fees, charges or other sums charged to your Cahoot Credit Card account. You will be responsible for these.
- Cahoot may remove an additional cardholder's right to use your Cahoot Credit Card account. In thar case, you will be responsible for cutting the additional credit card in half and returning it to Cahoot.
Early payment
Cahoot can require you to repay your credit card balance on demand at any time, but you will normally be given 30 days' prior notice.
Cahoot is the online bank from Abbey.
© Before-buying.co.uk 2006