Account changes

On Thursday 1st August 2024 the Bank of England base rate decreased from 5.25% to 5.00%.

Following this decision, we’ll communicate any changes to our variable interest rates in line with our product Terms and Conditions. 

From 4 July 2024 we’ll no longer be part of the Lending Standards Board’s (LSB) Standards of Lending Practice. 

Membership of the LSB is voluntary for the banking and lending industry. 

Our withdrawal won’t impact the products we provide to you and how they operate, or the way we treat you.

Why is cahoot closing all its credit cards?

We recently did a review of the products we offer. We considered how our customers currently use their credit cards, and the ways they can manage them with us. Based on our findings, we've made the decision to stop providing cahoot credit card accounts. cahoot continues to offer Savings accounts and Bonds to new and existing customers. There is no change to cahoot Current Accounts. 

When will my card stop working?

You won’t be able to use your card to make payments from 30 September 2024.

What happens if I have an outstanding balance on my cahoot credit card after 30 September 2024?

You have a few options available:

• You don’t have to, but you have the option to pay off the remaining amount right away. 
• If you prefer you can pay it back over time in line with your terms and conditions using your preferred payment method.
• You could apply for a credit card with a balance transfer option and move this amount to that card. If you’d like to find out more about these options, please visit credit cards for more information.
  
  

When you’ve repaid your balance in full and your account balance is zero, your credit card agreement will end, and your account will be closed. Your credit card terms and conditions will continue to apply until then, and we'll keep charging interest on your balance. That means the quicker you repay, the less interest will be charged overall.

You can keep track of your account balance in online banking and on your statements.

If you don’t keep to the terms and conditions or make your required payments on time, you may be asked to repay your outstanding balance sooner. 

What happens if I’m expecting a refund on my credit card and I’ve already paid my balance off?

Refunds will be processed as normal onto the credit card for 30 days after 30 September 2024 for customers who have repaid their balance in full.

If a refund gives you a credit balance, we can arrange a refund to an account of your choice (see ‘How do I get my credit balance’ below).

We'll keep sending you statements and other messages about your account. Once your balance reaches £0, we’ll close your account.

What happens if I’m expecting a refund on my credit card and I have an outstanding balance after 30 September 2024?

Refunds will be processed as normal back onto the credit card.

What should I do if I have subscriptions or regular payments coming out of my account?

Payments can’t be made or taken from your card after 30 September 2024. So you’ll need to arrange to pay in a different way, if you want to keep the services or subscriptions. 

To stop or change any future payments or arrange a new way to pay, you’ll need to contact the company you’re paying. 

If cancelling, they should confirm that your recurring payment has been cancelled or changed to your new option, as well as the date this will take effect from.

If you're unable to stop future payments by talking to the company, we can stop them for you. 

I’ve disputed a transaction.  Where will this be refunded to?

Don’t worry, if you’ve raised a dispute over a payment on your card within the scheme timescales we’ll support you with your claim. When this is resolved and if your claim is successful, we’ll be able to refund the payment back to your card or another account you have with us or Santander. We’ll write to ask you where you’d like the money paid if we can’t do this. 

How do I get my credit balance?

If your account has a credit balance, you have a number of options:

1. You could use your card for new transactions before 30 September 2024. If you do use your card, you’ll need to repay any outstanding balance. There’s more information about repaying the outstanding balance in the section above (What happens if I have an outstanding balance on my cahoot credit card after 30 September 2024).

2. If you have a cahoot or Santander savings account, and you’d like the credit to be transferred there, you don’t need to do anything. We’ll transfer the credit balance to your savings account. We won’t transfer your balance to an ISA or fixed term bond.

If you don’t have a savings account but hold a cahoot or Santander current account, we’ll transfer the credit to there instead.

3. If you don’t have a current account or savings account with cahoot or Santander, or you want your money paid elsewhere, you’ll just need to let us know the details of your chosen account. You can do this by sending us a secure message through Online Banking or calling us. Here are the details we’ll need

• The name on the account – it must be in your name or held jointly between you and someone else.
• The bank name.
• Sort code and account number.
  
  

We'll keep sending you statements and other messages about your account. Once your balance reaches £0, we’ll close your account. You can check your credit balance by taking a look at your monthly statement or by logging into Online Banking.

How can I replace my credit card? What are my options?

cahoot is part of Santander, and this means there are options for you if you already have, or would like to apply for, a card with Santander.

1. You could apply for the Santander Everyday No Balance Transfer Fee Credit Card as a replacement card. You’ll need to do this before 30 September 2024

This card has no monthly fee or fee for doing a balance transfer. Take a look on our website to see all the features and check if it's right for you. Before you apply, please check your eligibility Everyday No Balance Transfer Fee Credit Card. It’ll only take a couple of minutes and can tell you how likely you are to be accepted.

• If you’re ‘Pre-approved’ or ‘Highly likely’, you can apply online. If you don’t get the outcome you thought you would, please call on 0330 678 2811 (we’re open Monday to Friday 8am-6pm, and Saturday 9am-5pm). We’ll review the details with you on the call, before giving a final decision.

• If you’re ‘Less than likely’, please call us on 0330 678 2811 to apply (we’re open Monday to Friday 8am-6pm, and Saturday 9am-5pm). 

You’ll be offered the credit limit you have now to be able to transfer your cahoot balance onto the Santander credit card. While we're setting up your Santander credit card, and so we can transfer the right balance, we'll put a block on your cahoot credit card.

If you prefer not to do a balance transfer, you’ll be offered the limit you have remaining on the card to use (a minimum limit of £50 can be applied for). 

We’ll try our best to support you, but we can't guarantee you a Santander credit card.

2. If you already have a Santander credit card, you might be able to transfer your balance.

If you need to increase your limit to transfer the balance, you can ask to do this at any time by logging on to your Santander Online Banking. Choose ‘Credit Cards’ from the top menu, then ‘Manage my credit limit’. If you prefer, you can call and speak to one of the team who'll be happy to help.

If you’re given the increase you applied for, or you already have enough of your limit available, you could transfer all or part of the balance from your cahoot credit card to Santander. This can be done through cahoot online banking. 

3. You can look at other credit cards offered by Santander, or other providers

There are lots of different credit cards available because people use their cards for different reasons. So you might want to have a look around and find one that’s right for you. You can see lots of offers on Santander’s credit card page. It’s important you check your eligibility before you apply for any new credit card. Availability is subject to status.

If I apply for a Santander Everyday No Balance Transfer Fee Credit Card, can I do a balance transfer and also use the card to buy things?

This card will allow you to do both balance transfers and make purchases, but you should be aware that different promotional periods and interest rates apply.

How much balance you can transfer, and then how much you have available to spend, will also depend on the credit limit you’re offered when you apply. 

For more details, visit Santander’s balance transfers for existing customers page

Don’t forget that there are other cards available which allow balance transfers and purchases. It's important to look at all the options and see what’s best for you.

I’m worried about making my credit card payments. What support’s available to me?

We want to help you during these changes, so if you’re struggling, please give us a call on 0330 678 2811 (we’re open Monday to Friday 8am-6pm, and Saturday 9am-5pm). We can talk about your options. There’s also more information about managing your money in the ‘support’ section. 

If you’d like to speak to someone independent, below are some organisations that can give free and impartial debt advice. They aren't linked with cahoot and can help you manage your finances and any debt problems.

• Citizens Advice: adviceguide.org.uk    
• StepChange Debt Charity: 0800 138 1111 or stepchange.org
• Payplan: 0800 280 2816 or payplan.com 
• MoneyHelper: moneyhelper.org.uk
  
  

I’m in persistent debt – what do I need to do?

If you’re paying more in interest, fees and charges than your outstanding credit card balance, it means you’re in something called persistent debt. We'll have written to you with options on how you could repay your balance.

You can choose to pay back your balance immediately, but you don't have to.  Alternatively, you can pay it back over time in line with your terms and conditions using your preferred payment method. 

You must remain on track to pay off your balance and make sure you don’t miss any minimum contractual payments. To help keep your repayments on track, you may choose to:

• make a one-off large payment.
• regularly make overpayments.
• increase your monthly payment to make sure you clear the outstanding balance within four years (if you’ve not done this already). You can do this online or by calling us.
  
  

Until your balance is cleared, you must make at least the minimum monthly payment.  This will be shown on your monthly statement. You can check your balance by logging into online banking or checking a recent statement.

If you don’t keep to the terms and conditions or make your required payments on time, you may be asked to repay your outstanding balance sooner. 

We'll keep sending you statements and other messages about your account. You can still give us a call or contact us using secure messaging through Online Banking. You can also find more information on our persistent debt page. Once your balance reaches £0, we’ll close your account.

I’m in financial difficulty – what do I need to do?

We want to help you during the closure of your account and understand that you may have questions. If you’re worried about making your repayments, or struggling with your money in other ways, please get in touch with us. Visit our help and support page to learn more about managing your money. 

If you don’t have a repayment plan with Financial Support you can choose to pay back your balance immediately, but you don't have to. You can pay this back over time in line with your terms and conditions using your preferred payment method.

If you’ve agreed a repayment plan with Financial Support or are dealing with a third party debt management company, you must continue to make at least the payments you’ve agreed with them.

We'll continue to charge interest on your balance as set out in your terms and conditions, unless we’ve already charged a lower rate or stop charging interest.  

Until your balance is cleared, you must make at least the minimum monthly payment, or the payment agreed with our Financial Support team. Your minimum monthly payment will be shown on your monthly statement. You can check your balance by logging into Online Banking or checking a recent statement. If you can’t afford this, you can contact Financial Support who will try to arrange a repayment plan you can afford. 

If you don’t keep to the terms and conditions or make your required payments on time, you may be asked to repay your outstanding balance sooner. 

We'll keep sending you statements and other messages about your account. You can still give us a call or contact us using secure messaging through Online Banking. Once your balance reaches £0, we’ll close your account.

I haven’t used my cahoot credit card for a very long time. What do I need to do?

If you have a zero balance, you don’t need to do anything. We’ll go ahead and close your card for you on or after 30 September 2024.

Just make sure that all cards are destroyed, by cutting through the chip and card number. 

Who can I contact for more information on my credit history?

For more information about your credit history, you can contact these credit reference agencies:

• Experian, PO Box 8000, Nottingham, NG1 5GX or
• TransUnion International UK Ltd, PO Box 491, Leeds, West Yorkshire LS3 1EP or
• Equifax Customer Service Centre PO Box 10036. Leicester LE3 4FS
  
  

How can I contact you about my credit card after 30 September 2024?

You can call us 0330 678 2811 (we’re open Monday to Friday 8am-6pm, and Saturday 9am-5pm) Or send us a secure message in Online Banking.