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Cahoot closing credit cards


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I've just received a letter from Cahoot stating that they will close all credit card accounts from the end of September. Following a review blah blah blah. I use my cahoot credit card for purchases and pay it off each month. Is this because their cards aren't profitable as their customers pay them off every month or is it because too many of their customers are too risky?

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Frank Hovis

Credit cards make them money as long as people use them because they receive a 3% cut on each purchase.

They make more money if people do leave a balance on them but the only customer they really don't want is someone who doesn't use their card.

I have always bought all my fuel on mine purely because I want to keep it live for when I go abroad.

I don't know about Cahoot specifically, I hadn't actually heard of them before your post.

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Wight Flight

I received notification yesterday on one of my cards that the interest rate was going up from 20% to 30%. Hasn't changed in years until now.

I thought it odd until I checked the account. I have lent it to Yank lad while he is here for petrol etc. The bloody idiot used it to withdraw £10 in cash as a place he was at wouldn't take a card.

Pretty sure that triggered the rate increase.

Bastards. 

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