But the credit card market is deeply unfair. The main source of revenue is the interest we pay on our outstanding card balances – generating around £14 billion pounds for credit card issuers every year!

The average interest rate in the industry is 24.7% APR, but most of us don’t know how much we’re paying, and only a quarter of us understand when to make a repayment to avoid additional charges.

Cardeo was founded as a response to this, aiming to help you and other credit cardholders save millions of pounds in interest repayments and fees, via a free app.

One of the key features, Cardeo Credit, offers a new way to refinance existing credit card borrowing. It can save a typical credit card user £464 a year.

What is Cardeo Credit?

Cardeo Credit is a flexible credit facility in the Cardeo app. It helps you to streamline your borrowing by transferring your credit card borrowing into one pot. Cardeo pays off the credit card debt, and you pay Cardeo back instead.

Cardeo Credit is a flexible credit facility in the Cardeo app. It helps you to streamline your borrowing by transferring your credit card borrowing into one pot. Cardeo pays off the credit card debt, and you pay Cardeo back instead.

What’s unique is that it's also a revolving credit product just like a credit card – as the borrowing is repaid, headroom within the credit limit is created, which allows more credit card borrowing to be transferred onto the low Cardeo rate. There is no limit to the number of transfers that can be made.

Cardeo Credit’s interest rate is guaranteed to be lower than some of your credit cards, which means you start saving immediately on interest. A typical Cardeo Credit customer could save £2,184 over five years.

Once you’ve transferred your borrowing to Cardeo Credit, you can choose what to do with your credit cards. Cut them up, keep them for the credit history and perks they offer, or keep using them responsibly.

When you transfer your credit card borrowing to Cardeo Credit, you are contractually liable to Cardeo for the repayments.

What are the benefits of Cardeo Credit?

Guaranteed to save you money

If you’re offered Cardeo Credit it will be at a lower interest rate than some or all of your credit cards, saving you money on interest charges. A personal interest rate is calculated when you apply., Our rates currently range from 12.9%-19.9% (see the current average).

Flexibility to spend and transfer more

As Cardeo Credit is a credit line rather than a card, you’re able to make unlimited, free transfers from your cards - within your credit limit.

Applying won’t affect your credit score

You can find out if you qualify for Cardeo Credit through a soft search which does not affect your credit score. If you qualify, you can then apply with confidence.

No arrangement fees

Unlike a balance transfer, Cardeo Credit carries no setup, transfer or annual charges of any kind. The Cardeo app is free to download.

A long-term solution

There’s no defined or introductory period. Permanent low rates are offered to help reduce the amount you spend on interest.

Keep your cards

Once you transfer your borrowing to Cardeo, you can hold onto your existing cards to continue enjoying their perks.

How does Cardeo Credit compare to other options?

Personal loans are one option to refinance existing debt. Traditionally a loan is provided as a fixed amount and has fixed monthly instalments , and does not allow overpayments. In comparison, Cardeo Credit is flexible in terms of the amount you can borrow, repayments, the term of the borrowing and the ability to make overpayments.

Balance transfers can be a good solution if you plan to stop spending money on your credit cards or you’re trying to save on the interest payments from your existing credit cards.

However, many come with an initial transfer fee and the low or 0% interest rate is only available for a set amount of time - after the promotional period ends it usually becomes very high.

Cardeo Credit offers a long-term interest rate that is lower than your existing credit cards, without an introductory period. It does not carry any of the fees associated with setting up and running a balance transfer account.

How to apply for Cardeo Credit

If you’re refinancing your borrowing and looking for a long-term solution that guarantees to save you money, Cardeo Credit is an option worth exploring.

Register your interest for Cardeo Credit and you’ll receive an invite to apply in the app when we think you may be eligible.

You can’t apply for Cardeo Credit without the Cardeo app. If you haven’t got it already, download it now for free.