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Quick answers

Cardeo app

How does Cardeo work?

Cardeo brings data from your credit cards into a single view using open banking. It then gives you dynamic insight into your borrowing and spending.

Our calculator works out how long it will take to pay off your cards. You can set a repayment target, decide how to get there, and pay your cards through a single monthly payment. Reminders make sure that your repayments are never missed.

You can edit or pause your payment, and make as many extra one-off payments as you like.

Eligible customers will be offered Cardeo Credit – our flexible credit line for transferring your credit card borrowing to a lower interest rate.

Can anybody use Cardeo?

Cardeo is designed to help all UK credit cardholders. Our free account overview, calculator and single monthly payment tools are available to everyone with a UK credit card.

Customers who are eligible for our flexible low-cost credit line will be invited to apply for Cardeo Credit.

Does Cardeo connect with all credit cards?

Cardeo connects with most UK credit card providers.

List of supported cards

We are working on adding more cards all the time. Part of this is getting all UK credit cards compliant with open banking law so that we can connect to them. You can speed up the process by writing to your card provider if they are not sharing the data they should be.

You can also vote for the cards you want to see the most and get notified when they are added to Cardeo.

How does Cardeo save me money?

Lots of ways! When you pay your cards through Cardeo, you choose a repayment approach. The avalanche approach, for example, repays your highest interest rate cards first, after minimum payments are met. This minimises your interest charges.

Cardeo reminders help you to avoid late payment fees from your card provider, as well as the extra interest incurred from missing payments.

If you are eligible for Cardeo Credit, you’ll be able to transfer borrowing from your higher interest rate credit cards onto a lower rate. You could pay back significantly less for every pound that you have borrowed.

We also offer deals from other parties which are selected to save you money.

Is Cardeo free? How does it make money?

The Cardeo app is free so that as many people as possible can use it to save money. Free means free to download, with no in-app purchases.

Cardeo makes money from Cardeo Credit, our flexible credit line designed to beat your credit card interest rates. We make enough to run our app – while Cardeo Credit customers save money on interest. That’s what we call a win-win. We only lend you money when we can save you money.

Cardeo also takes a small amount from the deal provider each time a customer takes up a deal from the Cardeo app.

Are 0% transfer deals cheaper than Cardeo?

Cardeo helps you to pay off your credit card borrowing in an achievable way. Our repayment approaches can reduce your interest repayments and fees. Those savings can grow significantly if you’re eligible for Cardeo Credit.

In contrast, 0% transfer deals could cost you more in the long run, through transfer fees and purchases accruing interest. Some 0% rates end instantly if you miss a repayment. They also take time to find and arrange, and your options for 0% deals may eventually run out.

0% transfer credit cards can be connected to Cardeo like any others. Cardeo can help you to pay off the loan, instead of just avoiding the interest.

Is Cardeo worth it for only one credit card?

Cardeo offers plenty of help, even for a single credit card.

You get insight into your borrowing and spending. You can easily change the date of your monthly payment. You can see how long it will take to pay off your card – and make top-up payments when you want to get there faster.

How is my credit score affected by Cardeo?

Cardeo offers features which may positively affect your credit rating. These features can help you safeguard your credit score by minimising your chances of missing a repayment:

  • Seeing your credit card account information in one place

  • Repaying your credit cards through a single monthly payment

  • Repayment strategies to help reduce your balances quicker

  • Transferring your credit card borrowing to Cardeo Credit

Connecting your credit cards to Cardeo happens through open banking. It has no impact on your credit file.

Applying for Cardeo Credit has no impact on your credit file. We run a soft search of your credit history to tell you if you qualify. This doesn’t affect your file in any way – no matter the result.

Is Cardeo a debt management plan?

Cardeo is not a payment plan, debt management plan (DMP) or individual voluntary arrangement (IVA).

The single monthly payment in Cardeo is a handy way to manage your credit card repayments. Make a single payment to Cardeo each month and we send it to your credit cards on your behalf. Our calculator can work out the cheapest and fastest ways to repay your cards.

But you are always in control – of how much you pay, and how much goes to each card. You can stop the single monthly payment at any time.

Unlike a DMP or IVA, you are not legally required to make payments through Cardeo. Your responsibility remains to repay your credit card providers in whichever way you choose.

Single monthly payment

What is the single monthly payment?

Make a single payment to Cardeo each month and we’ll send it to your credit cards on your behalf.

  1. Set a target, such as an end date or a monthly amount.

  2. Choose a repayment approach, such as avalanche, which minimises your credit card interest and the time to clear your cards. Or set the amount for each card manually.

  3. Cardeo will remind you when it’s time to make your payment, and how much to pay.

You can change the details, stop your payment or make extra one-off repayments at any time. You don’t have to pay a fixed amount each month. With the single monthly payment you don’t owe anything to Cardeo – we simply help you to pay back your credit cards, in whichever way you want.

How does the single monthly payment work?

During the setup of your single monthly repayment, you’ll be guided through adding your credit cards, choosing an aim, payment amount, payment approach and collection date.

Cardeo will collect the whole payment before distributing it to your cards in time for each one. So if you have different due dates on your credit cards, set your collection date at least 2-3 days before the first one is due.

The single monthly payment is not currently automatic. You return to the app each month to approve the payment.

If you want to use the single monthly payment to make your regular credit card repayments, cancel any Direct Debits you have to those cards, to avoid paying twice.

You can edit the details of your single monthly payment whenever you wish. You can also make additional overpayments to your credit cards at any time through Cardeo.

How many credit cards should I add?

We recommend adding all of your credit card accounts to Cardeo. When we have the full picture, we can offer you the most accurate advice and save you the most money.

Do I have to fix my repayment amounts?

No. With Cardeo, you are always in control of what you pay to your credit cards. The single monthly payment is flexible.

On top of minimum repayments, you can change the monthly amount or make extra one-off payments whenever you’d like. You can also change the collection date or stop the plan at any time.

What if I struggle to make the single monthly payment?

If you find the single monthly payment unhelpful, you can stop it at any time. It’s a convenient way of paying your credit cards, not a payment plan.

Cardeo’s single monthly payment is for people who can comfortably make the minimum monthly repayments on their credit cards, and keep up with other bills and credit commitments. It helps them to repay their credit cards consistently each month.

If you stopped your single monthly payment, you would still need to repay your credit cards some other way. If you feel you are getting into financial difficulty, contact your card providers to discuss your situation.

Help for financial difficulty – free services

Security and protection

Is my data safe in Cardeo?

Yes it is. When you give Cardeo permission, we access your account data using open banking. This is a standard, highly secure method of sharing financial data. Your data is always encrypted and login details kept hidden.

Our privacy policy lays out everything we do with your data. Cardeo is regulated by the Information Commissioner’s Office (ICO) ensuring that our security and privacy policies are robust and protect your data at all times.

What is open banking?

Since 2018, UK banks have kept your account information in a standard, shareable form. When you permit, another provider can access this information to offer you new services. That’s open banking.

Open banking is highly secure. You can remove your consent at any time. Your data is encrypted and its usage is tracked. All providers are regulated by the Financial Conduct Authority.

Cardeo uses it to bring your credit card data into the app. Then we can reveal that data to you and help you manage your payments.

Are payments through Cardeo protected?

Yes. Any payments made to your credit cards through Cardeo are stored in an e-wallet account before being sent to your cards. Your wallet only ever holds your money.

Cardeo partners with e-money company Modulr to provide your wallet.

The Financial Services Compensation Scheme does not apply to e-money products, so alternative regulatory protections are in place: Modulr safeguards your money in a segregated Bank of England account. That means 100% of your money is protected should anything happen to Modulr.

Modulr safeguarding explanation
Modulr terms and conditions

Cardeo Credit

What is Cardeo Credit?

Cardeo Credit is a flexible credit facility to refinance existing credit card borrowing. It allows you to transfer your credit card borrowing to Cardeo. We pay off your credit card debt, and you pay us back instead.

We only do this when you qualify, and when we can beat your credit card interest rates. So 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.

Cardeo Credit is not a credit card. You won’t get any plastic through the post and you can’t use it to pay for goods and services. Instead you get to hold on to your existing credit cards even while you use it, so you can continue to enjoy their perks.

Who qualifies for Cardeo Credit?

Cardeo only gives credit to people it would be responsible to lend to, and where we can beat the interest rate of their credit cards. Qualification is subject to a credit assessment – to verify identity, check creditworthiness and affordability, and to work out the best transfer limit.

More about qualification

Is my credit score affected by applying for Cardeo Credit?

Your credit score is safe with Cardeo. When you apply for Cardeo Credit, we first find out if you’ll be accepted by running a soft search of your credit history. This doesn’t affect your credit file in any way – no matter the result.

If you qualify, and go on to complete the application and open your account, the check is then reported to your credit file. This only happens when we’re sure you’ll be accepted.

About our credit checks

What is the interest rate of Cardeo Credit?

See the average interest rate on the Cardeo Credit page.

If you are successful in applying for Cardeo Credit, you’ll be offered an interest rate personal to you. You can then choose whether or not to accept it.

We guarantee that the Cardeo Credit interest rate will be lower than some or all of your credit cards, by at least 1%. Any credit cards that we cannot beat by at least 1% will not be included in your Cardeo Credit offer.

How much can I transfer to Cardeo Credit?

A personal credit limit is set if you qualify for Cardeo Credit. It’s the maximum amount that we can lend you.

Although your credit limit stays the same, as you make repayments to Cardeo Credit your headroom will increase. This allows you to transfer more borrowing in the future should you need to.

Some customers have a limit higher than their credit card balance. They can transfer all existing borrowing to Cardeo Credit, and have room to transfer more in the future.

Remember, you can only transfer borrowing from credit cards you’ve connected to Cardeo which are on a higher rate than Cardeo Credit.

Can I spend more on my cards after using Cardeo Credit?

If you reduce your credit card balances by transferring borrowing to Cardeo Credit, you may then be able to spend more on your credit cards. It may be possible to transfer more of that spending to Cardeo in the future, depending how much headroom you have under your Cardeo Credit limit.

We encourage all of our customers to be responsible in using credit. Stay aware of how much you owe in total, and don’t go beyond your means. Only borrow more when you understand, and can afford, the cost of repayments.

What to do if you get into financial difficulty

Are 0% transfer deals cheaper than Cardeo Credit?

0% transfer deals are appealing because for a period of time you don’t have to pay back any interest on your credit card balance.

However, there is often a balance transfer fee, whereas Cardeo Credit is free to set up. And with a 0% deal, you may end up repaying your balance at a high interest rate when the promotional period ends, or sooner if you miss a payment, compared to Cardeo’s permanently low rate.

Cardeo helps you to pay off your credit card borrowing in an achievable way and is simple to set up. 0% transfer deals take time to find and arrange, and your options for 0% balance transfers may eventually run out.

Can I add a 0% credit card to Cardeo Credit?

You can’t add a credit card with a 0% rate to Cardeo Credit, because you can only transfer borrowing from credit cards with a higher rate than Cardeo Credit.

However, you can still apply for Cardeo Credit, or add your 0% card to an existing Cardeo Credit account when it is about to expire. As soon as your interest rate changes from 0%, update the rate in the Cardeo app. As long as the new rate is at least 1% higher than your Cardeo Credit rate, you will then be able to transfer the borrowing from that card.

If I missed a Cardeo Credit repayment, what would happen?

When you accept Cardeo Credit, you are contractually liable to us for Cardeo Credit repayments. If you missed a repayment, we would ask you to contact us to discuss your options, to keep you within the terms of the Cardeo Credit agreement.

You might also be charged a £12 late payment fee. Missed repayments are reported to credit reference agencies, which could affect your ability to get credit in the future.

If you already have Cardeo Credit and are worried that you might miss a repayment, please get in touch. We will kindly discuss ways to help you make your repayments.

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