When we make you a Cardeo Credit offer, we estimate how much you’ll save by taking it up. The saving is calculated using your:
Average APRs on your eligible credit cards
Credit card minimum payments – 1% of balance plus interest per month, or £5, whichever is greater
However, minimum payments can vary between card providers.
This data is then compared to your Cardeo Credit APR to determine any interest and term saving. Savings may vary depending on the amount and time taken to repay borrowing.
Your monthly repayment saving
When you set your Cardeo Credit monthly repayment amount, or use the savings calculator, we estimate how much you’ll save by paying over and above the minimum.
To calculate this saving we look at how much more interest you’d pay on your Cardeo Credit balance by making minimum repayments each month, compared to paying a higher amount that you specify.
How does Cardeo make the comparisons?
In both cases, Cardeo works out how much you would cumulatively pay in interest until you clear your balance, based on your interest rate information. For your Cardeo Credit offer saving, there are three ways that we can get your credit card interest rate information:
From your accounts via open banking
From figures added by you
From your transaction history