Cahoot plans to rival EggBoots tie up

Cahoot, the Internet bank, is looking to develop a credit card with a retailer or service company to compete with rival Egg’s credit card deal with Boots.

Cahoot has spoken to companies about the idea but has not yet found a partner that meets its criteria.

Cahoot marketing and business development director Tim Sawyer says the card would allow consumers to collect loyalty points that could be redeemed with a hotel chain or airline. He says: “We’re fixated with the cost to the customer. We don’t want to introduce a card with a high APR. It’s about finding a partner that buys into that philosophy.”

Cahoot was launched as a division of Abbey National in June 2000 and has 166,000 customers.

Its marketing campaign, through EURO RSCG Wnek Gosper, says the bank “defies convention”. It offers an interest rate of 6.2 per cent on its current account and a typical rate of eight per cent on its credit card.

Cahoot launched a flexible loan this month, allowing customers to borrow and pay back money when they want, within an agreed limit.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here