apr 20 2006

about time

i've been bitching for awhile about the stoopid banks and their astronomical charges. it looks like there's been quite a few complaints from consumers / customers... and now the banks are going to be investigated. yay!

a little over 2 months ago i took absa up on their offer for a gold cc instead on the normal silver one. i checked out the pros and cons. the yearly fee was abit more but the interest rates were much more favourable. so i got my silver card sliced and took possession of a shiny, gold card.

a month later i checked my cc statement to check that absa was playing ball with regards to the interest charges. to my complete shock i noticed my debit interest had increased by about 3% instead of descreasing by about 1,5%... i went to their website and doubled checked the info regarding this and saw that i was actually being 'swindled' (the website now reflects their new charges - applicable from march 2006). i then went to my nearest branch of absa and asked the enquiries lady "what the hell?". i was then told that at the end of the previous month absa credit card division changed the interest rates across all cc's and there is now a flat interest rate of 19.75% for gold cc's (that's ridiculous by the way, credit interest rate is 2.75%. where is the love, absa?). then i am told that if i spend more than r10 000 a month the debit interest rate decreases... basically if i get myself more into debt, my bank will lower my debit interest rate. that's just super cool of you guys man! oh, and thanks for the heads up.

i promptly approached another bank about a gold cc. my application was successful and i am now the proud owner of a gold cc at another bank with better interest and debit rates. good bye to you absa...

slowly but surely you are forcing me to do business with your competitors.

Posted by sarah | ranting