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18 September, 2009

changing the credit card type? think again

An article I read today, a guy changed his credit cards to save fees but lost all his frequent flyer points.

He asked the bank if he could save $75 annual fee on his credit card account. The bank told him that he can but he had to switch his credit card account type.

The problem was, the new credit card account does not earn any frequent flyer points, and he lost all his original points.

He did ask if there would be any catches, and the bank said no.

The Financial Ombudsman Service (FOS) said a bank "does not have to advise a customer as to whether a particular product or service is, in all circumstances, in the customer's interests". "However," the FOS added, "if a customer specifically asks a question about a product or service, the provider is obliged to provide an accurate response."

My advice, read all the fine prints and ask your questions specifically, and keep a records of the conversation. In most states, you are entitle to sue for false statement or misleading information.

If suing fails, the very best last resorts... shame them! That's usually how ridiculous and unethical demands from big companies and government agents would change their behaviour/charges/practise. A recent example is Australia Post unethically demanding a unit of pensioner to adjust the height of the letter boxes, which was originally approved by Australia Post at time of building the house.

related blog entries:
it is important to keep a record (Sony IC Recorder ICD-UX70, 8 February, 2008)

Posted by Antony on 18 September 2009 10:55 PM |

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comments
Antony, it all comes down to "Caveat Emptor", buyer beware!
Posted by Rev.Dr.Wu Yi on 19 September 2009 11:36 AM.
Well, it is always very important to read the fine print.
Posted by Antony on 19 September 2009 10:16 PM.
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