I authorized a balance transfer with ANZ knowing that after the 0% interest period it will attract high interest (more than their purchase rate) which is normal. I was also told that any payments will go pay a portion of the highest interest balance, which should be the remaining balance transfer amount after interest free period. However, over three months into this period, I realised that even though I've paid over $2200, only $800 has reduced from the balance transfer portion. I asked about this from the bank and they are pointing to so many things with absolutely no credentials. Further none of the details are on the statement, which I also thought was required following the royal commission findings, etc. One possible explanation is that they are charging Cashrate interest on the interest which should be illegal, if it is not, at least should have told the customer. Anyone else with the same issue?
The online service was appalling. No intention of helping. Simply got told to go to branch. When I said I couldn't because I'd had a hip replaced just recently, I was told that he couldn't help me anymore. Said I answered a question wrong and hung up.
Always a bit of a fiddle when you get them on the phone. I always forget what month they add the annual fee and they do it right at the end of the month, so it always takes me by surprise and on occasion has pushed me over my limit. Other than that they are good.
ANZ rewards is sold on the "perks" of reward points, travel insurance and extended warranties. I have never claimed on the insurance elements, but the rewards level is a disappointment. I'm no high roller but I do spend a decent amount per year and only manage to raise a value of points similar to the annual fee. ANZ does provide an excellent easy to use online service though.
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