ANZ Rewards Black Bonus 75k Points rip-off

[mtbsafari]

In February I applied for a new home loan with ANZ. I used a mortgage broker.

My broker asked me if I would like to get a credit card at the same time. I mentioned to the broker that ANZ was running an offer on their Rewards Black credit card - 75,000 QFF plus 1st year annual fee waived - and asked her whether I was eligible for it. She made enquiries with ANZ, who confirmed that I was. I was changing banks from my much loved Westpac to ANZ.

On the basis of this reassurance I told her to apply for the credit card. That is where my sad tale starts.

The credit card arrived and I immediately got started using it to meet the conditions. I kept checking my QFF account and no bonus, not even points for spending.

I called ANZ at the beginning of March 2018 and made a complaint. I was told that the credit card had been obtained under an ANZ Breakfree package (in connection with my home loan), I wasn't eligible for the special offer. Instead I would get the annual fee ($425) waived under the Breakfree package. Anyways, it was left with ANZ to make some more enquiries.

I called ANZ yesterday with another complaint (I'm regretting changing banks at this point) and we talked about the first complaint. I had heard nothing for a month. Anyways, they tell me that I am not eligible for the special offer because I got the card under the Breakfree package. Had I have applied for the credit card separately I would have been eligible, go figure. I also learned that the Breakfree package only waives the credit card fee in the first year, not for the life of the card (or so long as I have the Breakfree package - with Westpac it is for the life of the package).

My argument is that I would not have applied for the card but for the special offer. I made enquiries of ANZ about my eligibility before I applied and got assurances. There was absolutely no benefit for me in taking the card under the Breakfree package. I can’t cancel the existing card and take up a new one. If I cancel and go to another bank, my credit rating is adversely affected. It also looks like I'm churning to get points and I haven't changed banks in 20 years.

This isn't the end of the story. I will now go to the Financial Ombudsman Service. That involves a lot of time and effort for me - thanks to ANZ.

Beware is all I can say. If you are taking a home loan with ANZ, don't apply for a card at the same time. Wait a few weeks. If you apply at the same time you run the risk that you are caught by this condition " Not available in conjunction with other offers, packages or promotions ..." even if you don't realise you are getting the other offer, package or promotion.

A con, a total con, by a big bank. Who would have thought.

 

[blackcat20]

Be interested to see how you go. We also got the card as part of our loan and therefore no bonus.

 

[theblank]

I also learned that the Breakfree package only waives the credit card fee in the first year, not for the life of the card (or so long as I have the Breakfree package - with Westpac it is for the life of the package).

That is not correct, Under Breakfree that the credit card is always Annual fee FREE, however you must pay the Rewards annual fee, which is think is $55pa.

Addtiionally you cant even have a Breakfree package without a Credit card.

None of this shold be something you have now learned. All of this is clearly detailed in the Break free package that you originally signed, and on the ANZ bank website.

Rather than ring the bank and ask lots of questions which can confuse both parties to the call, you should read the Break free documents first.
https://www.anz.com.au/content/dam/anzcomau/documents/pdf/breakfree-tc.pdf

and secondly it was also your responsibility to read the conditions for the special offer. In saying that I cant see where it says that the Break free customers are ineligible. You should be asking the bank to show you the conditions where it says you cant get these points, and if they cant, then that forms the basis of your complaint.

A con, a total con, by a big bank. Who would have thought.

There has been no con by the bank at all. And I am afraid that the Ombudsman is going to agree with that, because based on your version of events, you got what you signed up for.

 

[kamchatsky]

In the past when I had ANZ breakfree package, is that I asked them to give me a basic ANZ Platinum credit card as part of the package (they forced me to get a card when getting the package). Then later whenever there is ANZ promo with points, I applied online as part of the promo. I always get the bonus points.

After the bonus points posted, if the card does charge me annual fee, I will then call up and put the card as part of the package, and then they refund the annual fee.

Likewise I have done it with Westpac now. Same process.

 

[mtbsafari]

@theblank

There has been no con by the bank at all. And I am afraid that the Ombudsman is going to agree with that, because based on your version of events, you got what you signed up for.

You will see that I asked the question as to whether I was eligible, and I was told yes. I applied on the basis of this representation. I did not get what I asked for, is exactly my point.

Further discouraging me from complaining to the Ombudsman is contrary to the law. You, assuming you are a bank employee, should know this. Instead of bullying me, you should be trying to help me and others to avoid and resolve issues like these.

Rather than ring the bank and ask lots of questions which can confuse both parties to the call, you should read the Break free documents first.

Bank documents and websites are incredibly difficult to navigate. For this reason, banks have call centres and people who are there to answer questions. I don't think it is unfair that I call them. Further, if they are confused, how on Earth am I to understand the products. Maybe some more training of staff to clearly explain the products and not give conflicting information.

 

[theblank]

I did not get what I asked for, is exactly my point.

I agree with you, but once the bank gave you documents to sign, when you signed them, you have agreed that is what you wanted and thats what you go, Thats exactly my point.

What you asked for in the beginning doesnt matter any more. For sure you have a basis for complaint, but not along the lines you have proposed.

Further discouraging me from complaining to the Ombudsman is contrary to the law

I still discourage you from complaining to the ombudsman based on how you see the events thus far, as you will be wasting your time.

You, assuming you are a bank employee, should know this.

I was a bank employee for half a lifetime (not ANZ), then was a mortgage broker that sold plenty of Breakfree packages, and I had one myself for about 9 years.

In any case I really dont need to justify my credentials or why I understand this product better than you, because I already showed you the terms and conditions that verifies what I said.

Instead of bullying me, you should be trying to help me and others to avoid and resolve issues like these.

well you didnt ask for any advice, you just had a rant.

Now read it again, I did help you by advising you the only way to go about resolving this. Find the terms and conditions for the 75,000 points and see what it says, If it doesnt say Break Free is excluded, that is the basis for your complaint. You can thank me later.

Bank documents and websites are incredibly difficult to navigate.

They are not, but it doesnt matter, in any case I gave you a direct link to the Terms and Conditions, you really need to read them.

For this reason, banks have call centres and people who are there to answer questions. I don't think it is unfair that I call them.

I understand your pain, documention reading isnt for everyone, but when it comes down to complaints that are really and argument over "i said, they said" then the Terms and Condigtions and documents you signed are the be all and end all of the issue. Neither the ombudsman nor anyone else will go by what was said on a phone call.

Before you raise complaints to the ombudsman or the ANZ complaints dept, you need to do some homework and get the facts understood more clearly.

Further, if they are confused, how on Earth am I to understand the products. Maybe some more training of staff to clearly explain the products and not give conflicting information.

There is no chance the ANZ told you that the Credit card annual fee is free for the first year ONLY. That it is free or life of the package is a core feature of the product. What they may have said is the 'Rewards fee" of $55pa was free in the first year. (However I dont recall whether they do thator not).


p.s. I really loathe the ANZ bank. I had many horrible experiences with them, I complained several times, and won them all, and now I have ditched them, Its up to you if you want to disregard the advice of a hostile witness.

 

[mtbsafari]

@theblank

Thanks .

I am grateful for the advice and I will spend some time reading the terms and conditions. Hopefully, it will get me somewhere.

There is no chance the ANZ told you that the Credit card annual fee is free for the first year ONLY. That it is free or life of the package is a core feature of the product.

ANZ offered to waive the annual fee for one additional year as compensation for the mix-up. They told me that under the Breakfree package the annual fee was only waived for the first year and thereafter I would pay $425. The conversation was only yesterday and quite clear in my mind. If the fee waiver is a core feature of the product then I'm glad (because I now have the product) and will get this ongoing benefit, but ANZ's compensation offer amounts to nothing. I doubt if they were purposely trying to trick me into going away. More likely they were mistaken as to the features.

What they may have said is the 'Rewards fee" of $55pa was free in the first year. (However I dont recall whether they do thator not).

That (the $55 fee) they don't waive. I have paid it.

 

[theblank]

That (the $55 fee) they don't waive. I have paid it.

That is correct. ANZ have a very firm policy of not waiving fees/pricing.

They told me that under the Breakfree package the annual fee was only waived for the first year and thereafter I would pay $425.

You dont even need to discuss this with them, its not worth it. You have the T&C at home already that was given to you already that says the Annual fee is waived for the life of the package.

I recall that when I rolled over my fixed rate loan, the lady on the phone said there was an $X 'renegotiating fee" so i just ignored her. Their system doesnt change it because the loan account is correctly configured for the breakfree product. Your credit card will be the same.