Balance Transfers and interest free periods

[burmans]

Summary of the reforms as you are both mainly correct

http://www.bankingreforms.gov.au/content/Content.aspx?doc=furtherreforms.htm

But important to note this was only for CC accounts and some rules do not apply for pre July 2012 contracts.

 

[medhead]

Ready credit is a personal loan with a debit card attached.

Thanks medhed, that is what the bank recommend I do if I was to make any purchases. The reason I wanted to bring it up here is to debate whether it's in the spirit of the 2012 reforms. I'm not convinced it is.

On the other hand, the last issued statement is an outline of what you're required to pay against. It is reasonable for the card issuer to go back to the last statement for reconciliation of any payments up to the issuing of the next statement.

 

[OzEire]

An update on my contact with Citi, which sounds much like Beta4me 's experience.

Initially Citi customer service just blew me off saying there was no problem.

After a month of trying to no avail, I gave them 7 days to rectify and copied the Citi email that deals with FOS action. I got a similar response from the Citi FOS rep who also quoted their illegal t&c regarding paying off lowest rate balance first.

Kept trying to contact the Citi FOS rep but they wouldn't return my calls or emails over another 7 days.

So I pulled the trigger and made a FOS complaint. About 4 hrs later FOS advised that they had passed my message on to Citi's FOS rep. About 30 mins after this Citi FOS rep emailed me 3 times seeking resolution, including an odd email retracting their earlier (incorrect) advice on how payments are applied and offering to re-credit the incorrectly charged interest.

+1 for the FOS.

But Citi have a few more things to do before I will be satisfied. A major one is confirmation of no adverse credit reporting arising from this incident.

Compensation would be in order too but its not my primary concern.

 

[Beta4Me]

An update on my contact with Citi, which sounds much like Beta4me 's experience.

Initially Citi customer service just blew me off saying there was no problem.

After a month of trying to no avail, I gave them 7 days to rectify and copied the Citi email that deals with FOS action. I got a similar response from the Citi FOS rep who also quoted their illegal t&c regarding paying off lowest rate balance first.

Kept trying to contact the Citi FOS rep but they wouldn't return my calls or emails over another 7 days.

So I pulled the trigger and made a FOS complaint. About 4 hrs later FOS advised that they had passed my message on to Citi's FOS rep. About 30 mins after this Citi FOS rep emailed me 3 times seeking resolution, including an odd email retracting their earlier (incorrect) advice on how payments are applied and offering to re-credit the incorrectly charged interest.

+1 for the FOS.

But Citi have a few more things to do before I will be satisfied. A major one is confirmation of no adverse credit reporting arising from this incident.

Compensation would be in order too but its not my primary concern.

Well done! Compensation should always be your primary concern with Citibank I've received somewhere in the vicinity of 150K (maybe more?) CitiRewards points as compensation today for the colossal number of cough-ups that Citibank has made!