But you're trying to make it sound like they're slipping this in as part of the migration. That clause hasn't changed from what's in the current Citibank terms?
Clause 11: "We may change the terms and conditions applicableto your account, including changing any condition, the APR and fees and charges."
Page 4: "We may change any of the terms and conditions thatapply to your Account, including your Credit Limitby reducing it, Annual Percentage Rates, fees andcharges, the calculation of repayments and otherAccount features."
The fact that they've left that clause unchanged in the new terms doesn't support your speculation, nor does it undermine It. It is completely expected.
Thank you for your helpful observations (no sarcasm is intended).
Let's think a little deeper.
When was the Citibank document which you kindly provided dated? 1 June 2025.
Who controlled Citibank Australia on 1 June 2025 and facilitated the issue of that document? NAB.
What did the Citibank document look like just before NAB took over control? Hopefully someone here at AFF can provide?
Is it likely that NAB thought up of the MyCard branding, terms and conditions etc. for the first time between 1 June 2025 and late September 2025? Probably not.
Why would NAB create a separate MyCard product for ex-Citibank credit cards rather than roll the ex-Citibank credit cards into its NAB branded credit cards stable?
The MyCard product is almost like an SPV isn't it?
Or the credit card analogue of a 'burner phone'?
Big corporates use SPVs for 'special purposes' as the name suggests.
But why is a SPV necessary here?
Given the experience with Citibank Plus, should we expect NAB to pare back the 'benefits' associated with the ex-Citibank credit cards?
How does one kill a frog by boiling it in water? By turning up the heat gradually so the frog does not notice until it is too late.
When is it too late?
Wyler wrote:
"Then wait until we use it".
Wyler is exactly right.
'Fee free for life' is associated with a Citibank credit card.
Migrating Citibank free free for life cardholders to MyCard destroys that nexus forever.
The moment the former Citibank fee free for life cardholders activate or use their shiny new MyCards, they are bound by and are deemed to have accepted the MyCard terms and conditions.
Will NAB impose annual fees on the former Citibank fee free for life cardholders immediately after they are migrated over to MyCard? Probably not given their track record with Citibank Plus.
Why not immediately? That would alarm the frog in the water wouldn't it?
When then? Give it a few years. By then the former Citibank fee free for life cardholders are absolutely bound by the MyCard terms and conditions. Also, there is a contractual doctrine of 'part performance' that can also come to NAB's aid.
Deeming provisions? They are commonly found in solicitors' costs agreements. Read them carefully.
Oh the games they play.
I used to play them too for a big ASX listed corporate.
But now I provide free legal opinions on the internet.
Dear NAB and NAB operatives, we see your playbook.
