GS
Glenn S

1 reviews | Active since Dec 2014

11 Apr 2015, 15:30

Gross overcharging of interest on credit card

This month I received my statement, I owed R2600 that had accrued interest on my credit card (there were additional transactions for this month, but the interest free period still app**** to those transactions), had a minimum payment of R80 (which was paid via debit order) and had an interest charge of R171.<br> <br> This interest charge amounted to 6.6% of my outstanding balance and was charged for 1 month's interest. This would mean that instead of the contractual 19% p/a, ABSA just charged me 116% p/a. <br> <br> This is a violation of the NCA! <br> <br> I went into the branch to enquire about it, they agreed it didn't make sense so they called the credit card division, but they gave the branch staff a nonsensical answer an wouldn't do anything about it.<br> <br> I called myself, but the woman on the other end simply kept repeating that they charge 19% p/a and then we got 'cut-off' (not sure if that was legit but anyway).<br> <br> I'm appalled at this financial misconduct that I feel needs to be answered for. If I don't get a satisfactory resolution soon I will escalate this to the NCR to investigate.<br> <br> Utterly disappointed and about to move to FNB!!!

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Replies (1)
Absa
Absa's reply13 Apr 2015, 13:57
Official
Hello gs333,

Dear Customer

Thank you for bringing this matter to our attention. We will investigate the matter and furnish feedback shortly.

Kind regards

Daphne Le Grange

Group Customer Care

Absa Bank Ltd