1 reviews | Active since Nov 2015
Complete disrespect and blatantly trying to mislead
<p>While having a look at my DiscoveryCard statement I realised my interest rate on my card was a mammoth 25.1%. </p> <p> </p> <p>I proceeded to enquire via email, stating various facts about other banks' interest rates available to me since I would qualify for preferential interest rates on certain accounts (professtional graduate). To put it into perspective, some would give me an interest rate of prime minus 0.25% = 10.25%.</p> <p> </p> <p>After a few days, I received this reply:</p> <p> </p> <p>"Thank you for contacting us. </p> <p>The interest rate on a Discovery Card is not personalised, but based on the specific type of Discovery Card you have (Gold or Platinum).</p> <p>The interest rate is fixed for each card.</p> <p>The rates we offer are competitive and well within the requirements of the National Credit</p> <p>We can’t negotiate and amend the interest rate linked to your product.</p> <p>We apologise for any disappointment you may feel in this regard."</p> <p> </p> <p>In which world is a credit card interest rate not personalised?</p> <p> </p> <p>Also, i have numerous colleagues with the same DiscoveryCard but, wait for it, DIFFERENT interest rates to the one supposedly fixed with the Gold credit card.</p> <p> </p> <p>I find it unimaginable that Discovery would try and insult a customer's intelligence in such a blatant way. Even mentioning the NCA.</p> <p> </p> <p>I will also be taking this to the Ombudsman. </p> <p> </p>
Hi lsmit11
Thank you for your comments and for bringing this matter to our attention.
We sincerely apologise for any inconvenience caused in this matter.
Thank you for kind patience and understanding.
Your reference number is – ***.
Regards
Jaco Thompson
Executive Relationship Manager (FAIS)
Hi lsmit11
Thank you for your comments and for bringing this matter to our attention.
We sincerely apologise for any inconvenience caused in this matter.
Thank you for kind patience and understanding.
Your reference number is – ***.
Regards
Jaco Thompson
Executive Relationship Manager (FAIS)
Jaco phoned me and explained how interest rates are assigned and informed me that the only way to have a new interest rate quoted is to apply for an upgrade or to aplly for a new credit limit.
After applyng for a higher credit limit, the new interest rate quoted as 21%.
The reason is that Discovery automatically sets all interest rates for the credit to the highest percentage allowed by the NCA at the time of quoting. A practice not followed by other banks.
Although I am greatful for Jaco's help and the ease of which I raised my limit online, I still feel it is unfair to automatically set the rate to the maximum. You can very easily receive much lower interest rates at other financial institutions. That is why I did not give four stars.
Jaco phoned me and explained how interest rates are assigned and informed me that the only way to have a new interest rate quoted is to apply for an upgrade or to aplly for a new credit limit.
After applyng for a higher credit limit, the new interest rate quoted as 21%.
The reason is that Discovery automatically sets all interest rates for the credit to the highest percentage allowed by the NCA at the time of quoting. A practice not followed by other banks.
Although I am greatful for Jaco's help and the ease of which I raised my limit online, I still feel it is unfair to automatically set the rate to the maximum. You can very easily receive much lower interest rates at other financial institutions. That is why I did not give four stars.