KM
Khethiwe M

1 reviews | Active since Dec 2017

04 Dec 2017, 21:44

Credi card insane payment method

I have a standard bank credit card for more than 2 years and never missed my auto payment. I have also never used it for more than 2 years as I used it as a once off a few years ago and after that I didn't use it for a while as I wanted to pay it off. So I have for a long time however wondered why the balance it self was not decreasing. Soon after that, I went to the bank to ask for a full statement and found out that all these years, I payments they were debiting were only going towards the monthly interest and that is why the actual balance was not going anywhere for 2 years all for the bank's benefit! How insane is this logic? What kind of a right minded person would use a credit card, and pay the bank a debit that only went towards the monthly interest. What about right as a consumer?? You want me to sit with the same balance for over 2 years while knowing that it does not make any sense to the consumer but only benefiting the bank since there is no sense in paying you interest via the debit and the balance remaining exactly the same?? Why?? What kind of logic is this?? Why would I want to pay you interest. When I called the call center, this was not even a surprise to them. Which bank allows a customer to take a debt and take a % of the balance which is to only pay the interest. I was not aware of this and neither do I understand how does this make sense from the custome's prospective, a question even your call center agent could not answer! I am beyond shocked to find out that all the years, these auto payments made no impact to my credit card balance.

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Replies (4)
Standard Bank
Standard Bank's reply05 Dec 2017, 06:53
Official

Thank you posting your comments.

We looking into your matter and will revert to you as soon as possible.

Kind regards

Complaint Resolution Centre
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KM
Khethiwe M's update21 Apr 2018, 12:55
Reviewer Update
To the World: I have been waiting for this bank to come to me since the 5th December 2017 since they promised to revert back to me and almost 5 months late, not one person has " reverting" back sine my initial complaint. I am appalled!!
Standard Bank
Standard Bank's reply24 Apr 2018, 07:25
Official

We apologize for the inconvenience and frustration in your experiencing.

One of our resolution consultants will contact you shortly to help resolve your complaint.

We greatly appreciate your continued support

Regards

Complaint Resolution Centre
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Standard Bank
Standard Bank's reply25 Apr 2018, 09:50
Official

Dear Khethiwe Msomi

Thank you once again for your posting.

I refer to my email correspondence and can confirm that this matter has been responded to.

Kind regards

Clint Petersen

Complaint Resolution Centre

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