LJ
Lukhanyiso J

1 reviews | Active since Nov 2020

03 Dec 2022, 13:06

False Promises by Standard Bank

Two years ago I received a credit card offer from Standard Bank, which I accepted. At the time they offered me the credit, they made a commitment that they would beat the interest rate of my credit facility with my bank at the time, provided that I could show that the interest rate I had, was lower than the one they were offering me. For two years I have been attempting for Standard Bank to honour their promise that they made to me. Fast forward to two years (including branch visits, calling their credit card division & emailing the proof that I have an institution that’s offering me lower interest than Standard Bank), I spoke to a consultant that told me that the adjustment to the interest rate that I was offered, I will not be getting it. Was what said to me a lie by a representative of Standard Bank in persuit of a commission & to offer me a credit card based on a lie? Is this how a financial institution & credit provider conducts itself to get clients to sign up for their services?

What I can say Standard Bank, I have wasted a lot of effort in perusing the adjustment in the interest rate that I was promised & this is making me really consider whether I would believe any offers from Standard Bank in the future & to whether continue to use their services.

0
Replies (9)
Standard Bank
Standard Bank's reply03 Dec 2022, 13:39
Official
Hello Lukhanyiso
 
We appreciate you bringing this matter to our attention and assure you that as an organization we are committed to providing the best possible service. 

We apologize for the inconvenience and undue frustration, this has caused.  

An email has been sent to you requesting further details. 

Kind Regards Standard Bank Help Centre
*** 

Standard Bank
Standard Bank's reply06 Dec 2022, 11:50
Official
Hello Lukhanyiso

I am please to advise  that  the  rate  concession has been  amended  together with the  reconciliation done to  the  credit  card   and  also  effective  immediately.
An email was sent to you with  details. 

Kind Regards

Standard Bank Help Centre 
*** 
LJ
Lukhanyiso J's update08 Dec 2022, 18:42
Reviewer Update
The amendment of the interest rate was supposed to be app**** from the time I received the credit card. All that I have received is an adjustment on the interest rate & a refund from July 2022. What about prior to July 2022? Will I receive the refunds for all the other months that I was being charged at high interest rate?
Standard Bank
Standard Bank's reply09 Dec 2022, 07:09
Official
Good Morning Lukhanyiso
 
We have requested our team to follow up on this matter and get back to you.

Our sincere apologies for the inconvenience caused.

Kind regards

Standard Bank Help Centre 
*** 
 

LJ
Lukhanyiso J's update01 Jan 2023, 15:02
Reviewer Update
Communication from Standard Bank is pathetic. 22 days after after the Standard Bank Team were doing a follow up on the matter & still no feedback on a way forward. When can I receive feedback on this matter?
Standard Bank
Standard Bank's reply02 Jan 2023, 09:21
Official
Dear Lukhanyiso

We apologize for taking so long to respond to you.

According to information provided, an outcome email was delivered on December 6, 2022. Please let us know if this is not the case so we can investigate further.


Kind regards
Standard Bank Help Centre 
*** 
LJ
Lukhanyiso J's update03 Jan 2023, 14:30
Reviewer Update
The adjustment on the interest rate was adjusted from July 2022. What about the months prior to July 2022? I was told that if I provide documentation that I am receiving a lower interest rate than Standard Bank, they would adjust the high interest rate that I was given. This goes back all the way to the beginning of 2021 when I sent the proof.
Standard Bank
Standard Bank's reply03 Jan 2023, 16:35
Official
Good Day Likhanyiso

Thank you for raising your concerns with us. 

We have escalated your matter and we can assure you that the relevant team has your query in hand and has prioritized a resolution for you. 

Our team will be in touch with further feedback. 

Kind regards 
Standard Bank Help Centre 
***
Standard Bank
Standard Bank's reply05 Jan 2023, 14:25
Official
Good Day Lukhanyiso

Our team is still busy and will provide final feedback, thus far they have picked up that you were given the rate of 17% in 2020. The rate increased overtime due to repo rate increase and you have been on the correct rate.
  We appreciate your patience and understanding. 

Kind Regards
  Standard Bank Help Centre 
***