My PA saw me with my credit card statement today. To my surprise I noticed that the interest rate has increased to 17% as compared to when I last saw my statement in June this year @ 14%. I normally request that my PA tell me the instalments due for each credit card. I called in and was advised that the call is being recorded which is very good but did not receive a proper explaination as to why the interest rate is 3% more. I was on a gold status card and ABSA marketing said that they have identified my as a good client and I qualify for upgrade to platinum. This was done telephonically and the marketing jargoen was given, however no mention was made about the interest rate. the consultant today mentioned that its based to risk credit profile, I mean, if I was a risk then why upgrade me to platinum status. I have also settled the account 100% on many occasions this year including the end of October 2013. My understanding with platinum statuses is that banks would make banking more attractive for such client not increase the interest rates. I want this to be corrected immediately and the platinum status means nothing as I did not request any increase in limits. Nothing has changed.
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