I bought a new car last week and had my previous vehicle finance with Nedbank at a rate of 7.25% and with my new application they gave me a rate of 12%! I have never defaulted on a payment and have been a loyal customer for about 18 years (credit card, current account, home loans & investment accounts) and according to the branch they cannot negotiate on my behalf as I applied at a dealership! I think this is terrible customer service and they lost the vehicle finance to Absa whom I have never dealt with before but gave me a MUCH better rate. Furthermore they are being very clever trying to get extra interest. I normally pay my credit card in full (to avoid interest) and the due date is usually around the 29/30th of the month but February only had 28 days and by this morning I still had not received my statement in the post so I phoned them only to find out that the payment was due yesterday (the 28th) so now I will get charged full interest, but theoretically today should be the 29th so they are wanting it a day earlier than normal. As soon as I get a chance I am going to look at moving ALL my accounts to another bank that actually might reward customer loyalty.
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