NOT HAPPY JAN!!
I received my Visa Awards card statement from the Commonwealth Bank yesterday and the due date is super early, surely a mistake I thought. Nope! They've changed all their Award products to a 44 instead of 55 days interest free period. Was told we can switch you to 55 days with a different product but you lose your rewards.
I pay it off every single month, and use my Awards every few years to cash in and partly pay for a holiday. This will mean 11 days less each month the money won't sit in my offset account.
Obviously they're struggling to make a dollar and are ripping off their loyal customers.
I've had this CC for 25 years and have everything linked to it, (direct debits, bills etc.) I have several savings accounts and my son's 2 accounts set up with them, but feel like I have no choice but to take my business elsewhere.
Loyalty gets you nowhere anymore, so my problem is, who do I switch to? I've been with them since it was a State Bank of Vic when I was a kid. I had a stint with ANZ years ago, until they "accidentally" froze all my accounts one day so I withdrew everything from my savings that day and swore off them for good.
I need recommendations for a single bank who's App is user friendly (Android & iOS) and have great products including Everyday transaction with low or no fees, a good Savings account including for teen into Adult (son turning 18 and he has Bonus saver type account too), CC preferably with a reward program and standard 55 days interest free period. NOT ANZ please unless you have a good argument for them! Home loan with ME bank who I'll be leaving ASAP, so not them either.
It's actually really important that the big four banks continually increase profits. Such concentration in the banking sector is a feature of economic policy in this country. You probably have superannuation that is in some way invested in them so be grateful.