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I got this letter - $20.00 for every $500.00. As I have stated in the other thread, I believe it is for customers like me who has a large debt at 4.9%. By getting me to spend money and collect 20.00 for every $500.00 until Christmas, effectively they will be getting us accumulate debt at $17% (or 18%). All repayments will go to settle the 4.9%. It is a technique to convert the low interest debt to high interest.
To be honest, with the current minimum repayment, I can take up to 5 years to pay my balance at 4.9% interest. As this is even lower than my homeloan rate, I am in no hurry to pay this off.
In the mean time, has anyone checked the T&C regarding their right to introduce fees midway like this. I do not want to call and start an argument as I am not prepared to cancel this facility and repay the full amount.
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