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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-27 06:38:13" ["slug"]=> string(94) "17126:the-olympic-effect-on-property-and-equity-investors-covid-19-disaster-payments-and-super" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(107) "/resources/podcast/the-olympic-effect-on-property-and-equity-investors-covid-19-disaster-payments-and-super" ["image"]=> string(65) "images/podcasts/090321_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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The credit card providers giving Australians the most grief

By Grace Ormsby

November 14 2019
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Borrow

The credit card providers giving Australians the most grief

By Grace Ormsby
November 14 2019

In an eight-month period, Aussies complained about credit cards more than 3,500 times – so which providers left customers feeling most in need of airing their grievances against them?

The credit card providers giving Australians the most grief

By Grace Ormsby

November 14 2019
Share

In an eight-month period, Aussies complained about credit cards more than 3,500 times – so which providers left customers feeling most in need of airing their grievances against them?

According to the Australian Financial Complaints Authority, a total of 3,570 complaints were lodged to the independent body between 1 November 2018 and 30 June 2019 that dealt with credit cards.

Credit cards made up nearly a quarter (24.5 per cent) of all product complaints directed at the banking sector, the largest proportion of any product type.

Here are the top five most complained about credit card providers, as laid out by the authority:

1. Citigroup

Citigroup looks after the Citibank and Citigroup cards, as well as Coles MasterCard, CUSCAL/Card services, Qantas credit cards, Virgin Money and Virgin Saver.

The group had 682 complaints progressed about its cards, and resolved 306 of them by agreement.

A further 50 were resolved in favour of the complainants, while 70 were resolved in favour of Citigroup.

2. American Express Australia

American Express and Amex alone saw 406 complaints progressed against it, giving the large credit provider a ranking of second place.

A total of 406 complaints were progressed against it, with 197 of them resolved by agreement.

A further 27 were resolved in favour of the complainant, and 33 were resolved in favour of American Express.

3. Latitude Finance Australia

The only medium-sized credit card provider in the top five complaints-wise, Latitude Finance Australia is also known to customers by various names that include Creditline, GE Capital, GE Money and Go MasterCard.

It saw 392 complaints progressed under each of the above-named brands, and resolved 122 of them by agreement.

Just 13 complaints were resolved in favour of the complainant, and the same figure was reported for complaints resolved for the financial provider.

4. Commonwealth Bank of Australia

The biggest organization to make the list, the Commonwealth Bank of Australia credit card product suite received just 288 complaints, with 282 of them closed by AFCA in the time frame.

More than 120 of the complaints were resolved by agreement, with just six complaints resolved in favour of complainants.

A further 16 were resolved in favour of the Commonwealth Bank.

5. Australia and New Zealand Banking Group

The big four bank is responsible for branded credit cards including Aussie credit cards, One Direct and Origin Investment, as well as its own umbrella-branded suite of ANZ offerings.

It saw 281 complaints progressed against it in the time frame, with 141 of them resolved by agreement.

Out of the top five, ANZ saw the third most complaints resolved against it in favour of the complainant at 18, with a further 17 resolved in favour of the financial service provider.

nestegg previously reported on Australia’s most complained about super funds.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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