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So I recently saw an article in Oz about cc interest charges (not the one above but this references the same issue). There were a number of issues which were due an overhaul but one of the issues which caught my eye was this:
“Customers only paying interest on what remains on a credit card, and not the full amount of purchase if a loan is being paid down”
Anyone know if NZ banks share this practice? (Given we share a couple banks with Oz). It seems stupid to charge interest on $1000 if you’ve paid back $500 already. Didn’t really get any straight answers out of Kiwibank or westpac but it was twitter.
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