Unethical bank practice?

[PeachGal]

I decided to make this query thread afterall to seek advise.
Now i realised the agony in using quarterly spend cc.
This is the maybank plantinium card.

July spend $500 +
August spend $300+
September spend 300+

I did not get the quarterly rebate and I called up to ask. The reason I was given that July spending have some reversal of ard $100 and was "applied" on to August statement. So $100 was minus off from the mth's spending, making August spending less than 300. Therefore no quartely rebate.

Hi guys what do you think? Hmm can the bank use previous mth reversal to minus off current month spending amount? Anyone please advise.

Thanks for your feedbacks : )

 

[ralliart_ray]

I decided to make this query thread afterall to seek advise.
Now i realised the agony in using quarterly spend cc.
This is the maybank plantinium card.

July spend $500 +
August spend $300+
September spend 300+

I did not get the quarterly rebate and I called up to ask. The reason I was given that July spending have some reversal of ard $100 and was "applied" on to August statement. So $100 was minus off from the mth's spending, making August spending less than 300. Therefore no quartely rebate.

Hi guys what do you think? Hmm can the bank use previous mth reversal to minus off current month spending amount? Anyone please advise.

Thanks for your feedbacks : )

I think it is fair enough, and basis on the billing cycle right? If not what do you suggest for the bank to do? quarterly rebate is more ley chey, but since you know there are reversal, you could anticipate it.

 

[PeachGal]

I think it is fair enough, and basis on the billing cycle right? If not what do you suggest for the bank to do?

hmm why are the bank using previous month transaction reversal to minus off current month "spending amount"? Even if they do, they should be debiting from previous month spending amount. Reversal shouldn't be anything to do with what one spend this current month, but a simple debit from current month bill. The bank cutting spending amount from current month will affect the spending amount requirement quota for current month, and I can only find out at end of the month, for this case, 2mths later.

 

[PeachGal]

I think it is fair enough, and basis on the billing cycle right? If not what do you suggest for the bank to do? quarterly rebate is more ley chey, but since you know there are reversal, you could anticipate it.

Hi. Anticipate that the bank decides to cut current month spending because of the reversal? I spend more than required for the previous month spending, so if they cut from previous month spending, I would still be eligible for the quarterly rebate. Apparently they cut from current month spending, I wouldnt know it will affect the rebate earning until like end of quarter. How would the customer react?

 

[wts2013]

hahaha, that's why I never use cc where rebates are dependent on quarterly spend, risky, no guarantee if mistake made.

scb manhattan is different, only qtrly cap, they still pay u based on mthly cycle spend, guaranteed, no risk.

 

[derrickgoh]

Previous month's bill already generated and paid for. So if there is any amount due back to you, the only thing they can do is credit back to you the next month.

Its like when you pay the CC annual fee and request for it to be waived. When they waive it, they will credit you the amount in the next month. If not how?

 

[ralliart_ray]

hmm why are the bank using previous month transaction reversal to minus off current month "spending amount"? Even if they do, they should be debiting from previous month spending amount. Reversal shouldn't be anything to do with what one spend this current month, but a simple debit from current month bill. The bank cutting spending amount from current month will affect the spending amount requirement quota for current month, and I can only find out at end of the month, for this case, 2mths later.

It is just a bad combination of the timing. The reversal by the merchant + your billing cycle isnt it? "You play the game, so you have to follow the rule , fortunately or unfortunately."

 

[PeachGal]

Previous month's bill already generated and paid for. So if there is any amount due back to you, the only thing they can do is credit back to you the next month.

Its like when you pay the CC annual fee and request for it to be waived. When they waive it, they will credit you the amount in the next month. If not how?

Right. But the thing is why is it affecting the spending quota for this current month? It should be just affecting the total bill amount instead. I can pay the bill no matter the reversal amount. Its not up to the customer when the reversal is being done. I play with the card rules of spending $300< for the 3 mths in the quarter, and in the end I get no rebate.

 

[more3cm]

hmm why are the bank using previous month transaction reversal to minus off current month "spending amount"? Even if they do, they should be debiting from previous month spending amount.

The T&C is quite clear "Card transactions which are made within the calendar month but are posted late will be considered for the following month’s minimum spend amount."

Your reversal is a late transaction, and it is accordance with the T&C to offset it in the next month

 

[PeachGal]

The T&C is quite clear "Card transactions which are made within the calendar month but are posted late will be considered for the following month’s minimum spend amount."

Your reversal is a late transaction, and it is accordance with the T&C to offset it in the next month

hmm are you sure reversal is categorized under transaction? I didnt noticed that applied on to reversals. But the bottom line is customer like us cant control these things. The reversals are because of the portal error and duplicated transactions. I think its unethical for the bank to do this.Think of it if you are in my shoes.

 

[PeachGal]

It is just a bad combination of the timing. The reversal by the merchant + your billing cycle isnt it? "You play the game, so you have to follow the rule , fortunately or unfortunately."

Maybe It is, I am disappointed that at that. Think wont use this card anymore.

 

[more3cm]

hmm are you sure reversal is categorized under transaction? I didnt noticed that applied on to reversals. But the bottom line is customer like us cant control these things. The reversals are because of the portal error and duplicated transactions. I think its unethical for the bank to do this.Think of it if you are in my shoes.

Which date did the merchant refund you? If it is posted in July, may be you have a case. If in August, then really too bad already

 

[PeachGal]

I think it is fair enough, and basis on the billing cycle right? If not what do you suggest for the bank to do? quarterly rebate is more ley chey, but since you know there are reversal, you could anticipate it.

I was thinking again about your anticipation again, doesn't sounds right. Lets say I anticipate the bank gotta cut from my current month spending, so meaning that I should spend extra more than the reversal to make the rebate? How would it fair for the customer haizzz.

 

[ralliart_ray]

I was thinking again about your anticipation again, doesn't sounds right. Lets say I anticipate the bank gotta cut from my current month spending, so meaning that I should spend extra more than the reversal to make the rebate? How would it fair for the customer haizzz.

not sure for you, but for me if i know there is a reversal (maybe order cancellation etc) it will nett off bah, then I will swipe the card for some other transactions to make up the sum.

Why is it not fair? But still very lek chek one lo to monitor, sometimes I just leave it for my wifey to manage. Unless got big tickets items which Manhattan is decent.

 

[wts2013]

Logically, u shld have a case against the bank. Suggest u write in to state your case, the refund/reversal is for the previous mth's spend, so they shld not deduct from current mth. Computer systems have limitations and unlikely to handle such cases, needs human to review. So write in, have u?

 

[PeachGal]

Logically, u shld have a case against the bank. Suggest u write in to state your case, the refund/reversal is for the previous mth's spend, so they shld not deduct from current mth. Computer systems have limitations and unlikely to handle such cases, needs human to review. So write in, have u?

Will send a email down with all the details. In fact, I have only been talking to their CSOs. Thanks

 

[adviseandadvices]

I decided to make this query thread afterall to seek advise.
Now i realised the agony in using quarterly spend cc.
This is the maybank plantinium card.

July spend $500 +
August spend $300+
September spend 300+

I did not get the quarterly rebate and I called up to ask. The reason I was given that July spending have some reversal of ard $100 and was "applied" on to August statement. So $100 was minus off from the mth's spending, making August spending less than 300. Therefore no quartely rebate.

Hi guys what do you think? Hmm can the bank use previous mth reversal to minus off current month spending amount? Anyone please advise.

Thanks for your feedbacks : )

You definitely have a case.

If your spending is 500,300,300 and there is a reversal of $100 in the 1st month, you still hit 400, 300, 300 and qualify for the rebate. As for when the reversal comes in, it doesn't matter because it will be regarded at advance payment for the 2nd month. Just like the rebates for UOB ONE that comes in the 4th month, it will be regarded as advance payment.

 

[destrier]

You definitely have a case.

If your spending is 500,300,300 and there is a reversal of $100 in the 1st month, you still hit 400, 300, 300 and qualify for the rebate. As for when the reversal comes in, it doesn't matter because it will be regarded at advance payment for the 2nd month. Just like the rebates for UOB ONE that comes in the 4th month, it will be regarded as advance payment.

It seems flawed to categorize reversals and rebates as the same thing. The main crux is the reversed transaction was used to calculate the rebates earned, while the rebate itself does not affect other transactions. If a qualifying spend is reversed, then quite rightly this is to be taken out from the spend balance. Then it becomes a question of when the reversal is posted.

I think a mitigating factor would be if it was posted late at the end of the statement cycle and you could say there was no time for you to react. Hope your appeal goes through though, or they give it to you out of goodwill.

 

[adviseandadvices]

It seems flawed to categorize reversals and rebates as the same thing. The main crux is the reversed transaction was used to calculate the rebates earned, while the rebate itself does not affect other transactions. If a qualifying spend is reversed, then quite rightly this is to be taken out from the spend balance. Then it becomes a question of when the reversal is posted.

I think a mitigating factor would be if it was posted late at the end of the statement cycle and you could say there was no time for you to react. Hope your appeal goes through though, or they give it to you out of goodwill.

I think you didn't read what she posted clearly.

She charged 500,300,300. reversal of 100 is for 1st month purchased. hence effectively, she is still entitled to the rebates, since her spendings are 400,300,300.

But the reversed amount is credited on the 2nd month to offset her bills, and the bank deemed her spending as 400,200,300 which is illogical. Her spending is still 400,300,300.

Reversed payments are always taken as advance payment.

It's like you are paying $1000 as advance payment and you spent 300,300,300 and the bank says you are not entitled to the rebates because your expenses are 0,0,0.

 

[destrier]

I know what PeachGal was trying to say, and I agree it looks illogical and unfair, but I'm afraid that's just how the banks' systems work, sad to say.

The reversal has to be taken out from somewhere, because the original transaction formed part of the qualifying spend for the first statement month/cycle. If the reversal was very late and only posted in the second month, they can only offset it from that month's qualifying spend.

I get the frustration, that's why I don't use such cards, too much tracking and too troublesome relying on their service recovery and goodwill, if there is any to speak of.

And to reiterate, the rebates and the $1000 advance payment does not contribute to qualifying spend, but the reversed transaction does, so they are not the same.