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2007
NAB Qantas Gold credit cards confusion after ASIC concern
Thursday November 12, 2009
National Australia Bank has addressed it customers in regards to the confusion caused from the introduction of its NAB Qantas Gold card product earlier this year, after a regulating body expressed concern over the entire process.
The Australian Securities and Investments Commission (ASIC) expressed concerns of the manner of which the credit cards were delivered to National Australia Bank customers which saw Visa and MasterCard customers receive American Express companion cards with no specific written consent received from customers.
From February and May 2009 all current NAB Gold Rewards credit cards customers were automatically moved to an enhanced NAB Qantas Gold product option after there were a number of changes made to the Qantas Frequent Flyer program. This altered product included a Visa/MasterCard and an American Express card which were available for the customer to use to gain extra bonus reward points.
However, National Australia Bank has now released a statement and addressed its customers with the option to either keep their new American Express credit card or to return at no cost.
National Australia Bank customers will soon be receiving a letter detailing the several options they can take and actions required.
There are several options that National Australia Bank customers can take:
- Customers who want to keep their American Express credit cards - no action required. Use can continue as per usual for both their Visa/MasterCard and American Express credit cards
- Customers who have not used their American Express credit cards yet but want to keep it - simply sign the letter that acknowledges that they have received it and wish to keep it and return it in the reply paid envelope provided.
- Customers who have not yet used the American Express credit cards and have no wish to keep it - no action required as all cards that are not activated will be disabled automatically on 18 January 2010.
- Customers that have actually used their American Express credit card but want to return it - sign the allocated section in the letter they receive from NAB and return to the bank in the reply paid envelope provided.
Lisa Gray, Group Executive NAB Personal Banking, said NAB apologised for any confusion for their customers that was caused due to the introduction of the new Gold card structure.
"We acknowledge ASIC's concerns in relation to the American Express card, and we apologise to any customer who experienced confusion or inconvenience as a result of the migration," Ms Gray said.
Customers who wish to disable their Card immediately can also call the NAB Qantas Gold Helpline number on 1300 021 460 from 8am - 8pm EST, Monday to Friday.
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