Monday 9 November 2009
National Australia Bank today acknowledged the concerns of the Australian Securities and Investments Commission (ASIC) in relation to the launch of its NAB Qantas Gold card product earlier in the year.
In consultation with ASIC, NAB has implemented a range of measures to offer customers the choice of retaining the American Express card, which was issued in parallel with their Visa or MasterCard. Each customer will receive an individual letter from NAB.
For customers using both cards and who wish to continue doing so, there is no change.
Customers can keep using their Visa/MasterCard and American Express cards as they have been doing. Customers will receive the letter from NAB outlining the situation but do not need to take any action.
For customers who would prefer to retain a single Visa or MasterCard
- Customers who haven’t used the American Express card but would like to retain it, can sign a section in the letter they receive and send it back in the reply paid envelope provided.
- Customers who haven’t used the American Express card and do not want to retain it, do not need to do anything. NAB will automatically disable the card on 18 January 2010.
- Customers who have used the American Express card but decide they do not want to retain it, will be asked to sign a section in the letter they receive from NAB and send it back in the reply paid envelope provided.
- 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.
Lisa Gray, Group Executive NAB Personal Banking, said NAB apologised to customers for any confusion caused with the migration to 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.
Between February and May 2009, existing NAB Gold Rewards card customers were transferred to an enhanced NAB Qantas Gold product (a Visa/MasterCard and an American Express card) following changes to the Qantas Frequent Flyer program.
As part of the migration, customers were issued with an American Express card that could be used at the customers’ discretion to earn extra bonus reward points.
NAB accepts ASIC’s concerns that while both the Visa/ MasterCard and the American Express cards operated on a single account and there were no changes or increases to the customers’ previously approved credit limit, the American Express card was issued without specific written consent from customers.
NAB Corporate Affairs
M: +61 (0) 419 667 783