Rakbank - Dubai - UAE Complaint - Unfair And Unethical Business Practice To Sell Their Product
This is regarding UNFAIR and very much UNETHICAL business practice followed by RAKbank -Dubai -UAE. In Feb 2009 I received phone call from one of Bank's sales executive and asking me for balance transfer to their Mastercard (which I hold). He told me that they are offering special interest rate of 1% for balance transfer. This I found attractive and I agreed for balance transfer to their Mastercard. On February 19, 2009 balance transfer was done. I also received the letter from the Bank in which they mentioned that this balance transfer was done at a special interest rate of 1% per month. The first credit card statement I received on March14, 09 in which they had charged me 1% interest rate. The next credit card statement which I received (statement date Apr14, 09) I was surprised to see the interest rate charged was 1.5%. So I called up their customer service and they tell me that the interest rate was revised to 1.5%. So I faxed a complaint letter to the Bank. After 2 days some officer call me up and explain me that they have revised the interest rates to 1.5%.
I try to explain him that this was absolutely unethical and unfair business practice that you offer a product at a special interest rate of 1% and within no time you jump it to 1.5%. He tells me in their welcome note while issuing credit cards they have mentioned all rates are subject to revision without notice. I am really disappointed. This is not the question of few bucks but the question of ethics and fairness. Can anybody guide what steps I can take? Is their anything else I can do?