![]() The Credit Card Competition Act originated in 2022. ![]() To help answer your questions about the proposed piece of legislation, we’ve put together this primer that outlines what the bill would do and how it would potentially affect travelers and your hard-earned rewards. This could all change if this bill is approved. It can also mean more cash in your pocket, a better airport experience and the benefit of purchase protections that don’t exist with other payment methods. Leveraging these rewards and the perks on popular credit cards gives you the ability to travel more frequently - or in greater comfort - and discover the world. Here at TPG, we teach you to maximize your rewards so that you can, say, earn 3 points per dollar when dining out, 4 points per dollar on groceries and 5 points per dollar when booking airfare. It could affect your ability to collect (and redeem) points and miles toward travel or earn cash back that can offset some of your everyday spending. If enacted, this bill could dramatically change the rewards ecosystem. Today, they reintroduced the Credit Card Competition Act - with additional support from legislators in both the U.S. Last year, a pair of senators proposed new federal legislation that has the potential to significantly alter - if not completely eliminate - the world of credit cards that we know today. You should be aware that any referral to the Financial Ombudsman Service must be made within 6 months of the final response that we issue to you.Editor’s note: This story is continually updated with new information. We will also provide you with a copy of the Financial Ombudsman Service’s standard explanatory leaflet. The Financial Ombudsman Service is an independent organisation with powers to help resolve disputes between consumers and businesses providing financial services. We will also give you details of any rights you may have to refer your complaint to the Financial Ombudsman Service. Within 8 weeks of receiving your complaint we will provide a written response to your complaint setting out our position and /or an offer of redress where considered appropriate. In any event we will issue our final response to your complaint within 8 weeks of receipt. Where we have not been able to resolve your complaint within 28 days of receipt we will write to you advising you of the progress of the investigation into your complaint and when we expect to be in a position to do so. If you have any questions, or further information that may assist us in investigating your complaint, you should contact this individual using the contact details provided. Your complaint will be investigated by an employee of sufficient competence who was not involved in the matter which is the subject of the complaint, and who has experience of handling complaints. Where further investigation is needed, we will always acknowledge receipt of your complaint, by letter, within 7 days of receiving your complaint. Where your complaint relates to our credit broking activities where possible we aim to respond to complaints by the close of business on the business day following receipt of a complaint, however depending on the nature of the complaint it may not be possible for us to do so. Where the complaint relates to one of Ikano Bank’s finance products or the application process it will be dealt with by Ikano Bank following their complaints procedure which can be found here. Please refer to the Ikano Bank complaint process here There are multiple ways to make a complaint. We also aim to resolve complaints internally and without the need for referral to the Financial Ombudsman Service. We aim to resolve all complaints relating to IKEA in a fair, prompt and consistent manner.
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