Heritage Bank - Revert back Card usage as per agreement (Coles Prepaid Mastercards)
Heritage Bank - Revert back Card usage as per agreement (Coles Prepaid Mastercards)
Why this petition matters
Coles ran a promotion between 19th October 2022 till 25th October 2022 by selling the Coles Prepaid master card at 10% discount.
Coles ran this promotion with a view to help households during challenging times with heightened spending and ongoing cost of living pressures.. however the issuer Heritage bank has another plan to take full advantage of consumer funds.
As per Heritage Bank's Card holder agreement(as at the time of sale) below are the card limitations and it clearly states that the card may be used to purchase goods or services everywhere Mastercard debit cards are accepted as long you do not exceed the available balance on the Card(with exclusions of gambling, automated fuel dispensers etc. - listed below)
One week after the sale has ended, on 02nd November 2022, Heritage Bank has blocked merchants such as ATO, Private health insurance companies(Bupa) etc.. These merchants are considered as "Services" and no where as per the agreement it states that Heritage Bank has the right to change the merchants after they are sold. Heritage Bank would like to place restrictions on the usage of card which is violation as per AFCA rules there by holding on to the funds for a longer period of time.
If Heritage would like to place restrictions on the usage, they should be releasing a new card series and update the card agreement clearly stating the Card limitations rather than running a nationwide promotion and illegally restricting the usage of these cards.
Request AFCA/Heritage Bank to look into this matter as soon as practical and revert the usage as per the Card holder agreement.
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5. Card limitations. You cannot use your Card to obtain or redeem cash (for
examples at ATMs, Point of Sale (POS) Device, or by any other means. You cannot request an additional Card for another person. The Card may be used to purchase goods or services everywhere Mastercard debit cards are accepted as long you do not exceed the available balance on the Card. The Card cannot be used at an automated fuel dispenser (‘pay at the pump’). Some merchants may choose not to accept Mastercard Prepaid cards. Merchants or other providers may impose limits on the use of your Card. We are not responsible if a merchant refuses to accept a Card. The Card itself may not be returned to any merchant for a refund, except where required by applicable law. You may not use your Card for online gambling or any illegal transaction. You may not make pre-authorised recurring or instalment payments from your Card Account For security reasons, we may limit the amount or number of transactions you can make on your Card. You do not have the right to stop payment of any transaction effected by use of your Card or Card details:
Link to card holder agreement(We have retained this version of document as they may take this down):
https://www.fscarddisclosures.com/C1951_1701_VMC_Coles_Australia_2022_CHA_6x9_v1.pdf