Have a credit card gripe? There are about 10 million reasons to complain.
That’s how much in dollars Australians were awarded in compensation during 2020-21 after complaining about their credit cards to the Australian Financial Complaints Authority.
New AFCA data published on Monday revealed about 10,000 credit card complaints were made in the year to July, making them the largest source of financial gripes with financial firms covered by the ombudsman.
In total, more than 70,000 complaints across various products were made to AFCA, with $240 million in compensation and refunds awarded over the year.
Credit card complaints took the top gong on the back of a concerning rise in the number of unauthorised transactions reported, AFCA chief David Locke said.
“Consumers have identified debits on their credit cards they didn’t consent to and they don’t know how that’s arisen,” Mr Locke told The New Daily.
“A lot of…