Wednesday, May 02, 2007

Caught Red-Handed

I have placed an online order a few days ago but before that I had to double check all expenses to make sure the transaction will go without problems. What I bought costs $998 USD including shipping fees, which should be around 290KD. To be exact, today 2nd of May 2007, $997.93 USD equals 288.563KD [*].

Now I checked my visa statement to see 295KD deducted from my visa account [*]. I'm not good in mathematics but apparently NBK charged more money. That's +5KD over today's currency rates.

Transaction fees? I don't think so.

Seems like our good ol' camel is sucking on a leak.

15 comments:

Ms Loala said...

Okaaay :p
This is not getting any better :P

It could be currency difference OR the website charged you more OR the +5 is your shipping fee.

Kinan said...

Mac:
Man, that's a rip off!!

ms loala:
Stopped defending your bank :P

Laialy_q8 said...

taxes maybe!

Elijah said...

kinan beat me to it ;)

loala?? was that u ripping off our maci?

B said...

3ayal ohma ma36eenik visa 3ala sawad 3yoonik? yuba hatha international system, lazim 3mola o in the NBK case, they take 4%

ReKoO said...

LOOOOL! @ "Seems like our good ol' camel is sucking on a leak"

The Criticizer said...

loala:
I told you, the overall price of that product including shipping and tax = $997USD. Leechers! :/



kinan:
I know, I always have bad luck with online orders. :(




laialy:
Taxes were counted with the overall price.




elijah:
There goes 10 shesha heads worth of money. :'(




b:
Nonsense. They already charge me annual fees. Besides, I have paid those 300KD over my visa limit, they only charge when I'm paying under the limit.



rekoo:
lol @ "ReKoo0o0o"
What does it stand for anyway? :P

TOUCHE' said...

By simple calculations it shows that you currency rates for USD according to your NBK credit cards system is 0.2956

The thing about currency rates when it comes to credit cards, that they DO NOT reflect the daily fluctuated rates as they are merely an agent for the credit card company and don't really pay the dues till the bills are verified and authorized. They have to keep a margin to prevent any sudden changes in currency rates taking place during the grace period between the purchasing date and the actual transfer date. True they place a hold on the amount on your credit card balance but that doesn't mean that the amount has been collected by the merchant.

So basically when it comes to credit cards rates, the currency rates are set and fixed to a higher rate than the announced daily conversion rate. And it differs from bank to bank. Gulf Bank sets the USD rate for credit card to 0.2975 and Burgan Bank to 0.2968 (if I'm not mistaken).

It's an official excuse and still an official rip-off, the only one who charges you to the current rate is KFH, I guess as it's fits more into their proclaimed Islamic standards.

P.S.
This is not an advertising to KFH, merely stating a fact.

Financy said...

Dude ,, call 801801 and scream them at them ,

but go to the " complaints " section , coz when u go there the calls is double checked , and nobody wants to the be the employee who didnt help the customer .

or .. you can email them from ur bank account online , and also put complaints . they will give u an answer shortly.. believe me

ReKoO said...

awal marah gara3t, weld 3ami took my phone and changed my bluetooth name to ReKoO ;P

as the egyption singer Ricko :)

Ms Loala said...

Mac,
Did you call them? =\

Kinan,
Viva la nbk, why you're so jealous? :p

b,
They take 4% on cash transactions only.

Elijah,
On 5 kd? oh come on i'm better than that xp

The Criticizer said...

touche:
Thanks for enlightening me. That sure explained a lot.



financy:
No need for that now, I got my answer. Thanks anyways.



rekoo:
Eqyptian singer? *Ugh!* :/



ms loala:
No. Should I? :/

NoNoWa said...

Since when is that sumthin new???
The same thing happened with my Visa card!!! Always overcharging :(

Ms Loala said...

Yea i guess. Just ask them about the extra fees and where were they charged ...

The Criticizer said...

nonowa:
I never knew that till now from touche'. :/



ms loala:
I'll do that soon enshallah. Thanks for the tip.