The Banking Ombudsman has turned down a complaint after a customer transferred his balance from one credit card to another bank at a low interest rate.  The new bank provided its terms and conditions, both in hard copy and electronically, but the customer did not read them.  The customer complained to the Ombudsman when the bank charged a higher interest rate on new purchases than it had specified for the transferred balance.

The Ombudsman held that the customer should have read the terms and conditions and they were plainly set out and therefore the bank was not liable for the customer’s failure to do so.  It was entitled to charge the higher interest rate on new purchases.

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