5. NAB “Low Rate” Credit Card
If you find it hard to trust a bank, this Shonky award isn’t going to make it any easier. NAB collected this one for its “Low Rate” credit card, which CHOICE found failed to pass on cash rate savings, and was actually increased in the last few years. Although the move is technically legal, it gouges NAB customers, and is entirely out of sync with official interest rates which have fallen significantly in recent years.
In fact, the “Low Rate” credit card charges 13.99% interest (up from 12.99% in 2012) when a truly low rate card would be for less than 10% interest. Sadly, Australia’s four big banks appear to have missed this message, and charge an average of 18.98% instead.
6. Payday Lenders
If you struggle to trust the banks, you definitely shouldn’t trust payday lenders — the loan shark equivalent of the modern world. They’re pretty much guaranteed a Shonky Award for their behaviours, but it’s worth pointing out just how they cunningly avoided government restrictions to continue to hurt desperate Australians.
After the government banned payday loans of up to $2000 that must be paid back in 15 days or less, payday lenders have started offering 16-day loans. That’s right, that one extra day is really going to help you out. Well, not really when you consider that a $100 loan would result in $124 in re-payments just over two weeks later. SHONKY!
7. Coca Cola
Coca Cola already has a good reputation, so you’d think they’d be a little more careful about what they choose to do with that. But, this Shonky Award certainly proves they still have some things to learn. That’s why they funded an organisation to the Global Energy Balance Network, a group that claims drinking sugary beverages aren’t the problem, rather we don’t understand ‘energy balance’.
Unfortunately, a health food company with links to Big Soda really doesn’t sit that well with Australian consumers. Especially after it claims to be dedicated to ending obesity before cautioning consumers against focusing too much on bad eating habits. Hmmm.
8. Kleenex Flushable Wipes
It seems a pretty reasonable assumption that if a product advertises that it can be flushed down a toilet, it should be able to do so. Well, technically Kleenex’s flushable wipes can be flushed, but then they become a massive problem for waste services and plumbers everywhere.
See, although Kleenex claims the wipes disintegrate ‘like toilet paper’ they actually don’t. When stimulated with 20 hours of flushing, the Kleenex wipes didn’t look any different at all. That makes them bad for sewer pipes and bad for customers. Not good, Kleenex.
So there you have it, the companies you trusted that perhaps you shouldn’t trust so much. As always, the Shonky Awards prove that just because someone says it, doesn’t mean it’s true. Shop with care out there folks!.