Woolworths Credit Card

My max has increased from 4% to 5%. Looking at my previous screenshot, they just replaced “pay your account” with “spend R500”, so not more difficult, although I am still not opting in for BPI.

Last month:
IMG_0806.png

This month:
IMG_0805.jpeg
Still feels a bit random with the goals
 
I tried to understand the BPI through WhatsApp and phone calls. Had to do the whole address verification spiel.

Neither route could tell me how much I could pay or how it is calculated. It "depends how much you spend".

Useless.
 
Since FNB eBucks added Woolworths today I thought I might change my backup ABSA card to a WW card thinking I can get 10% back and pay my WW card with my FNB card, double dipping. But after reading nearly 20 pages of this thread’s 2026 posts the WW card seems to have a lot of hoops and little return. 3-4% doesn’t cut it nowadays. The FNB eBucks WW reward is 15%. So I’ll just shop at WW with my FNB card.
 
Yeah, thinking it's time to completely drop the WW card. The cost of the monthly is now equivalent to two coffees nearly that you get. 70 + spouse card fee.
 
So has anyone figured out how BPI works if you pay off your amount spent each month before you’re charged interest? Do I pay 0?
 
chickenbeef said:
So BPI is only going to give you an extra 0.5% cashback increase?

Is it really worth the extra cost and headache?

Their new "loyalty" program is a joke and not worth changing your banking behaviour.
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depends how and where you spend I get 500-750 a month so its worthwhile for me
 
Balance protection is calculated on the balance as at on the premium date only.

Balance Protection Insurance is charged at a rate of R5.50 per R1,000 of the outstanding balance per month.

Please note that the premium is calculated based on the outstanding balance on your account at the time the premium calculation is performed, and not on the highest balance during the month, the average balance, or only the statement balance.

Using your example:

If your account reflects an outstanding balance of approximately R50,000 at the time the premium is calculated, the monthly premium would be approximately R275.00 (R50,000 ÷ 1,000 × R5.50).
If the outstanding balance at the time of calculation is lower or higher, the premium will adjust accordingly.
Click to expand...
 
Rah_Skill said:
Balance protection is calculated on the balance as at on the premium date only.
Click to expand...
Do you know on what day the premium is calculated? I would imagine it would be the same day every month?
 
ies87 said:
Do you know on what day the premium is calculated? I would imagine it would be the same day every month?
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Varies - it is the same date that the statement is run.

I checked my history and statements are run between the 15th and 19th of the month, never earlier, never later (I have history since 2020-10-17).

So in my case, If I opt in for BPI, I would need to settle my FULL balance by the 14th, 2 days earlier if I EFT from FNB. Then I would lose out on FNB savings interest and shaft myself if I forget or life takes over. Too risky in my books for less than 1% earn rate bump
 
That seems to put a lot on the customer to calculate the full balance BEFORE they get their statement. I always pay off the balance owing in full when I get my statement. I don’t want to start prepaying to avoid being charged for BPI.
 
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