ABSA Credit Card re-payments?

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SonnyK

Banned
Joined
Sep 13, 2013
Messages
127
supersunbird said:
Also treated as cash. You should have asked us to explain, we even give you screenshots and such :p
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Ai I'm a twat. Just checked that statement again. It's not interest charged, it is transaction charges as you've so clearly described to me. Will take advice and ONLY use cc for swipe and online purchases.
My parents are pensioners and that is probably the reason why they don't have these charges when doing EFT's and transfers via their cc account. Shall wait until I'm 65 before I end my rant :D Ta for help Superbird!
 
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ShaunyCT

Expert Member
Joined
Jun 16, 2010
Messages
1,206
Ya NEVER do EFTs on credit cards.... just swipe wherever you go and pay full amount that is due on the card on or before due date.
Check on your statements for the last 3 or 4 months when bank charges, if any, goes off, then use card again.
If your salary gets paid in on, for instance, the last day of the month and you see the charges, if any, goes off on the 10th of the month, then ask them to change it to your salary date. Now when the deductions, if any, goes off, you can use your credit card again. This will ensure interest fees to be 0, keeping in mind that you did not draw cash.
 
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Nangi

Senior Member
Joined
Jul 28, 2012
Messages
507
Hi

I'v been working for about three months now. I tried to get a Telkom mobile data contract which costs R119p/m but was told that I dont qualify, whereas MTN gave me a 349p/m tablet the day before, weird. Anyway now I want to buy a camera which costs about R9000 and instead of saving up I'v decided to buy it on a credit card(which arrives sometime this week). Apparently this will give me a better interest rate when I buy something like a car/house.

I have two options: Buy on a 6 month budget then let the payments go off(im guessing they are deducted automatically for 6 months), or pay it off within 2 months. Which would be better for my credit rating and future large purchases? Or does it not matter as long as I pay it off within the 6 months?

On FNB Gold. Thanx
 
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G

Gtx Gaming

Gtx Gaming
Joined
Aug 25, 2008
Messages
25,510
Nangi said:
Hi

I'v been working for about three months now. I tried to get a Telkom mobile data contract which costs R119p/m but was told that I dont qualify, whereas MTN gave me a 349p/m tablet the day before, weird. Anyway now I want to buy a camera which costs about R9000 and instead of saving up I'v decided to buy it on a credit card(which arrives sometime this week). Apparently this will give me a better interest rate when I buy something like a car/house.

I have two options: Buy on a 6 month budget then let the payments go off(im guessing they are deducted automatically for 6 months), or pay it off within 2 months. Which would be better for my credit rating and future large purchases? Or does it not matter as long as I pay it off within the 6 months?

On FNB Gold. Thanx
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2 months will work out cheaper.

6 months on budget will look better on credit rating , because it give you more exposure to dept.
 
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NicoKleynhans

New Member
Joined
Oct 19, 2014
Messages
2
SonnyK said:
Ok here's a test I've done on ABSA's credit card with supposedly 57 days "interest free"

Transactions:
8/11 - R8400 withdrawal
9/11 - R850 withdrawal
15/11 - R2000 withdrawal

Balancel: -R11250

26/11 - R11350 deposit

Balance: R100

26/11 - R95.35 INTEREST :wtf:

This is not what they've promised or am I missing something here? Shall see me this morning
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Any Cash Withdrawal is treated as a loan with interest payable in full from day one until the entire loan is settled. Any purchase made and settled in full on due date will not attract any interest.
 
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