ABSA vs. FNB

Devill said:
LMFAO!

Gold plat ect ect just has elevated costs per month and doesnt really give you anything except a nice colour difference on your card :)

I have a silver cheque account because its the cheapest(R24 max a month)! they pester me about upgrading every week and i dont want to because the cost faaaaar out weigh the benefits.

For me it just isnt worth it :)
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Thats a bit baseless... I've paid the same banking charges at FNB through Gold and Platinum, and its also the same at FNB Private Clients.
 
Johand said:
They just give it too pretty much everybody right now :-)

The original platinum card was meant for the very rich people and had no limits. Of course other banks copied it with limits to sell some status :-)

No you have a merely mediocre card for people earning R25 000 or more a month. I wouldn't describe that as rich. You can't even buy a house with that salary.

Nothing special really.
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Except maybe lower interest rates... and easier banking... try calling the FNB Platinum call center, no queue's, no computers asking you to press numbers, the call is answered within 15-seconds and you speak to a PERSON.... and if you've been into a FNB you'll see a specific counter for FNB Premier account holders, with no queue.
 
e.g. of credit card interest rates at ABSA
Silver
< R 10 000 24.50%
> R 10 000 21.50%
Budget 24.50%
Credit 2.50%

Gold
< R 10 000 23.50%
> R 10 000 20.50%
Budget 23.50%
Credit 2.75%

Platinum
< R 10 000 21.50%
> R 10 000 18.50%
Budget 21.50%
Credit 3.50%

Private
< R 10 000 16.50%
> R 10 000 16.50%
Budget 16.50%
Credit 4.50%

So the type of account you hold isn't just about status... I feel sorry for those who think it is.... because there's a huge difference between 24.5% and 16.5%
 
Johand said:
They just give it too pretty much everybody right now :-)

The original platinum card was meant for the very rich people and had no limits. Of course other banks copied it with limits to sell some status :-)

No you have a merely mediocre card for people earning R25 000 or more a month. I wouldn't describe that as rich. You can't even buy a house with that salary.

Nothing special really.
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:eek: I wish I earned that kind of money :o.
 
xrapidx said:
e.g. of credit card interest rates at ABSA
Silver
< R 10 000 24.50%
> R 10 000 21.50%
Budget 24.50%
Credit 2.50%

Gold
< R 10 000 23.50%
> R 10 000 20.50%
Budget 23.50%
Credit 2.75%

Platinum
< R 10 000 21.50%
> R 10 000 18.50%
Budget 21.50%
Credit 3.50%

Private
< R 10 000 16.50%
> R 10 000 16.50%
Budget 16.50%
Credit 4.50%

So the type of account you hold isn't just about status... I feel sorry for those who think it is.... because there's a huge difference between 24.5% and 16.5%
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Err... really. Compare the 21.5% interest rate of platinum to a Virgin Money credit card at 19.5%, and credit interest of 3.5% to Virgin Money's 8.5%. If you want a better deal go to another bank - claiming that Platinum is better due to the interest rates is a hollow argument.

I will exclude Private clients from the discussion. They can even get better deals than those listed on the website. Private clients also get more support for complex transactions like forex. They are also not issued with "colored" cards. The NCA has also very little impact on private clients.

My point is that from Silver to Gold to Platinum the primary difference is perceived status and this is abused by banks to get around the NCA. Do you really think most people know what their current interest rates are?
 
Johand said:
Err... really. Compare the 21.5% interest rate of platinum to a Virgin Money credit card at 19.5%, and credit interest of 3.5% to Virgin Money's 8.5%. If you want a better deal go to another bank - claiming that Platinum is better due to the interest rates is a hollow argument.

I will exclude Private clients from the discussion. They can even get better deals than those listed on the website. Private clients also get more support for complex transactions like forex. They are also not issued with "colored" cards. The NCA has also very little impact on private clients.

My point is that from Silver to Gold to Platinum the primary difference is perceived status and this is abused by banks to get around the NCA. Do you really think most people know what their current interest rates are?
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You seem to only comment on what suits you. What's your comment on Platinum at FNB getting a dedicated support center, and in-bank support desk, how about a banker dedicated to certain accounts, who you contact directly via email, or phone?

And why not compare Private Bank, what makes it any different...? oh, and you can distinguish Private Clients, it says Private Bank on the card.
 
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P.S. if interest rate isn't important why you comparing it to Virgin?

Also, where's the comment on not needing to go through the 3-month bank statement check at certain retailers if you hold platinum and up....

You only commented on one benefit. And interest rate might not be important to you, but if I decide I want to bank with ABSA +8% is important to me. I don't do wannabe banks like Virgin... they're not going to give me a home/car loan... and a real bank won't give me preferential rates if I don't bank with them.
 
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I find that I get pretty decent service when I wear my balaclava to the bank.
The tellers just seem to respect me more.
 
xrapidx said:
You seem to only comment on what suits you. What's your comment on Platinum at FNB getting a dedicated support center, and in-bank support desk, how about a banker dedicated to certain accounts, who you contact directly via email, or phone?

And why not compare Private Bank, what makes it any different...? oh, and you can distinguish Private Clients, it says Private Bank on the card.
Click to expand...

xrapidx said:
P.S. if interest rate isn't important why you comparing it to Virgin?

Also, where's the comment on not needing to go through the 3-month bank statement check at certain retailers if you hold platinum and up....

You only commented on one benefit. And interest rate might not be important to you, but if I decide I want to bank with ABSA +8% is important to me. I don't do wannabe banks like Virgin... they're not going to give me a home/car loan... and a real bank won't give me preferential rates if I don't bank with them.
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Ok. I think we are getting our wires crossed. Like most people on this forum I don't qualify for private banking. So there is no choice - I can choose between the consumer bank offerings of the different banks. Whatever any bank does for their private clients are not relevant to me and therefor I don't try to evaluate banks by their service to Private clients.

I can at most compare commercial offerings of different banks. That is why I compared the platinum card against Virgin instead of the private card.

So I will again add the disclaimer - what I said is relevant for consumer offerings for banks only. It doesn't apply to Private Banking. The NCA has very little impact on people who qualify for private banking anyway.

The same with my comparison of FNB vs. ABSA. I only compare consumer offerings.

By its very nature, private banking is a lot different from consumer banking.

But it does seem like I have touched a nerve. We are welcome to create a new thread to discuss your banking views from a Private Banking client perspective.

I will re-iterate points by adding as much context as possible:
1) From a consumer perspective FNB offers a much better deal on a cheque account package, with internet banking and petrol card than ABSA in monetary terms.
2) From my personal experience with dealing with ABSA and FNB I got way better service from FNB than ABSA.
3) In my opinion banks are pushing upgrades from Silver to Gold to let them re-evaluate the credit rating and upping the limits on that cards. I base this opinion on the fact that I get constant reminders from ABSA the past couple of months. They never reminded me of this before the NCA kicked in, only only started after the NCA kicked in. Therefor I deduce that they do this to get around provisions in the NCA act.

Point 1 is a fact. You can compare bank cost directly. Go to thinkmoney.co.za (They still need to add some of the new FNB packages).

Point 2 you can't refute because this is my personal experience. At most you can say you think that bank x has better service than bank y and that is your experience. The only thing that you can do to proof a point here in absolute terms is to do an independent in depth study of service levels. I don't think this has been done thoroughly in South Africa - I only ever saw statistics of people's opinions. I have never seen statistics on measurable service events for any bank.

Point 3 is my opinion. You are welcome to give your opinion. But please don't do the "Thank you for smoking" trick whereby you try to proof yourself right in absolute terms by proving me wrong on a single detail. It might make you look smart but it is a waste of everybody's time. If you want to refute my point you must also take into consideration my assumptions. I can proof anybody wrong if I am allowed to change the assumptions. E.g. "I don't think it is going to rain today because the sky is clear." and then refuting my point by saying "But in Germany the sky is not clear, and in fact it is raining there right now therefor you are wrong." The hidden assumption is that I didn't mention the place. But a reasonable person would expect me to talk about the current location only. Same thing. I compared consumer banking offerings. Refuting me by changing my assumptions might make you look smart but doesn't get us anywhere.
 
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@johand
On your settings page at ABSA IB, you can tell them u don't want marketing info, etc.
Then they don't call u again.
Or just change your cell no on the page.

I get phoned up by Diner's club, American Express and other co's asking me if I want their cards. Don't know how to switch that off.

Some of the "higher" credit cards allow u to use the lounges at airports, which is quite nice.
 
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alf101 said:
@johand
On your settings page at ABSA IB, you can tell them u don't want marketing info, etc.
Then they don't call u again.
Or just change your cell no on the page.

I get phoned up by Diner's club, American Express and other co's asking me if I want their cards. Don't know how to swith that off.
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The more effective way is to walk into a bank and close all your accounts and instruct them to remove you from their (and this is important) their marketing partners databases :-)
 
I wasn't arguing about point one and two... but you clearly stated that there is no difference between Silver, Gold and Platinum packages offered by the various banks, and that it is merely a status symbol, which it is not. There are various benefits to the various levels of banking, and this is recognized locally, and globally.

You can argue all you like, but clearly stating it is a status symbol is incorrect. It's like claiming sports cars are merely a status symbol, branded clothes are status symbols, large LCD TV's are status symbols.

I love it when people make baseless observations.
 
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Syndyre said:
Also Amex Platinum.
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Thats the same as our local banks Private Banking ;)

Although The Platinum Card® is offered by invitation only; we will consider discerning interested parties on a special-request basis.

Our minimum qualifying criteria, in addition to other criteria are: a minimum of R750 000 per annum in income and assets of R3 million (net personal onshore assets).

For more information call Platinum Card Services toll free on 0800 004 244 or +27 11 710 4735 (24 hours).
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OMG...check the annual card fee: R 2,850

Variable. Currently 21.4% p.a. <-- not exactly good.
 
xrapidx said:
You can argue all you like, but clearly stating it is a status symbol is incorrect. It's like claiming sports cars are merely a status symbol, branded clothes are status symbols, large LCD TV's are status symbols.
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Ok. You are correct. Sport cars, branded clothes and large LCD TV's are not status symbols.

Branded clothing especially. I once saw a guy being saved from a mugging by the Lacoste alligator.
 
Johand said:
Ok. You are correct. Sport cars, branded clothes and large LCD TV's are not status symbols.

Branded clothing especially. I once saw a guy being saved from a mugging by the Lacoste alligator.
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Bet you shop at Mr.Price just to prove a point to the world... or is that to much of a status symbol to?
 
xrapidx said:
Thats the same as our local banks Private Banking ;)



OMG...check the annual card fee: R 2,850

Variable. Currently 21.4% p.a. <-- not exactly good.
Click to expand...

Yeah its ridiculous. I'm guessing when you get to the Private Banking level though the interest rate isn't that important, how many of those people don't pay off their cards every month?
 
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