Beware Absa’s 13% interest rate fine print

In a recent article, Moneyweb highlighted that this 13% interest is not compound interest, but the simple annual interest rate over a 5-year period.
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Wait is this not the other way around? This is the compound rate and not the simple rate.
 
It's clear what Blapsa is doing. They're taking advantage of the fact that there's no longer any recourse for consumers. Expect a lot of misleading adverts to flood the market especially from the likes of Vodacom. Maybe Cell C should just market something based on 5G like they previously did with 4G.
 
I always find it amusing how people run down 1 bank and praise another when at the core all banks are so common you're just faffing over marketing babble as they sell the same thing differently.
 
People never learn. Whenever any corporate institution in South Africa, probably around the world, offers any deal or special, you as the consumer have the responsibility to go look for the catch. No company in this world will succeed in operations if they have to 'look after consumers'. To any company, a consumer is a victim waiting to be exploited. They are only focusing their attention on how to gain access to that victims' money.
 
Visser said:
People never learn. Whenever any corporate institution in South Africa, probably around the world, offers any deal or special, you as the consumer have the responsibility to go look for the catch. No company in this world will succeed in operations if they have to 'look after consumers'. To any company, a consumer is a victim waiting to be exploited. They are only focusing their attention on how to gain access to that victims' money.
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You see your clients as victims?
 
It was pretty obvious to me that something was up. How can you guarantee 13% interest when the competition is only offering around 9% pa?
 
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