Credit Card Noob

cashmoney said:
If i wanted to buy something that costs R3500, then i guess it would be better to put it on the budget facility then? As i would not be able to pay back that amount within 55 days.
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Nope ... because the budget limit is R3000.00 and you can't go over it. What you could do is swipe on the straight but make sure you have credit in your account else it won't work either!

Also, remember the interest free period is up to 55 (57?) days. It could be a 22 days on when you purchase, and when your statement date is
 
killadoob said:
Pay the 500 bucks back and only use the credit card if you have the money.

Don't get sucked into credit card debt like so many people in this country.
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I have to agree with you on this one you don't want to get caught up in credit cards, they can be very evil things unless you keep it in credit.
 
Thanks for all the replies. I now have a good idea of what to do:)
And how a credit card actually works!!
 
cashmoney said:
I need some advice.
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Straight goes on your credit card. You usually have 50-55 days interest
free to pay it off. Budget goes on your card over a longer term, minimum
of 6 months. Usually for larger purchases, and you repay a fraction, each
month. The problem of course is that the debit interest charge is also
charged which sucks.

Credit cards are great. Only thing you should do is have ABSA cancel out
the debt every month, so that you don't ever pay finance charges.

The benefits are of course, the ease of use, and that if the CC is stolen
and you report it ASAP you only pay for the new card. If you loose cash,
who's going to reimburse you?
 
cashmoney said:
okay...

If i wanted to buy something that costs R3500, then i guess it would be better to put it on the budget facility then? As i would not be able to pay back that amount within 55 days.
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Wrong.
If u don't have money then don't buy it.
 
Gosh these people at the bank confuse me. Quick question - if I want to purchase something through my straight facility, but the item I want to purchase exceeds the limit of the straight facility, will the rest of the funds be allocated to my budget facility?
I asked them to allocate everything to my straight facility but one person said the new credit act prohibits this and then the other person tells me another story.
 
Strange merc, my std bank credit has no budget only straight, they have done away with the budget facility they told me.
 
Yup - also asked them to take away my budget and make only a straight facility with the single amount. That said, it was all done BEFORE the NCA and maybe things are different now?

I know when I checked on my interest rates on my ABSA card, they had pre-NCA and post-NCA rates. The news guys get lower rates than the old guys!

I asked them to change over and they said I can't, unless I cancel my card and open a whole new account. Bleh :/
 
mercurial said:
Gosh these people at the bank confuse me. Quick question - if I want to purchase something through my straight facility, but the item I want to purchase exceeds the limit of the straight facility, will the rest of the funds be allocated to my budget facility?
I asked them to allocate everything to my straight facility but one person said the new credit act prohibits this and then the other person tells me another story.
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No, I think it'll just be declined if it exceeds your limit.
 
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