Edcon Store Cards (Monthly Fee Applicable Now)

[genetic]

Not paying anything at the moment. Now it sounds like 22.90 per month. That's a big increase

You'll cough up an extra R273.60 per year to keep your Edcon Store Card, excluding interest fee charges.

Makes sense now - thank you.

Unless you actively shop at the store on credit, there is no reason to keep the store card. I use mine but it's not in credit.

Pay them to keep you?

Unfortunately many can't simply cancel their Edgars card. A college at work has about R11,000 odd she bought on credit.

 

[RichardG]

NEW INTEREST RATES AND FEES
On 6 May 2016 new regulations came into effect which reduces the maximum interest rates that credit providers can charge for most forms of credit. At the same time the monthly administration fee that can be charged was increased from R50 to R60 (excl VAT). These changes are applicable to new credit agreements. For example, the maximum interest rate for an unsecured loan, is now 28% - and it was 35.4%.

That explains everything. Less interest being overcharged but mess the consumer up elsewhere.

 

[jtr]

I'm guessing this doesn't apply to the Thank U cash card?

It be dumb of them to make it dependent on having an account first. I tried to get clarification from Edcon on social media, but they are clueless. I will need to contact their call centre - oh joy.

 

[lws]

Oh snap. This was my first account on my credit history about 15 years ago. I haven't used it for a while though.

I wonder why it hasn't fall off my credit report yet.

Because the account is apparently not "closed". I've visited Edgars branches repeatedly and asked them why my account is not closed according to the credit reports.

I eventually reported them to one of the credit bureaus who then followed it up. I think it might be properly closed now. (I hope).

 

[Gtx Gaming]

Eish I really liked going to the movies for cheap ,only reason why I had the card.

 

[Kosmik]

You'll cough up an extra R273.60 per year to keep your Edcon Store Card, excluding interest fee charges.

That. We had a MR.Price card for my wife so there was something in her name and just settled it every month. Now if not used it will rack up a monthly admin fee. Cancelled day after receiving the letter. With the amount of interest revenue these companies make, an additional admin fee is just rape.

 

[dunkyd]

What happened to the emailed statements ????? Not prepared to re register with all my details due to identity theft.

 

[genetic]

What happened to the emailed statements ?????

Nothing. I still receive them.

 

[RichardG]

Settled my account a few minutes ago, requested that they close my account. I told them straight I refuse to pay service fee every month.

 

[HeftyCrab]

Wife closed her account a few weeks ago when we saw this. Never buy anything from them anyway.

 

[KillerX]

So which retailers will still offer a store card with zero admin fees? The NCA says that a service fee CAN be charged, but not that it should be charged. I know I don't pay anything for my Stuttafords card.

 

[HeftyCrab]

That. We had a MR.Price card for my wife so there was something in her name and just settled it every month. Now if not used it will rack up a monthly admin fee. Cancelled day after receiving the letter. With the amount of interest revenue these companies make, an additional admin fee is just rape.

Well Edgars is in serious trouble. Thats probably why theyre doing stuff like this.

http://www.financialmail.co.za/coverstory/2015/07/16/edgarsedcon-fashion-disaster

(yes I know its a year old).

 

[RichardG]

Well Edgars is in serious trouble. Thats probably why theyre doing stuff like this.

http://www.financialmail.co.za/coverstory/2015/07/16/edgarsedcon-fashion-disaster

(yes I know its a year old).

Edgar's Financial Service doesn't belong to Edgar's anymore but to absa. They paid something like R10 billion for their financial service division.

 

[KleinBoontjie]

 

[donanicky]

Has anyone been in store and refused to sign? What do they do? It doesn't make sense to terminate a paying customers account

 

[Park@82]

Will be closing my account. Luckily I owe them nothing.

Has anyone been in store and refused to sign? What do they do? It doesn't make sense to terminate a paying customers account

They'll probably not give you any more credit...

 

[RichardG]

Today went in-store to make a purchase with my card and they wanted me to pay R22, settled everything outstanding and told them to cancel it. And they have waived the 6 months interest free

 

[satanboy]

I received the email, and promptly cancelled my Edgars account.

They can go jump.

 

[zll]

I barely use mine but I'm quite happy to pay +-R22 pm for cheaper movies and over 10k in credit. It basically means I add about R300 to my end of year flight home, which is fine for the security of being able to hope on a plane at short notice with 6 months interest free, which my credit card doesn't offer.

 

[Park@82]

I barely use mine but I'm quite happy to pay +-R22 pm for cheaper movies and over 10k in credit. .

Afaik you need to be part of edgars club to get cheaper movies & there is a cost to that as well...