FNB fees

[Kosmik]

One thing I've noticed (After July) is that on my Premier Fusion, they charge me the R69 monthly credit fee regardless of whether I use my overdraft or not.

I still don't understand the reasoning behind this, so I'm going to query it with them this week. Does anyone here know what its for (if not the overdraft)?

It was a rule change that came into effect a while ago, basically any provider can charge you a fee for "management" of your credit portfolio even though its not used. Same reason I killed a store card in my wifes name which was kept open for FICA and credit purposes but when they started charging a flat fee every month when it was idle, killed it.

*edit* 2016

Service Fees

Financial Charges in Credit Agreements | Exonerate

The Act like it's predecessor, the Usury Act, regulates the cost of credit. The Act, however, has adopted a more simple approcach with regard to the regulation of the costs and the nature of disclosure. With regard to disclosure, both the Usury Act and the Exemption Notice previously used the...

www.exonerate.co.za

 

[supersunbird]

Haven't tried capitec yet.

 

[r4nd0m]

It was a rule change that came into effect a while ago, basically any provider can charge you a fee for "management" of your credit portfolio even though its not used. Same reason I killed a store card in my wifes name which was kept open for FICA and credit purposes but when they started charging a flat fee every month when it was idle, killed it.

Thank you.

I'll need to figure a way out then.

I don't make use of my overdraft, but I do swipe everything and pay it off each month.

This mixing of credit lines to FNB's benefit is pure nonsense. Fusion seemed better, but it's actually worse. Perhaps I'm not understanding or using the product correctly, which just means its not for me.

 

[donanicky]

One thing I've noticed (After July) is that on my Premier Fusion, they charge me the R69 monthly credit fee regardless of whether I use my overdraft or not.

I still don't understand the reasoning behind this, so I'm going to query it with them this week. Does anyone here know what its for (if not the overdraft)?

I upgraded my Easy account to gold fusion about 3 weeks ago. The lady told me that I would only pay the R69 if I used more that R200 of the credit facility.

 

[r4nd0m]

The lady told me that I would only pay the R69 if I used more that R200 of the credit facility.

The thing about fusion is that the lines blur between overdraft and credit card usage.

The concept behind it (to me at least) was to have one line of credit to facilitate both needs.

If you did swipes only and never incurred a non-card transaction (EFT payments, debit order, withdrawal, etc...) that made you dip into that credit line, then there would be no credit fees charged because it essentially functioned as a credit card.

This is how it would work in the past, so I'm unsure now.

For the past 2 months they've been debiting R209 + R69 in fees, whereas before it was only R209 unless I used the overdraft.

I stuck with it because the eBucks sort of made up for it, but I'm not a big spender like the individuals you see in the eBucks thread, so I don't get those additional reward boosts. eBucks has been lackluster since covid began anyway.

I might downgrade or figure out a new way. Perhaps going back to my old ways (Capitec) is cheaper in the long run, if not more constraining. Pity virgin money has gone now as well.