FNB Fusion

acp

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Aug 6, 2007
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291
Noticed this as well.
Like: consolidation of the noise, no more inter account transfers to top-up credit card, no unused cheque card with all those redundancies.
Dislike: 30 Days vs 55 days interest free. I'm a 55-days interest free credit user paying total amount due via inter-account debit order before incurring any interest. The 'real' money can then go into bond, ETFs, shares or accumulate in cheque account (albeit without interest) until payment is due. All this really does is give me 55 days of spending bank money interest free. Not really that exciting since after the initial 55 days, it just becomes a rolling expense regardless.
I think what will clinch it is some interest on debit balance whenever there's money lying around. It won't be much though.
 

Hamster

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Aug 22, 2006
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Like they say, there are two distinct ways people are handling their money. Fusion just makes no sense to me. I like my cheque and credit accounts and transactions separate.
 

ToxicBunny

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Apr 8, 2006
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It's an interesting product... but I do tend to prefer keeping credit and cheque separate to manage things my own way
 

Verde

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Aug 16, 2006
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You don't get 55 days free interest with a credit card, you get a max of 55 days free interest.
You only get the 55 days on the purchases that fall on the 1st day of your statement period.
On the purchases made on the last day of the period you only get 25 days interest free.
It may be easier to maintain a higher average overdraft amount with the Fusion account as it only needs to reflect a positive balance for 1 day per month, and can be maxed out for the rest of the month. (you will have to maintain a buffer for transactions though - so get a higher limit than you intend using on average).
 

Garson007

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Jan 26, 2007
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You don't get 55 days free interest with a credit card, you get a max of 55 days free interest.
You only get the 55 days on the purchases that fall on the 1st day of your statement period.
On the purchases made on the last day of the period you only get 25 days interest free.
It may be easier to maintain a higher average overdraft amount with the Fusion account as it only needs to reflect a positive balance for 1 day per month, and can be maxed out for the rest of the month. (you will have to maintain a buffer for transactions though - so get a higher limit than you intend using on average).
It is interesting, but I prefer to be debited on statement runs. This allows me to manage my paydays ahead of time.
 

SauRoNZA

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Jul 6, 2010
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33,287
I've always preferred using my Credit Card pretty much as a Debit Card so this would work perfectly fine for me.
 

acp

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Aug 6, 2007
Messages
291
I've always preferred using my Credit Card pretty much as a Debit Card so this would work perfectly fine for me.
I tend to agree.

The 'interest-free days' are not all that relevant to me since while spending on the credit card's limit, the temporary 'safety-net' positive balance in my cheque account is earning 0% interest regardless. I have to move those funds to money market, investments, bond or credit card as positive balance to earn/counter some interest regardless and this becomes a time wasting exercise of constantly having to monitor it all.

Back in the day when I only had a savings account and a credit card, I parked all my free cash in the credit card as it always earned more interest than savings - that together with better rewards on a credit card made sense. Then came cheque accounts, money market, bonds etc. etc.

Think I'll opt to simplify and consolidate!
 

F1 Fan

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Nov 8, 2010
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4,779
So normally I would have like R5000 in my cheque account to make cash withdrawals. I would obviously not pay any interest.

How would that work with this? Let's assume my limit is R15 000, I swipe for 12k and withdraw 3k. Do I pay interest on the 3k within the 30days?
 

Gtx Gaming

Gtx Gaming
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Aug 25, 2008
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So normally I would have like R5000 in my cheque account to make cash withdrawals. I would obviously not pay any interest.

How would that work with this? Let's assume my limit is R15 000, I swipe for 12k and withdraw 3k. Do I pay interest on the 3k within the 30days?
Yes you would only pay interest on the 3k after 30 days.

Hence I am also considering the product as that means I could pay more suppliers on credit, as not all suppliers have card machines.
 

F1 Fan

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Nov 8, 2010
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Yes you would only pay interest on the 3k after 30 days.

Hence I am also considering the product as that means I could pay more suppliers on credit, as not all suppliers have card machines.
But do I pay interest before the 30days are up?
 

Hamster

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Aug 22, 2006
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31,095
Yes you would only pay interest on the 3k after 30 days.

Hence I am also considering the product as that means I could pay more suppliers on credit, as not all suppliers have card machines.
Can't you just transfer money from your credit card to your debit account (or eft them straight from the credit account) and get 55 days interest free?
 
Joined
Dec 7, 2010
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78,906
Hmmm, i like this... i use my credit card purely for swipes and don't pay it off with montly installments...

so where do I opt in for this, don't see an option anywhere.... has it launched yet?
 

Gtx Gaming

Gtx Gaming
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Aug 25, 2008
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15,785
Hmmm, i like this... i use my credit card purely for swipes and don't pay it off with montly installments...

so where do I opt in for this, don't see an option anywhere.... has it launched yet?
Seems it will launch on the 1st of next month.
 
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