ToxicBunny
Oi! Leave me out of this...
You have to click "Add Day to Day account" on the My Accounts page, and then it will give you the option and you can then convert.
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FNB Fusion
- Thread starter Dolby
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You have to click "Add Day to Day account" on the My Accounts page, and then it will give you the option and you can then convert.
Converted my Cheque account to a Fusion account today. Did not get much joy from my application on the 8th. There systems were not ready. 
I submitted a request to have my credit card account closed at the same time. Will see how this products works out.
The credit facility seems to function like an overdraft. So as long as you have a positive balance there will be no interest to pay even if withdrawing money with your card. Only once you are in the negative will you start paying interest on transactions. Obviously for purchases via the card the 30 days interest free clause will apply.
I submitted a request to have my credit card account closed at the same time. Will see how this products works out.The credit facility seems to function like an overdraft. So as long as you have a positive balance there will be no interest to pay even if withdrawing money with your card. Only once you are in the negative will you start paying interest on transactions. Obviously for purchases via the card the 30 days interest free clause will apply.
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SauRoNZA
Honorary Master
Converted my Cheque account to a Fusion account today. Did not get much joy from my application on the 8th. There systems were not ready.
The credit facility seems to function like an overdraft. So as long as you have a positive balance there will be no interest to pay even if withdrawing money with your card. Only once you are in the negative will you start paying interest on transactions. Obviously for purchases via the card the 30 days interest free clause will apply.
The real question is whether card swipes count against that balance in the 30 day period.
Logic says it shouldn’t.
So if you have a R5000 balance, but swipe R15k in the month it should still be interest free.
If you draw R6000 one would assume you only pay interest on the R1000 in an overdraft fashion.
Either way I’ve also switched. Largely because before FNB I always used my credit card like a debit card anyway and will simply go back to that.
So the interest factor is somewhat irrelevant to me and more of a buffer If and when I should need it.
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Converted my Cheque account to a Fusion account today. Did not get much joy from my application on the 8th. There systems were not ready.
The credit facility seems to function like an overdraft. So as long as you have a positive balance there will be no interest to pay even if withdrawing money with your card. Only once you are in the negative will you start paying interest on transactions. Obviously for purchases via the card the 30 days interest free clause will apply.
Did you get a facility equal to or greater than your current overdraft + credit card limit and how does the interest rate compare?
I got about 50% of the credit facility available on my Premier Credit Card account but I will check if I can increase the Premier Fusion account's credit facility once my Premier Credit Card account is closed. I do not fully understand how the interest rate works on the Fusion account. They talk about a maximum annual variable interest rate and a personalized annual variable interest rate.
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From the FNB website:
The FNB Fusion Premier Account offers clients:
Full transactional capability (allowing for salary deposits, payment terminal purchases, ATM withdrawals, EFTs, debit orders, payments) as well as a credit facility.
So is the account split between transactional and credit facility? If I had a positive balance at the beginning of the month and made some ETF payments (from the transactional part) and card purchases (from the credit facility) how do I know at the end of the month if I have a positive balance in the transactional part for example to withdraw cash without paying interest?
Good question gjm. Reading through the documentation provided by FNB the Fusion account seems to work exactly like a Cheque account with an overdraft. How the credit card attached to the Fusion account functions I still have no idea. Will test once I receive the card. FYI, using my current cheque card attached to the Fusion accounts works as normal. Funds gets subtracted from my available balance.
Please keep us updated.
Why did you convert to the fusion account? I can't find any benefits/advantages other than the fact that you only have one card instead of two cards.
Well a few reasons:
- I never use my debit card as most of my eBucks are earned using my credit card. With Fusion I will now only have one card.
- I am getting fed-up with having to keep on transferring funds from my cheque account to the credit card account. With Fusion I will no longer have that problem.
- Savings pocket and bank your change is useless on my cheque account as I never buy stuff using my debit card. With fusion I will actually be able to use the feature and it helps towards my reward level.
- Overall less admin from my side when it comes to banking.
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Correct. But again, how would you withdraw money without incurring an interest. Current I use my Cheque account for withdrawals and Credit account for swipes. With this account, they will just assume everything is credit.
Just reading up on fusion again and the most obvious thing from the website for me is these new fusion cards with that massive FNB logo are horrible. I hope my credit card doesn't turn into a shrine for the FNB tree anytime soon.
:crylaugh: My card is being delivered on Tuesday. I will let you know how bad it is.
It should be quite simple. If you have a positive balance in your fusion account, your withdrawals will not attract interest. If you are in overdraft, you will. No different to how your current cheque account works.
If I had R10000 in my Fusion account on the 1st of the month and I make card purchases of R7000 through the month my balance will be R3000. But the card purchases should qualify for 30 days interest free. Now I want to make an ETF payment of R5000 just before month-end (balance is only R3000). Will I pay interest on the R2000 overdraft / credit facility?
In other words, do all transactions come from the positive balance in the account (like a normal cheque account) or will card purchases be taken from the credit facility with 30 days interest free?
Fusion Account
Fusion accounts went live on 18th June from online banking.
It seems you actually can keep your account number the same? and just upgrade your cheque to fusion account.
However I did see briefly (and now its removed) saying that the fusion account only offers up to R60k credit facility.
But my current overdraft and credit card exceed this R60k cap, anyone got a larger credit facility on your fusion card?
Does look like you're applying for a new account type... so a normal credit check will be run, and assuming a new personalized interest rate given.
Also do we still get a "savings pocket" linked to this fusion account, with the ability to turn on "bank your change"
Thanks for the help everyone!
Fusion accounts went live on 18th June from online banking.
It seems you actually can keep your account number the same? and just upgrade your cheque to fusion account.
However I did see briefly (and now its removed) saying that the fusion account only offers up to R60k credit facility.
But my current overdraft and credit card exceed this R60k cap, anyone got a larger credit facility on your fusion card?
Does look like you're applying for a new account type... so a normal credit check will be run, and assuming a new personalized interest rate given.
Also do we still get a "savings pocket" linked to this fusion account, with the ability to turn on "bank your change"
Thanks for the help everyone!
SauRoNZA
Honorary Master
Why did you expect it to change?
Identical process to the normal “bundled” option.
Just rolled into one account with one card.
Yes that’s one of the reasons I wanted it as bank your change didn’t work on the credit card.
Suspect99
Executive Member
Can you get an Islamic fusion account? you get extra points for a Islamic cheque account