FNB Fusion

I find astonishing that FNB presents it as the discovery of the wheel while it’s how banking has worked in continental Europe for the last 50 years.

I never had 2 cards or accounts in France but one doing cheque and credit.
 
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SauRoNZA said:
It’s automatically 100% because there is only one card.

It’s not about using credit, it’s about using the credit card. You can have it in a completely in the positive and still get that 100%.

Basically you’ve been doing it wrong all along.
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Reckon I should change then ?

Only benefit I would see is 1 card instead of 2 right ?
 
f2wohf said:
I find astonishing that FNB presents it as the discovery of the wheel while it’s how banking has worked in continental Europe for the last 50 years.

I never had 2 cards or accounts in France but one doing cheque and credit.
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When they released it, didn't they say it is to compete with Investec and the upcoming Discovery offerings?
 
f2wohf said:
I find astonishing that FNB presents it as the discovery of the wheel while it’s how banking has worked in continental Europe for the last 50 years.

I never had 2 cards or accounts in France but one doing cheque and credit.
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You mean one card for two accounts I would imagine?

It used to be like that in the old days, no idea what changed.
 
SauRoNZA said:
You mean one card for two accounts I would imagine?

It used to be like that in the old days, no idea what changed.
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One card one account that does credit and cheque. You have the same account number for the credit and the cheque.

When you pay it asks you if you want to pay cheque (including overdraft) or credit on the POS, when you make a transfer it goes into cheque and then you can transfer it to the credit, or leave it there.
 
f2wohf said:
One card one account that does credit and cheque. You have the same account number for the credit and the cheque.

When you pay it asks you if you want to pay cheque (including overdraft) or credit on the POS, when you make a transfer it goes into cheque and then you can transfer it to the credit, or leave it there.
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But how does it split out your credit balance without it having a separate account then?

Technically a credit card doesn't have an account number. That's just the card number in reality.

So surely that much be split out as a separate "account" then?

But either way the difference with FNB Fusion then is that it all literally is one thing. One account, one card, one POS.
 
ace119 said:
Thanks DawieZA. Goodluck with getting this fixed ASAP.
I use cashless withdrawal through the FNB. But rarely every need to have cabs on me. I always prefer swiping
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I have given up on that for now. So I reverted back to withdrawing money at the ATM. Rarely carry money on me but need to withdraw weekly to pay the lady that cleans my place.
 
Hey guys, just an update here. I applied online yesterday and got my Fusion account.... happy to have joined the team.
They offered me PC or Premier and they matched my current Overdraft Limit.

The great think here is we all assumed your max fusion credit facility stopped at R60k, however they matched and gave me R80k. They did also beat the interest rate previously given.

Also as said before I think, they just migrate your current cheque account to a fusion account, and the account number stays the same.
Also they don’t touch your credit account, so you’d obviously have to close that yourself.

My card arrives next week. Looking forward to it.
 
ace119 said:
Hey guys, just an update here. I applied online yesterday and got my Fusion account.... happy to have joined the team.
They offered me PC or Premier and they matched my current Overdraft Limit.

The great think here is we all assumed your max fusion credit facility stopped at R60k, however they matched and gave me R80k. They did also beat the interest rate previously given.

Also as said before I think, they just migrate your current cheque account to a fusion account, and the account number stays the same.
Also they don’t touch your credit account, so you’d obviously have to close that yourself.

My card arrives next week. Looking forward to it.
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I seem to remember they locked out my credit card at a specific point and I had to pay whatever balance and then the rest was transacted against the cheque going forward.
 
SauRoNZA said:
I seem to remember they locked out my credit card at a specific point and I had to pay whatever balance and then the rest was transacted against the cheque going forward.
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That hasn’t happened to me. I’ve been swiping my credit card the whole weekend.
Keeping in mind my fusion account isn’t more credit than I had before. Maybe if your credit is over extended. They force you to close your credit card? (Basically a credit shift from credit card to fusion account?)
 
ace119 said:
That hasn’t happened to me. I’ve been swiping my credit card the whole weekend.
Keeping in mind my fusion account isn’t more credit than I had before. Maybe if your credit is over extended. They force you to close your credit card? (Basically a credit shift from credit card to fusion account?)
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Well you have to kill off your credit card otherwise you'll keep paying for it outside of your Fusion account. It's a seperate thing.

It won't happen instantly and only after you receive the new cards if I remember correctly.

They freeze it and then send you a letter with final amounts and closure by X date and you need to pay it off and then send the closure letter back in when it has zero balance.

Whether you "move" it to your Fusion account through transfer or whatever is up to you.
 
SauRoNZA said:
Well you have to kill off your credit card otherwise you'll keep paying for it outside of your Fusion account. It's a seperate thing.

It won't happen instantly and only after you receive the new cards if I remember correctly.
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Agreed with the killing off of the credit card. As you pay R199/pm for the fusion account and then R80/pm for your credit card.

Will keep you posted if I’m also forced to close my credit card (either way I want to close it) would be great to see if FNB force you tho.
 
xrapidx said:
Why do you need so much credit :eek:
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I swipe in credit to show credit use and build a credit history, having a larger credit and not abusing it or failing to pay.

Also I use my credit facility knowing I have money in a separate account, that will cover paying off the credit.

The large credit balance is there, so when I do large purchase’s I don’t first have to move money across. I just swipe and settle at the end of the month.
 
How does cash withdrawals / petrol transactions work? As I understand the account at the moment you must have a negative balance to use the "credit portion", but if you draw cash / throw in petrol when you have a negative balance you will be charged extra (and interest)?
 
adsl2 said:
How does cash withdrawals / petrol transactions work? As I understand the account at the moment you must have a negative balance to use the "credit portion", but if you draw cash / throw in petrol when you have a negative balance you will be charged extra (and interest)?
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Petrol never attract interest from day one, even if it says on statement.
 
I'm considering switching to a fusion account, but have a coupe of questions

1) It's a proper visa credit card right? IE, can use it at toll gates etc which don't take debit cards
2) The fees... the brochure has teh following:
Capture.PNG

Does that imply that the monthly account fee includes access to all those listed features? I have a structured loan as the bond for my house - so would the charges for that then be included?
 
I recently converted my Chq account to Fusion & still 2 years later obtaining info from FNB as to how it exactly works is proving difficult, I have a few unanswered ?'s even the Banker is still struggling to obtain from the Fusion product specialist

If there any Fusion users here who could assist I would really appreciate it

Some context as to how I am accustomed to operating my accounts in a traditional Cheq with OD / CC & savings account setup...

- Salary paid in and transfer straight to savings
- As debit orders go off transfer from savings to cheq (spread over a week period)
- Manual payments during the month - pay then transfer from savings to settle OD (this results in a two transaction exercise - painful)
- All card purchases other then manual payments are swipped via CC which is paid off in full each month

I was getting tired of how much effort it took to maintain a R0 cheque account so as to earn interest on my own money and not incur interest if I went into OD...but I was not paying any interest on making use of an OD, no CC interest and earning interest on my own money until it needed to be used.

So here comes Fusion and I still need to understand the following.."(funny enough they have allowed me to retain my CC so now I can chose to swipe from Fusion or CC and obtain max ebucks earn)

- I understand I only get 30 days free interest on card swipes, all other use of the facility I will pay interest straight away (is that correct?) - so will they issue a CC type statement for card swipes @ the billing cycle so I know what to pay to settle card swipes within the 30 days?

- Do I earn interest on a debit balance on the account if I don't take my money to saving like I normally do?

Thanks
 
There is only one balance. That's the whole point.

There is no separate credit balance or facility.

I honestly recommend just stopping the weird inter account transfers and just using hour cheque account as a transactional account and klaar.

Save what you actually want to same in a proper account. The inter account transfers are not worth the time waste for the R10 you are getting in interest.

There is interest on a debit balance but I have no idea what it is and don't care because it's not the right place or the right way to save money.
 
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