It will be worth it if you buy a house and save a few % on interest, more than covers the fee when you're spending over a million.
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FNB Graphite
- Thread starter KaMoS
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It will be worth it if you buy a house and save a few % on interest, more than covers the fee when you're spending over a million.
True. Will evaluate when purchasing a property...
Dolby
Honorary Master
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Some say account types do assist with interest rates and other say they don't.
I want to apply for a bond/renovate in 7 or so months so if there is a chance of a lower rate because of this card, then great
RogueTr00per
Honorary Master
Yeah, my banker said it won't make a difference as it's not a factor taken into consideration. Who knows....
Not sure of graphite, but private definitely has better interest rates.
Investec's standard credit card is prime - 1%. Everything you do with them is prime minus. ABSA was the same, FNB is the same.
Your banker is obviously clueless, just by definition, at the income level required at these banking levels, you're already less of a risk.
I wouldn't bother with private banking if it wasn't for the financial benefit... it has zero to do with "status"
RogueTr00per
Honorary Master
Well I realise credit card rates are better the higher the tier of credit card one has. Are you saying the same holds true for home loans? One might qualify for a higher tier but opt not to take it up though. As you say though, the question is does Graphite afford a better rate.
No Graphite 'spin' on home loans.
I don't think the banker is clueless.
If you're low risk, it doesn't matter whether you have a graphite account or a silver account. The graphite in and of itself doesn't give a better home loan rate (as opposed to Investec Private Banking which does)
FNB Private by default does.... as I said, I'm not sure of graphite. I actually have it on email from FNB that if I want better interest rates, I need to move to private, so I did - Investec Private.
RogueTr00per
Honorary Master
What is the earn/salary requirement at Investec Private?
RogueTr00per
Honorary Master
The welcome email mentions it's all included. So just leave the card at home if you don't want it?
RogueTr00per
Honorary Master
At a guess, probably petro cards are a legacy of petrol allowances that companies give their staff, so the banks (or only FNB?) realise they can take advantage and charge a higher transaction cost?
Had to take the petrol card, your fee is the same with or without it so take it and cut up.
RogueTr00per
Honorary Master
As a non or infrequent traveler it really seems pointless. Unless it can be confirmed that there are benefits in terms of preferential rates on home loans.
The only reasons id go for graphite are as follows
1. If you frequently breach the eBucks cap on platinum. I do and therefore earn more than double my bank charges in eBucks per month.
2. Travel enough to make use of the slow lounge and priority pass benefit.
3. Have a bit of cash in a money market account, graphite clients get 5.25% pa vs the stupid interest rates fnb offer normal clients.
There is no advantage in terms of home loans and premier bankers are lame and inneficient in my opinion.
1. If you frequently breach the eBucks cap on platinum. I do and therefore earn more than double my bank charges in eBucks per month.
2. Travel enough to make use of the slow lounge and priority pass benefit.
3. Have a bit of cash in a money market account, graphite clients get 5.25% pa vs the stupid interest rates fnb offer normal clients.
There is no advantage in terms of home loans and premier bankers are lame and inneficient in my opinion.
Do you happen to know if the eBucks rules relating to Graphite were similarly updated as Platinum was as at 1 October 2014?
Regarding the eBucks cap on Platinum, I see it stated that "Graphite credit card holders earn unlimited eBucks", but I can't find clarity about if the same earn rate restrictions apply e.g.
- For fuel, I assume you could earn more than the Platinum cap of eB6500 per month, but it's not clear if the maximum qualifying fuel spend is still capped at 20% of your qualifying card spend for the month.
- Same goes for Checkers / Shoprite - I assume you could earn more than the Platinum cap of eB15000 per month, but it's not clear if the maximum qualifying Checkers / Shoprite spend is still capped at 30% of your qualifying card spend for the month.
So basically, is it completely unlimited eBucks earn on Graphite, or unlimited earn but with T&Cs applicable to how you've spent per category on your card?