FNB Vehicle on Card

FNB said:
Interest will be charged ("preferential interest rate")per annum for the first nine (9) months of the Vehicle on Card, there after interest will be charged at the contracted rate as per your credit card facility which may vary according to your personalised interest rate.
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I think this can work, but you'll have to be very carefull of the interest rate on that card after the 9 month period!
 
What will be the difference in the total amount payed to the bank over the loan period between this promotion and the normal route (Car loan).
I get a feeling that there will be a huge difference.
 
The problem is that people don't have patience. Less patience equals to less sense as it leads to rash decisions.
 
The nice thing about a credit card account though is that you could, for example, deposit your salary into your credit card account and reduce your interest for the month like that, almost like a home loan.
 
FNB really seem to be at the forefront of innovative ideas for the consumer market.... Much better than the cr&p bank that I am with... Been considering a change to FNB for a while....
 
Jaxy said:
FNB really seem to be at the forefront of innovative ideas for the consumer market.... Much better than the cr&p bank that I am with... Been considering a change to FNB for a while....
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Yea 17% interest is innovative.

You see innovative i see a rip off. I guess that is what fnb are aiming for :p. What is innovative about 17% interest on a car?

Of course you do khanya.
 
well, on a small purchase of say R50k with 9 months preferential interest it could work!

I think it's a brilliant idea, not sure if I'll use it, but there will def be someone out there and this would suite their needs perfectly.
 
topx said:
well, on a small purchase of say R50k with 9 months preferential interest it could work!

I think it's a brilliant idea, not sure if I'll use it, but there will def be someone out there and this would suite their needs perfectly.
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What is it?
 
killadoob said:
Yea 17% interest is innovative.

You see innovative i see a rip off. I guess that is what fnb are aiming for :p. What is innovative about 17% interest on a car?

Of course you do khanya.
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I suppose maybe it could work for people looking to buy older cars which banks won't finance, or privately sold cars for less than 100k. But ya 17% is a bit steep :D
 
topx said:
I reckon it will be based on your profile,
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So there is 9 months of some sort of interest rate that nobody knows what it is.

This is innovative? I think that movie where the world becomes stupid could be on the money.

Please not i don't mean to offend anyone.
 
no dude, it's the same as when you buy a new car, you have no idea what interest rate the bank will offer you the first time, they analyse your profile and tell you what they offer you, so the first nine months will probably have a lower rate based on your credit rating etc, if you can pay a good amount back within this 9 months you don't have to pay 17%.

I checked and from what I have here my interest rate on FNB credit card is 14.5%

It's got nothing to do with being stupid.
 
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