Sign up with GoogleAlright so i've been looking into getting a credit card, I checked online last night and I qualify for a gold credit card with an amount of R3400 at an intrest rate of 21%, my pure reason for this is just as a back up. Now what are the totaly costs of a credit card a month exactly, I looked at the pdf but i'd like someones own opinion, and also that intrest rate seems quite high, am I getting charged intrested from the day I purchase something or do I have a month to pay it back before charging, how does the intrest work basically then? Now I also have an FNB gold cheque account, is it worth keeping it still if I have a credit card? Because it will just be extra bank chargers, if someone can just give me a rundown on this all i'd appreciated, also if theres ways to benefit from it etc.
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Info on fnb credit card please?
- Thread starter Saltex
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Sinbad
Honorary Master
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That rate is very high.
Yes, keep the gold account. It's worth having a decent current account. And yes, as far as I know, you get between 30 and 60 days interest free credit - so if you pay the card off in full each month you won't pay interest.
Yes, keep the gold account. It's worth having a decent current account. And yes, as far as I know, you get between 30 and 60 days interest free credit - so if you pay the card off in full each month you won't pay interest.
My husband got one last month, initial once-off fee of about R130 and then about R25 pm for adminfees. First 55days after a purchase is interest free.
I would recommend keeping your gold cheque acc and just add the savings pocket with 'bank your change' if you don't have it. I changed my settings on my Internet banking so I can't see the total of the savings pocket so I save quite alot without feeling the urge to spend it and its a nice backup to have.
I would recommend keeping your gold cheque acc and just add the savings pocket with 'bank your change' if you don't have it. I changed my settings on my Internet banking so I can't see the total of the savings pocket so I save quite alot without feeling the urge to spend it and its a nice backup to have.
The initiation fee gets reversed if you spend more than R500 on the credit card in the first month.
You can select the date that you pay the amount due. This facility enables you to budget your payment date to suit your cash flow.
My payment is due on the 3rd of the month, and the account rolls over into the new month on 10th. (Previously it was due on the 26th until I changed it.)
I pay my telephone and municipal accounts just after the 10th, thus getting the maximum interest free period.
If I have a big purchase coming up I will wait until after the 10th.
Always pay in full, then the interest rate is of no concern to you.
My payment is due on the 3rd of the month, and the account rolls over into the new month on 10th. (Previously it was due on the 26th until I changed it.)
I pay my telephone and municipal accounts just after the 10th, thus getting the maximum interest free period.
If I have a big purchase coming up I will wait until after the 10th.
Always pay in full, then the interest rate is of no concern to you.
Other Pineapple Smurf
Honorary Master
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- Jun 21, 2008
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- 14,593
Yes. That pa, not per month. Some run at 27% pa
I was offered a Nedbank Plat SAA Voyager Card at 12% interest which isn't to bad compared to some of the rates I have seen.
If you can go without it, rather do so but if you must, rather go with Virgin money cos there is no annual card fee of a few hundred rand.
If you can go without it, rather do so but if you must, rather go with Virgin money cos there is no annual card fee of a few hundred rand.
guest2013-1
guest
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A cheque card with an overdraft on the account would be cheaper in the longrun. You don't pay an additional monthly fee for the facility and you then have this backup if you need it (I think, if I'm not mistaken, the interest is the same)
Get a virgin credit card - it has no fees or an overdraft as the others suggested.
hellfire
Honorary Master
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Unsecured credit interest rate limit as per the NCA is currently 32%.
So yes, it's legal
Mike Hoxbig
Honorary Master
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Are you going to use it to pay for your haemorrhoidectomy?
According to their FAQ that requires closing the current card account, opening a new one and issuing a new card.
+1
The interest rate FNB gave me on my overdraft facility was 10% compared to the credit card which was like 17%.
And you only pay a monthly fee when you use the overdraft facility.
i have a credit card with SB and i am looking at increasing the limit. what percentage must you earn to get a certain amount. lets say i buy something worth R5000 on my card. you mentioned that its 55 days interest free. if i then pay R1000 within that period, will the interest after the 55 days only be calculated on the remaining R4000 i owe?
AlmightyBender
Executive Member
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- Aug 24, 2012
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bump
Yes, only on the R4000