iStore FNB Budget Plan - Please explain like I am five

So if you have say a limit of 50k on your credit card, you do a purchase of an iSomething for 20k, they transfer it over to budget, does your limit stay at 50k for the credit card or does it reduce to 30k?
 
Spizz said:
So if you have say a limit of 50k on your credit card, you do a purchase of an iSomething for 20k, they transfer it over to budget, does your limit stay at 50k for the credit card or does it reduce to 30k?
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All credit cards have a split facility, Straight and budget, the answer to that depends on how yours is currently split.

If your straight is at 40 and budget at 10 and you spending 20, your facilities would be adjusted to allow the shift resulting in your budget being 20 and your strait then 30.

If it’s already split at 30/20 then it will remain the same.
 
C4Cat said:
You've just repeated what was in the image, so doesn't really explain much.
The full amount comes off your credit card and then, do you get that amount back into your account within 3 - 5 days later? With the amount reflected on your budget account, to be paid back over time? It is pretty confusing.
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Have you ever used a Budget facility on your credit card?

It works exactly the same way.

They are just using it as a facility to make things easier using your existing credit agreement without a new contract.
 
thighranosauras said:
When you say shift, do I get the full amount back, and then do they take a specific installment amount out of that budget facility each month? Do I have access to those funds while I pay off the device?
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The full amount never goes anywhere.

You swipe and it simply comes off your budget facility which you repay monthly then.

Your normal credit balance will be unaffected.

Just ignore all the "shifting" and "moving" it all happens in the background and makes no difference to you.
 
CranialBlaze said:
All credit cards have a split facility, Straight and budget, the answer to that depends on how yours is currently split.

If your straight is at 40 and budget at 10 and you spending 20, your facilities would be adjusted to allow the shift resulting in your budget being 20 and your strait then 30.

If it’s already split at 30/20 then it will remain the same.
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I wouldn't use the world "all" too liberally.

There are credit card options these days not attached to credit card accounts any more and therefore don't work in the same manner offering straight and budget etc.
 
It worked like this for me.

I made sure I had the purchase price in Rands available in my straight facility.
bought the thing, signed something on their iPad in store, and 3 days later, my straight facility was "normal" again, as if it was originally a budget purchase.

As you repay the purchase (monthly as agreed, or additional capital), your budget facility available funds increase, so no, this isn't a loan, the balance consumes your budget facility available funds, but the repayments attract lower interest...

I prefer buying devices like this over network contracts, so far its working well, on a good month I can knock a few extra payments off, and get to upgrade sooner than the networks would otherwise allow...
 
Jordan_Za said:
It worked like this for me.

I made sure I had the purchase price in Rands available in my straight facility.
bought the thing, signed something on their iPad in store, and 3 days later, my straight facility was "normal" again, as if it was originally a budget purchase.

As you repay the purchase (monthly as agreed, or additional capital), your budget facility available funds increase, so no, this isn't a loan, the balance consumes your budget facility available funds, but the repayments attract lower interest...

I prefer buying devices like this over network contracts, so far its working well, on a good month I can knock a few extra payments off, and get to upgrade sooner than the networks would otherwise allow...
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Out of interest did you still get the ebucks cash back as well?

Because they could never confirm this fully for me.
 
SauRoNZA said:
Out of interest did you still get the ebucks cash back as well?

Because they could never confirm this fully for me.
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Yea, I got iStore ebucks that month... got boned by that stupid new rule about smart budget though, so didn't maximise the earnings sadly.
 
Personally I dont recommend purchasing from the iStore as the prices are ridiculously high. OVER and above the current surcharges on the products... paying interest is even WORSE.

Theres so many other retails that stock it cheaper than iStore. Unless you're looking for that once in a lifetime dream phone cover thats arriving in 2025.. other than that .. Nope. I dont recommend iStore for taking credit.
 
ReaperSanta said:
Personally I dont recommend purchasing from the iStore as the prices are ridiculously high. OVER and above the current surcharges on the products... paying interest is even WORSE.

Theres so many other retails that stock it cheaper than iStore. Unless you're looking for that once in a lifetime dream phone cover thats arriving in 2025.. other than that .. Nope. I dont recommend iStore for taking credit.
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You meaning things other than actual Apple Hardware? Because that pricing is always pretty standard across the board unless it’s much older stock.

There’s only one phone cover worth buying and that’s Rhinoshield.
 
Also, I think it should be pointed out that personal circumstances differ wildly, I arrived at the educated decision that contracting myself to one of these cellular companies for 24 (I see they even do 36 now ffs) months, is WORSE than paying a pittance in interest. Nor was it financially beneficial to move capital around to pay R26k for a phone in cash... that 26k is doing better things elsewhere compared to 7.25% interest on a purchase where accelerated settlement can be pursued without penalty...
 
Hi all, im replying on this thread beacuse it is the only one, discussing this, unless there is another FNB\iStore deal thread, please provide the link.

I have done a bit of reasearch in buying a newer version Iphone, but I believe the FNB \iStore deal is the best option we have in owning an Iphone on a budget/monthly installments? ...Am i correct in saying that or are there some MTN or Vodacom deals that im missing?

*Again, this statement is from a standard customer; Dont have money to buy the phone outright and want to pay monthly installments + they have an old phone to trade in.
 
CLG said:
but I believe the FNB \iStore deal is the best option we have in owning an Iphone on a budget/monthly installments? ...Am i correct in saying that
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The FNB deal is the best of the readily available deals.

Discovery bank can potentially be a cheaper installment deal, but you have to restructure your whole life if you’re not already a member of vitality money/health/drive.
 
Jordan_Za said:
Yea, I got iStore ebucks that month... got boned by that stupid new rule about smart budget though, so didn't maximise the earnings sadly.
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Can you please expand on the new rule?
 
Boys and girls, this thread is a life lesson for all of us, a short tale of what not to do, or what to do next time...
Don't make the same mistake I made, a long time ago, and this is important.. In 2013 I bought a brand new 8GB Macbook Pro, 13 inch, the one I am typing this message on, and it has lasted 120 months, a record I think for laptops...

Anyway, I made a huge mistake from 2013 to late last year, and that was not "saving" towards a replacement, so when I bought the 2020 Macbook AIr M1 [a downgrade, and not a great device..] I started putting money each month into a unit trust [but you can do as you please...] of a certain amount, so that in a few years I will have the funds saved to replace the 2020 Macbook Air with what ever junk comes from the istore...

The lesson is that paying off something over 36 months is way expensive, most of the time you are looking at least 150% over the cost of the original [100% would be the same, so if it cost 20k, 100% is 20k, 150% would be 30k..20k+1/2 of 20k=30k...for the maths weak in the group..]

Be like the 2023 me, not the 2013 me... Had I put money away in 2013, I would have a Pro, not a janky air...
 
CranialBlaze said:
Go to iStore.
Pay with FNB card and tell them to use the budget deal.
Full amount will leave your strait facility.

With a few days, it depends, first time I did it was 2, 2nd was like 5 and the last time was closer to 2 weeks, either way that amount gets credited to your strait facility and debited to your budget at the specified rate for the specified period being repayed at the advertised monthly amount.

At ANY point in time you can pay money directly into that transaction (with some effort) from your credit card, so if you chose to take it over 15 months and felt like paying it off in 3, you can do so and save on interest.
Click to expand...

does this mean I will need to have an available balance in my budget facility before I purchase ?
 
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