Mr Price Money Question

[TheSlinger]

So I've recently moved out and am looking to get house hold things and bedding etc. I am considering doing this through Mr price home, and thus have been looking at the Mr price money accounts.

What i cannot find - and mr price money isn't replying to me - is from what day interest is accrued.

I want to know if it's from day of purchase or if it's similar to the edgars accounts that have several months interest free.

Does anyone know?

 

[krono9]

http://www.mrpricemoney.co.za/App_Themes/MrPriceMoney/Card_Terms.pdf

What does your quote say...

 

[TheSlinger]

I haven't applied yet, that's surely not related to the quote but more the general terms of use? Which i couldn't find anything about.

6. INTEREST
6.1 The interest rate applicable to your credit facility is the
interest rate quoted on your pre-agreement quotation,
being the maximum amount permitted by the NCA from
time to time. This maximum NCA rate is linked to the SA
Reserve Bank Repurchase Rate (“Repo Rate”). Whenever
the Repo Rate increases or decreases, the interest rate
payable by you will increase or decrease by the same
proportion. Changes thereto will be notified in writing to
you by way of your monthly statement.
6.2 Interest will be calculated on a daily basis and compounded
monthly, on the due date of the instalment, on the full
outstanding balance, until date of payment.

I did read all that, but i didn't think it was clear enough I was hoping someone here had one and might be able to share their insights

 

[mr_norris]

I can't answer you unfortunately. However I can say that it's cheaper to use your CC (interest wise).

MRP's interest was around the 20% mark, while my CC is 10%.

To put it in perspective, I was charged a higher rand value for interest for what I had outstanding on my MRP card than the my CC, and I owed less on my CC.

It seems to me like interest is charged from the get go (IE a month after your purchase).

Can't be 100% sure though.

 

[JustinB]

I can't answer you unfortunately. However I can say that it's cheaper to use your CC (interest wise).

MRP's interest was around the 20% mark, while my CC is 10%.

To put it in perspective, I was charged a higher rand value for interest for what I had outstanding on my MRP card than the my CC, and I owed less on my CC.

It seems to me like interest is charged from the get go (IE a month after your purchase).

Can't be 100% sure though.

Interest is always charged from the time debt is incurred - credit cards often will only not charge it if the amount is settled within 55 days.

I'd be guessing, but i'd think most retail accounts are sitting near to the NCA maximum allowed interest rate, which was >20% last i checked (a while ago).

Agree that it'd be better to use a credit card.

 

[Jehosefat]

I'd be guessing, but i'd think most retail accounts are sitting near to the NCA maximum allowed interest rate, which was >20% last i checked (a while ago).

32% iirc