New FNB Credit Card Fees?

[chrisdc]

Was amazed to see two new charges on my monthly Gold Card Statement that I've never seen before. One for R 24.50 (credit card account fee) another for R 7.50 (credit facility service fee) I've had this card for about 20 years and this is the first time I've seen anything like this. I expect to pay the usual annual once-off fee, but it's always been just that - once-off.

I always settle the card in full every month to avoid paying interest. I have another card with a similar limit at Standard Bank and their statement for the same period doesn't show any additional charges.

Has anyone else noticed these charges?

 

[KleinBoontjie]

Seen that too, wondering more and more why I have a CC. Thinking of closing it.

 

[chrisdc]

Seen that too, wondering more and more why I have a CC. Thinking of closing it.

If enough of us closed our accounts they'd quickly reevaluate these additional (and I'll warrant completely unnecessary) fees. Banks can be so incredibly short sighted, they'll risk getting 100% of nothing rather than sticking with the proven x% of something. Even though I settle in full every month, they are still getting their % from the vendor. I am a vendor too, by the way....

Anyway, so these monthly fees are not the norm then? This is just ill concealed greed by this particular institution?

 

[supersunbird]

Someone else complained in another thread too.

Anyway, maybe they have made the annual fee into a monthly fee? What is the monthly fee? This is R384 over a year.

They will probably say they sent you communications about it, funny how these e-mails, letters or sms's frequently fail to reach the people they are meant for.

 

[Magandroid]

I hadn't even noticed those fees on my credit card statement. Whether FNB have converted their annual fee to a monthly or added it as an extra fee, that will, at a minimum double, the annual fee. Whatever the case, I'm cancelling my credit card with FNB. I have already closed my other accounts with them and my annual saving on banking fees is amazing. Been thinking about replacing my FNB cc for awhile now and this will just be the push that I needed.

 

[lucifir]

Anyway, maybe they have made the annual fee into a monthly fee? What is the monthly fee? This is R384 over a year.

^ this ^

They have converted everyone to monthly fees, but the second credit facility fee is news to me.
Will probably also cancel now as I don't like being double charged for the same service!!

 

[Jola]

Must check this out, should maybe cancel as well.

 

[MG>]

I got the following notification at the end of my Credit card statement last month:

"As we head into the second half of 2014, we have taken the opportunity to enhance our existing offering in an attempt
to make your relationship with FNB Credit Card more beneficial and rewarding. As a result, we have reduced the Credit
Card Monthly Account Fees (for deposits and transactions) on Classic, Gold and Platinum Credit Cards and have now
separated this fee from the Credit Facility Service Fee on all credit cards for greater simplicity and transparency. We
have also included a new and easy to understand ATM fee structure.

....

In line with the above changes we have amended our Terms and Conditions to clearly distinguish between your credit
card account and credit facility and the fees associated with each.

We have also removed any differentiation between customers who contracted with us prior to the National Credit Act
34 of 2005 (June 2007), and those who contracted with us after this date, as we believe that all our customers should
be treated equally and benefit from the rights granted by the National Credit Act *.

....

Kindly note the annual pricing adjustments will come into effect on 1 July 2014.

* If you entered into your Credit Facility contract with us prior to June 2007 we take this opportunity to provide you with notice that
the National Credit Act applies to your contract. This does not change your Credit Facility in any way and affords you all rights under
the National Credit Act. Please note that you will now be charged monthly instead of annually."

 

[Jola]

Must check this out, should maybe cancel as well.

Hmm, have checked it out, they are nailing me as well. Must check Virgin Money Card out.

 

[Magandroid]

^ this ^

They have converted everyone to monthly fees, but the second credit facility fee is news to me.
Will probably also cancel now as I don't like being double charged for the same service!!

I had a look at my earlier statements for this year and in February I was charged a VISA card fee of +R300. I would think that this is a fee that FNB pays VISA to have the privilege of using their facilities (and passed on to the client). I would guess that the R24.50pm fee, is this fee, only now it is being charged on a monthly basis.
The R7.50pm fee could be your annual credit card fee which is R150(?) I think. FNB had mentioned that they had lowered the annual credit card fee but didn't say by how much. Again, charged on a monthly basis as opposed to an annual basis.

Even if you go with a Virgin CC I would guess that they are charged a fee by Mastercard as well, which is passed onto the client.

 

[iDOL]

I got the following notification at the end of my Credit card statement last month:

"As we head into the second half of 2014, we have taken the opportunity to enhance our existing offering in an attempt
to make your relationship with FNB Credit Card more beneficial and rewarding. As a result, we have reduced the Credit
Card Monthly Account Fees (for deposits and transactions) on Classic, Gold and Platinum Credit Cards and have now
separated this fee from the Credit Facility Service Fee on all credit cards for greater simplicity and transparency. We
have also included a new and easy to understand ATM fee structure.
Snip [/B]."

Thank you for posting this, it's purely a matter of selective reading - that now leads to complaints of lack of communication.

 

[iWish]

I bank at fnb. I use a virgin money cc instead of theirs.

+1

 

[krycor]

But if you already paid the annual fee surely they need to credit you for the remaining months?

 

[Tinuva]

But if you already paid the annual fee surely they need to credit you for the remaining months?

I was credited the annual feel this month so I am not paying twice.

Fri 04 Jul 2014
#REBATE CARD FEE
385.00

 

[peeryus]

Saw this in my July statement too. I've seen it mentioned in the new price structure.

Is this annual fee you speak of the eBucks annual fee?

 

[lucifir]

Just checked and I have only been charged a credit account fee this month, but I have not used the credit facility at all this/last month.
Maybe you get charged the credit facility fee when you actually make use of the credit facility.
Also, I have been given the rebate of the annual fee that was charged at the beginning of the year.
So, for me it seems like merely a change to being billed monthly rather than annually, which I can live with.

 

[chrisdc]

I got the following notification at the end of my Credit card statement last month:

"As we head into the second half of 2014, we have taken the opportunity to enhance our existing offering in an attempt
to make your relationship with FNB Credit Card more beneficial and rewarding. As a result, we have reduced the Credit
Card Monthly Account Fees (for deposits and transactions) on Classic, Gold and Platinum Credit Cards and have now
separated this fee from the Credit Facility Service Fee on all credit cards for greater simplicity and transparency. We
have also included a new and easy to understand ATM fee structure.

....

[/B]."

Ok, looked at last years annual fee and it was R 336.00.

So as far as I'm concerned, all that was needed instead of the above was:

Dear sir,

We have decided to increase your annual card fee by R 48.00 (an increase of slightly more than 14%) and will be charging you monthly instead of annually.

Take it or leave it.

The Bank.


Don't you just love the marketing guys? They shake you down and then try to get you to think they have done you a favour! Talk about transparency!

 

[StrontiumDog]

^^ Well more legal speak I think? But yeah, it would be nice to get the short version and not a long winded story that one can easily miss because it's like a freakin novel to read through.

 

[chrisdc]

^^ Well more legal speak I think? But yeah, it would be nice to get the short version and not a long winded story that one can easily miss because it's like a freakin novel to read through.

Yes, I was thinking the same. My last emailed statement contained a 17 page!! PDF attachment - the terms and conditions....card expires soon. I started reading it but gave up after about 3 pages. What difference does it make anyway?

As for the "promotional stuff", after you've read it you still have to "decode" it for your particular situation, as in my case where glad tidings became bad tidings. I settle with an EFT and have no need for "free" statements as my monthly emailed statement is quite adequate. Besides, they SMS me every time I use the card which updates the balance. So these wonderful new "benefits" are quite useless to all intents and purposes.

 

[Freakboy]

Only saw this now also, time to change. Using eBucks on cheque account so no real need to have a FNB credit card.
Virgin looks like the cheapest at the moment.