So I went to Capitec

You can spend your eBucks:
• on fuel at participating Engen
service stations nationwide
• at any of eBucks in-store
partners by presenting your
eBucks card to pay. Simply swipe
your eBucks Card and enter your
four-digit eBucks card PIN and
the eBucks will automatically
be deducted from your eBucks
account – just like a debit card
• online with any of eBucks
Rewards online partners
• at the eBucks Shop or on local
and international flights**,
as well as domestic car rentals
through eBucks Travel online
• on prepaid airtime and prepaid
electricity on Online Banking
or Cellphone Banking
• on investing into a FNB 12-month
Flexi Fixed Deposit Account
 
airborne said:
But on my fnb and blue bean cards if I don't pay a certain minimum each month they harass me, I settle them in full each month so it's not like they are expecting payment for money spent over 55days ago?

This has been bugging me for a while, I want money that is interest free for 55 days. I don't see how this can work, theoretically I could be keeping my cash in capitec earning 4% for 55 days at the credit card bank issuers expense, how lovely

Is it perhaps the budget facility that can utilizes the full 55 days?
Click to expand...

I always wondered the same, see here: http://mybroadband.co.za/vb/showthr...d-answered?p=15247762&viewfull=1#post15247762
 
airborne said:
But on my fnb and blue bean cards if I don't pay a certain minimum each month they harass me, I settle them in full each month so it's not like they are expecting payment for money spent over 55days ago?

This has been bugging me for a while, I want money that is interest free for 55 days. I don't see how this can work, theoretically I could be keeping my cash in capitec earning 4% for 55 days at the credit card bank issuers expense, how lovely

Is it perhaps the budget facility that can utilizes the full 55 days?
Click to expand...

No, the budget facility scores you f'all.

What's the difference between 12 June and 6 August? 55 days.

Your issue is that you don't know your due date and billing run.

If your minimum to pay due date is the 1st, and your billing run is the 5th, everything you buy between the 1st and 4th will be due the next month. If you buy on the 6th, you will score the full 55 days, and not just 25 days (yes, it can go as low as that).

But its OK, they offer roadside assistance, Virgin doesn't, but they don't offer "harassment" either :p
 
The whole process of
1. gathering all transactions in a 30 day period
2. then generating a statement of account with a due date
3. Posting / emailing out those statements
4. Allowing customers to review and perhaps dispute the statements
5. Pay the amount due on the statement by the due date

Is Sold to a customer as :-


"You have UP TO 55 days of interest free transactions.
T&C apply"
 
Let me explain the "up to 55 days interest free" for my scenario: (figures are examples)

I am expecting a Virgin Money statement today or tomorrow. It is for this reason I am holding off from paying my rates and buying prepaid electricity as I want to only swipe for those AFTER my VMCC bill arrives. As soon as the bill arrives it will give me my balance oweing for all purchase BEFORE the statement date - aka, all swipes before 2 June 2015. Let us assume I did not use the card and the statement will say ZERO.

So, as soon as I get the statement showing R0 owed, I can then go out and swipe and use the account. My next statement will only be emailed to me on 2nd or 3rd of JULY and this statement will show all swipes from today (2/06) to statement run date (3/07). That 3rd of July statement will show me the balance I owe and tell me that I have to settle it by 28/07 in order not to occur interest.

What this means is that, anything I swiped for on 3 June 2015, will be interest free until I have to pay it back on 28 July = 55 days interest free (money owed from 3/06 to 28/07). If I swiped on 4/06 then that gets 54 days interest free. 5/06 gets 53 days interest free - you get the idea.

Now, keep that money owed, which you are going to use to settle your VMCC statement amount in a Capitec interest bearing account and you make interest on money you actually owe VMCC.

This is why it makes sense to use your credit card while earning interest on the amount stored to settle and settle it just before due date.

I hope this clears things up and makes sense.
 
Thinking of switching from FNB platinum to Capitec. Ebucks is great and the main reason I'm weary of switching, but I'm also growing weary of all the reading up/checks you need to do. What I like about Capitec is that you are rewarded for saving, not rewarded for spending more through certain patterns. I don't want to be penalized for drawing cash. I'm tired of having 4 banking cards (cheque, credit, petrol & ebucks). One card would be great.

Banking should be simpler. It shouldn't take up so much time thinking about whether you're playing the game right. That time could have gone into something else that could have generated far more income, or looking into investments. Or just spent not thinking about money.
 
tehtorq said:
Thinking of switching from FNB platinum to Capitec. Ebucks is great and the main reason I'm weary of switching, but I'm also growing weary of all the reading up/checks you need to do. What I like about Capitec is that you are rewarded for saving, not rewarded for spending more through certain patterns. I don't want to be penalized for drawing cash. I'm tired of having 4 banking cards (cheque, credit, petrol & ebucks). One card would be great.

Banking should be simpler. It shouldn't take up so much time thinking about whether you're playing the game right. That time could have gone into something else that could have generated far more income, or looking into investments. Or just spent not thinking about money.
Click to expand...

Exactly my thoughts. I am a frekking client ... not some god damn circus monkey that wants to jump through hoops and do tricks for you to get some peanuts! :mad:

That is also why I cancelled my vitality.
 
I ran some numbers last night - this is based on being on Level 1 rewards with FNB (I would not be able to get higher based on my spending patterns):

R1000 kept in Capitec account @ 4.4% interest per annum - keep it in for 55 days that your Virgin Money CC gives you interest free = R6.60 interest earned per R1000 (aka, swipe with VMCC and leave your actual money to earn interest until you need to settle CC)

Spend R1000 by card swipe with FNB cheque card Gold/Platinum = 0.6% ebucks = 60 ebucks = R6 per R1000 spent via card swipe.

Now, weigh up that FNB is charging you a moer of a lot more than a R5 monthly account fee that Capitec does and it makes sense to switch - all other transaction costs are a fraction of FNB's. I ran the numbers and I will get a very similiar amount in interest from Capitec compared to the eBucks at FNB without high charges and fees. Plus, Rands from interest can be spent ANYWHERE - not just eBucks supported.
 
Last edited:
The short answer is FNB & eBucks is better for some and Capitec is better for others. I don't see the point in everyone having a go at each other just because they don't agree with you as to which option is best.

Capitec is aimed at a different market segment to FNB eBucks.

I used to bank with capitec, but as soon as I started earning and spending "real" money, I knew that I could get more from my bank and switched to FNB.
 
the eskimo said:
The short answer is FNB & eBucks is better for some and Capitec is better for others. I don't see the point in everyone having a go at each other just because they don't agree with you as to which option is best.

Capitec is aimed at a different market segment to FNB eBucks.

I used to bank with capitec, but as soon as I started earning and spending "real" money, I knew that I could get more from my bank and switched to FNB.
Click to expand...

I feel there is merit in what you are saying. Both definitely have a place and advantages for certain parts of the working population
 
the eskimo said:
The short answer is FNB & eBucks is better for some and Capitec is better for others. I don't see the point in everyone having a go at each other just because they don't agree with you as to which option is best.

Capitec is aimed at a different market segment to FNB eBucks.

I used to bank with capitec, but as soon as I started earning and spending "real" money, I knew that I could get more from my bank and switched to FNB.
Click to expand...
That is my point. My point is also though that you are being rewarded through subsidies from those who are not getting from FNB what they would from Capitec but don't know any better.
 
Ockie said:
I wish Virgin Money would allow us to put a custom pic on our cards like Bluebean does. :(
Click to expand...
Would they allow something pornographic, because I'd love to see the face of a cashier or waitress when handing over my card to pay?!
 
FlashSA said:
Would they allow something pornographic, because I'd love to see the face of a cashier or waitress when handing over my card to pay?!
Click to expand...

No. I am sure they have rules regarding what kind of pics you are allowed to put on. Indecent and pictures of brands for example I think are not allowed. Or at least that is the case on a international credit card company where I read the T&C's. So no porn, and no pics of BMW etc.
 
Ockie said:
No. I am sure they have rules regarding what kind of pics you are allowed to put on. Indecent and pictures of brands for example I think are not allowed. Or at least that is the case on a international credit card company where I read the T&C's. So no porn, and no pics of BMW etc.
Click to expand...

Yeah I am 100% sure you are right - was just trying to be clever.

But imagine if they did allow it.... I would get one printed with a dodgy pic and then a second card printed as normal. Would only pull out the dodgy one on special occasions (excuse the pun)
 
FlashSA said:
Yeah I am 100% sure you are right - was just trying to be clever.

But imagine if they did allow it.... I would get one printed with a dodgy pic and then a second card printed as normal. Would only pull out the dodgy one on special occasions (excuse the pun)
Click to expand...

This one is funny. :D

buy+all+the+things+credit+card.jpg
 
the eskimo said:
The short answer is FNB & eBucks is better for some and Capitec is better for others. I don't see the point in everyone having a go at each other just because they don't agree with you as to which option is best.

Capitec is aimed at a different market segment to FNB eBucks.

I used to bank with capitec, but as soon as I started earning and spending "real" money, I knew that I could get more from my bank and switched to FNB.
Click to expand...

Agreed. FNB has some very low-cost bank accounts too, and those don't have eBucks.
 
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