So I went to Capitec

cavedog said:
When I opened my account in 2009 I was given a free internet banking token. When it stopped working 1 year later they replaced it free of charge too. When they launched their mastercard cards they refused to swap my old maestro card for one of the new cards saying that the new card is not compulsory so I need to pay the R35 I think it was.

When I told them it's mean because all new accounts get the card for free they told me then close your account and open a new one.....
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That's properly doff! I would hope that they have resolved this short sightedness now!
 
Mephisto_Helix said:
rofl, what's your monthly bank charges compared to someone using Capitec? And you say you get it 'free' ....... riiiiiiiiight :rolleyes:
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My bank charges are -R600 to -R700 on average, i.e. I'm being paid. And no, I don't have to spend stupid amounts of money. I spend what I normally would, with some minor behavioural changes like using digital channels instead of going to a branch, drawing cash at till where possible, swiping credit card and settling at the end of the month etc.

Believe it or not, banks have other ways of making money other than your bank charges. In some cases, they would also save money by way of reserve bank fees etc. And risk is also a big factor.

So this magical hidden 'subsidy' that everyone speaks of, but can never detail, is in most cases a myth. Yes a portion may be subsidised by others, but there is nothing stopping them from changing their banking behaviour. Have you guys ever asked yourselves why they prefer you to use electronic channels instead of going to a branch? Or why they prefer you to draw from a till instead of an ATM? Or why they want you to change your other behaviours? No, everyone automatically assumes some magical subsidy coming from somewhere else.

But I'm drifting off topic now. All hail Capitec, the saviour of the SA banking industry...
 
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Mike Hoxbig said:
My bank charges are -R600 to -R700 on average, i.e. I'm being paid. And no, I don't have to spend stupid amounts of money. I spend what I normally would, with some minor behavioural changes like using digital channels instead of going to a branch, drawing cash at till where possible, swiping credit card and settling at the end of the month etc.

Believe it or not, banks have other ways of making money other than your bank charges. In some cases, they would also save money by way of reserve bank fees etc. And risk is also a big factor.

So this magical hidden 'subsidy' that everyone speaks of, but can never detail, is in most cases a myth. Yes a portion may be subsidised by others, but there is nothing stopping them from changing their banking behaviour. Have you guys ever asked yourselves why they prefer you to use electronic channels instead of going to a branch? Or why they prefer you to draw from a till instead of an ATM? Or why they want you to change your other behaviours? No, everyone automatically assumes some magical subsidy coming from somewhere else.

But I'm drifting off topic now. All hail Capitec, the saviour of the SA banking industry...
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Do you actually get money back or ebucks?
 
Mike Hoxbig said:
My bank charges are -R600 to -R700 on average, i.e. I'm being paid. And no, I don't have to spend stupid amounts of money. I spend what I normally would, with some minor behavioural changes like using digital channels instead of going to a branch, drawing cash at till where possible, swiping credit card and settling at the end of the month etc.

Believe it or not, banks have other ways of making money other than your bank charges. In some cases, they would also save money by way of reserve bank fees etc. And risk is also a big factor.

So this magical hidden 'subsidy' that everyone speaks of, but can never detail, is in most cases a myth. Yes a portion may be subsidised by others, but there is nothing stopping them from changing their banking behaviour. Have you guys ever asked yourselves why they prefer you to use electronic channels instead of going to a branch? Or why they prefer you to draw from a till instead of an ATM? Or why they want you to change your other behaviours? No, everyone automatically assumes some magical subsidy coming from somewhere else.

But I'm drifting off topic now. All hail Capitec, the saviour of the SA banking industry...
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LOL you're treating it like some one size fits all. We know where banks make their money. Most of it is from interest on loans. For that they SHOULD actually pay you to invest in them. Thing is they don't pay everybody so you are most likely being subsidised by the lower classes. Guess how much Capitec is actually paying me. It's roughly R500/pm now in real money and I hardly make any transactions to 'earn' it.
 
Mike Hoxbig said:
My bank charges are -R600 to -R700 on average, i.e. I'm being paid. And no, I don't have to spend stupid amounts of money. I spend what I normally would, with some minor behavioural changes like using digital channels instead of going to a branch, drawing cash at till where possible, swiping credit card and settling at the end of the month etc.
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Similar for me. With my dad-to-day usage on FNB, I get enough eBucks to pay for a tank of petrol every month, or more.
 
DA-LION-619 said:
Do you actually get money back or ebucks?
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It's as good as real money. I love my 40% discount at Makro among other things...
Swa said:
LOL you're treating it like some one size fits all. We know where banks make their money. Most of it is from interest on loans. For that they SHOULD actually pay you to invest in them. Thing is they don't pay everybody so you are most likely being subsidised by the lower classes. Guess how much Capitec is actually paying me. It's roughly R500/pm now in real money and I hardly make any transactions to 'earn' it.
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Some of it is from interest on loans. I don't think that you understand how these things actually work. Banks have multiple business units that are each responsible for generating income towards the collective whole.

As for your R500 pm, from what I can tell from their website, the interest earned on your transactional account is up to 4.75% per annum on an amount of 100,000+. Even that translates to R395 pm, and if you have a 100k sitting in a transactional account then you're doing something wrong anyway. So I'm going to call BS...
 
d7e7r7 said:
Why does the card need to be activated? What does this do?
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Capitec does not enable your card for online purchases by default - you need to ask inside a branch and they will get you to sign the forms. Therein you acknowledge that you are responsible to keep your card details safe against phishing and fraud.
 
Mike Hoxbig said:
Some of it is from interest on loans. I don't think that you understand how these things actually work. Banks have multiple business units that are each responsible for generating income towards the collective whole.

As for your R500 pm, from what I can tell from their website, the interest earned on your transactional account is up to 4.75% per annum on an amount of 100,000+. Even that translates to R395 pm, and if you have a 100k sitting in a transactional account then you're doing something wrong anyway. So I'm going to call BS...
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Shows what you know if you call BS so easily. My mom made a deposit and that alone has an interest rate of 7.2%. I get 6.65%, fell just shy of that. Meanwhile ABSA is offering up to 6.75%.
 
I did some calculations today
nedbank : R117 per month ( everyday current account , visa classic credit card+Amex card and dormant bond account)

Capitec + virgin money for credit card : R48 per month + the interest earned in global one.

That's enough of a case to move.
 
midnightcaller said:
I did some calculations today
nedbank : R117 per month ( everyday current account , visa classic credit card+Amex card and dormant bond account)

Capitec + virgin money for credit card : R48 per month + the interest earned in global one.

That's enough of a case to move.
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Welcome on this side. :)
 
Mike Hoxbig said:
It's as good as real money. I love my 40% discount at Makro among other things...

Some of it is from interest on loans. I don't think that you understand how these things actually work. Banks have multiple business units that are each responsible for generating income towards the collective whole.

As for your R500 pm, from what I can tell from their website, the interest earned on your transactional account is up to 4.75% per annum on an amount of 100,000+. Even that translates to R395 pm, and if you have a 100k sitting in a transactional account then you're doing something wrong anyway. So I'm going to call BS...
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Why do you keep dodging the question? So you're not getting real money, so answer the question how much do you pay monthly for your bank account?
 
midnightcaller said:
I did some calculations today
nedbank : R117 per month ( everyday current account , visa classic credit card+Amex card and dormant bond account)

Capitec + virgin money for credit card : R48 per month + the interest earned in global one.

That's enough of a case to move.
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Why not just use the Capitec debit card?
 
Swa said:
Shows what you know if you call BS so easily. My mom made a deposit and that alone has an interest rate of 7.2%. I get 6.65%, fell just shy of that. Meanwhile ABSA is offering up to 6.75%.
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Your reference is that you're making R500pm through your transactional account:
Swa said:
Guess how much Capitec is actually paying me. It's roughly R500/pm now in real money and I hardly make any transactions to 'earn' it.
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Please show me which transactional account allows you to earn that, and how much money you have to have in it to earn that. Otherwise you're just talking out your arse mate :)

If you're referring to their fixed term savings account, then that is basically a fixed deposit (offered by pretty much all banks) and I see nothing special about that rate. I can think of better ways to invest 100k. So the fact that you're getting R500 pm in "real money" means nothing as you can get that anywhere. You were therefore being disingenuous when you made that statement, as you were earning that money through a fixed deposit, not through your transactional account (which is what you were quoting me in reference to - that I am in effect being paid the equivalent of R600 - R700 pm).

So basically it turns out that fixed deposits are another new Capitec invention according to Capitec clients, lol...
 
DA-LION-619 said:
Why do you keep dodging the question? So you're not getting real money, so answer the question how much do you pay monthly for your bank account?
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R100 flat fee. R700 - R800 in eBucks. Don't have to keep track of what I'm being charged for and what I'm not. That doesn't mean that my higher fee for a flat rate serves as a subsidy, as I have the option to drop to a Capitec-like service (if I was inclined to save a few bucks) and still get the same benefit. Real money or not, it's widely accepted and entitles me to a 40% discount at various partners...
 
Mike Hoxbig said:
R100 flat fee. R700 - R800 in eBucks. Don't have to keep track of what I'm being charged for and what I'm not. That doesn't mean that my higher fee for a flat rate serves as a subsidy, as I have the option to drop to a Capitec-like service (if I was inclined to save a few bucks) and still get the same benefit. Real money or not, it's widely accepted and entitles me to a 40% discount at various partners...
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So I can also pay R100 a month and get the same benefits you're getting like 40% discounts at various partners?
 
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