So I went to Capitec

backstreetboy said:
Cash withdrawals etc?
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Don't do cash withdrawals with the CC. What's strange though is that in February I made 2 purchases for a total of just over R840 and was charge 0.81 (fully paid up CC 1st March). In March I again made 2 purchases for total of of just over R700 of which I returned an item of R300 and CC was credited for that amount. This time the Purchase interest amount was 3.81. R3.00 more than in February.
 
Magandroid said:
Has anyone noticed there is an "Interest Charged for Purchases" entry on their Capitec Credit statement. It's not much, like 0.81 and 3.81. I've only noticed it now for March and February. Took out the card last year and checked previous statements and this entry in not there. All purchases made were at local stores and less that R1000 in total for the month and was paid up in total by the end of that month. Any idea what it is?
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Bought airtime? I also saw this on FNB a couple of times and from the statement breakdown, only airtime could have caused this.
 
Magandroid said:
Don't do cash withdrawals with the CC. What's strange though is that in February I made 2 purchases for a total of just over R840 and was charge 0.81 (fully paid up CC 1st March). In March I again made 2 purchases for total of of just over R700 of which I returned an item of R300 and CC was credited for that amount. This time the Purchase interest amount was 3.81. R3.00 more than in February.
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Remember, interest free period might be up to 55 days, but can be as low as 30 days, depending on billing cycle. Also, you might have done a transaction 26 Feb, it only got processed/finalized say 1 March, so there is a discrepancy window where interest might have applied because the transaction is not immediate so it might not have been paid that month right away.
 
supersunbird said:
Remember, interest free period might be up to 55 days, but can be as low as 30 days, depending on billing cycle. Also, you might have done a transaction 26 Feb, it only got processed/finalized say 1 March, so there is a discrepancy window where interest might have applied because the transaction is not immediate so it might not have been paid that month right away.
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Thanks for the info and response. Seems like I will have to go into the bank find out what this is. Doesn't make sense that they want to charge me interest on purchases. I've only had this card since October last year.
 
So I went to Capitec to enquire about the "Interest Charge for Purchase" entry and charge on my statements. The consultant and bank manager were just as perplexed about the charge. They called their call centre to inquire about it but they could also not assist. For some reason the call centre could not see the charge on their side. They've now escalated it higher up as they would also like to get to the bottom of this. Should have some feedback by Wednesday next week.
 
Also, I mentioned the R3,00 Mastercard fee to the consultant and she confirmed that it's charged for all online purchases and not just international purchases. Not sure how true this is though.
 
Magandroid said:
Also, I mentioned the R3,00 Mastercard fee to the consultant and she confirmed that it's charged for all online purchases and not just international purchases. Not sure how true this is though.
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Wasn't charged for Takealot, Dstv and Wellness Warehouse. Also some people reported that it wasn't charged for Paypal but for some local merchants through payment processors.
 
I haven't used my Capitec acc for a while, the app now supports Biometric login and that works great.
I tried to make an online payment this evening and like most banks an in-app confirmation is required so I click on the Capitec notification and then it asks me for a pin after I confirmed the transaction.
What pin are they asking for and why not use biometrics for the confirmation like most other banks?
 
airborne said:
I haven't used my Capitec acc for a while, the app now supports Biometric login and that works great.
I tried to make an online payment this evening and like most banks an in-app confirmation is required so I click on the Capitec notification and then it asks me for a pin after I confirmed the transaction.
What pin are they asking for and why not use biometrics for the confirmation like most other banks?
Click to expand...
You didn't enter a pin when installing the app?
 
Apparently international mastercard fee change to R1 for transactions
Anyone experience this yet?
 
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