The African Bank credit card thread

[Jasop]

The R100 debit order happens some months, and not other months.

Any idea why this is?

 

[Diderot]

Hi guys, new member here

African Bank charged my credit card 190 rand for interest and 40 rand for life insurance yet my balance at the end of the month was zero.

Two different call centre agent said every month this charge will go off even if the balance is zero and will be higher if the balance is not zero. I only took out the credit card on 14th of this month. Is it the same for everyone here?

So in effect the monthly fee is not 69 rands but 300 odd rands if you consider the interest

 

[ToxicBunny]

Hi guys, new member here

African Bank charged my credit card 190 rand for interest and 40 rand for life insurance yet my balance at the end of the month was zero.

Two different call centre agent said every month this charge will go off even if the balance is zero and will be higher if the balance is not zero. I only took out the credit card on 14th of this month. Is it the same for everyone here?

So in effect the monthly fee is not 69 rands but 300 odd rands if you consider the interest

Something is wonky there... They can't charge you interest on a zero balance.

 

[Diderot]

Something is wonky there... They can't charge you interest on a zero balance.

Exactly my thinking. Their standard reply is that our credit card is not like a normal credit card and you will pay interest and credit life insurance as long as the account is active every month.

I'm hoping it is just a first month miscalculation

 

[Tinuva]

Exactly my thinking. Their standard reply is that our credit card is not like a normal credit card and you will pay interest and credit life insurance as long as the account is active every month.

I'm hoping it is just a first month miscalculation

Did you sign up for the life insurance where or the insurance cover when you signed up for the credit card?
I remember I had to tell them very specifically NO I do not want any of their extras.

 

[Diderot]

Did you sign up for the life insurance where or the insurance cover when you signed up for the credit card?
I remember I had to tell them very specifically NO I do not want any of their extras.

The branch told its compulsory to take the credit life insurance or provide my own and it will only be charged when I owe a balance

 

[Tinuva]

The branch told its compulsory to take the credit life insurance or provide my own and it will only be charged when I owe a balance

I usually just say I already have life insurance, which they then said is ok. Never asked for proof.

Edit:

You shouldnt believe everything sales guys tell you. They out to make money, even if they dont get anything out of it, there probably is some metric they are benched against that makes them trying to tell you it is compulsory.
Learn this life lesson now, always go for as little as possible monthly cost when you sign up for anything in life. Also dont just sign papers without reading and understanding, you could be signing your life away for all you know.

 

[Diderot]

Thanks for the advice. Looks I have learned the lesson the hard way

I wasnt too concern at the time because they told me that life insurance only kicks in when you owe a balance and I was not planning on owing anything.

But still irrespective of the insurance, the interest charge on a zero balance is weird and goes against their own marketing brochure

 

[NeedAChange]

They told me you can make eft payments out of the ABCC via the online banking? Is this true?

 

[Speedster]

They told me you can make eft payments out of the ABCC via the online banking? Is this true?

deleted: misread the question

 

[RenaldoJ21]

Yes. Your ABCC has an easypay number

How do you make eft's out of ur abcc??

 

[Speedster]

How do you make eft's out of ur abcc??

you can't

 

[Awesum]

They told me you can make eft payments out of the ABCC via the online banking? Is this true?

No, you can't

 

[Dubai]

They also charge me interest for zero balance like R25

 

[AirWolf]

Matric pass rate coming home to roost.

 

[NeedAChange]

The branch told its compulsory to take the credit life insurance or provide my own and it will only be charged when I owe a balance

They told me credit insurance is compulsory as well (Something like 5% p.a. on outstanding balance). I told them I have my own. They now want proof of this. I wonder if FNB offers this

 

[Tinuva]

If it is life insurance, FNB does offer that.
Credit insurance sounds like a money making scheme, but I think FNB do offer that on the credit card if you want it, but they don't force it down your throat like AB by the sound of it.

 

[NeedAChange]

Its credit insurance by Guardrisk.

 

[Diderot]

They also charge me interest for zero balance like R25

Is this every month or the first month only?

 

[Dubai]

Is this every month or the first month only?

Every month I get charged various interest rates even though I keep a positive balance