This week's best tech deals - 8 August 2014

That Samsung sound system from game 5995 or 287 for 48 months, that is R13,776 total, an interest rate of about 48%.

Is such a high rate even legal?

The max rate for Unsecured credit transactions is 2.2 times prime +20%, so 2.2*9.25+20=40.35%.

Unless the payment is determined on the normal price of 7499 in which case the interest would be 34% but then how do you justify selling 5995 cash and 7499 if on credit?
 
borga said:
That Samsung sound system from game 5995 or 287 for 48 months, that is R13,776 total, an interest rate of about 48%.

Is such a high rate even legal?

The max rate for Unsecured credit transactions is 2.2 times prime +20%, so 2.2*9.25+20=40.35%.

Unless the payment is determined on the normal price of 7499 in which case the interest would be 34% but then how do you justify selling 5995 cash and 7499 if on credit?
Click to expand...

That amount probably also includes the usual money making schemes, such as "initiation fees", "monthly service charge" and "compulsory insurance".
 
geezer said:
That amount probably also includes the usual money making schemes, such as "initiation fees", "monthly service charge" and "compulsory insurance".
Click to expand...
Never use store credit deals, borrow from bank (credit card, revolving credit, personal loan, etc) and buy cash. You save thousands
You can get money for between prime and 20% from a bank.
 
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