Tips to Boost your eBucks

[RogueTr00per]

Had interest on my statement last month, and this is the only transaction I can attribute it to...

I've been using ccard for fuel for several years and have never been charged interest on such transactions.

Is Port Shepstone a small town, or rather where do you fill in petrol? Perhaps something different about the way they process your card swipes?

 

[SauRoNZA]

I'd wager it was usage rule, not a running balance rule. Moot point now if its been removed.

What about setting your payment due date to be the 1st of every month, then you set yourself a budget, and don't ever exceed a negative balance greater than your budget?

Regarding items attracting interest immediately they are: cash withdrawals, EFT from credit account, prepaid transactions ( electricity, lotto, airtime), petrocard transactions, etc... Is all i can recall right now.

Fuel on credit card should not be attracting interest.

Then it was the R1000 my wife drew at ATM and the Prepaid Electricity.

I take it I can do the Prepaid from cheque and it doesn't affect my total spend as that's only from swipes or online purchases right?

C@shtill doesn't attract interest?


As for the rule, yes I believe it was running balance. I would simply prefer to not run any credit at all if I don't need to. Will try it from September and see if I get nailed for it.

 

[zerocool2009]

I only get interest on my CC when I didn't pay it off for 55 days. I do all my fuel purchases on my CC and usually don't have any interest on my statement.

I seriously don't get the 55 day rule.

If my due date is the 2 of Aug, I pay that in full. Then in Aug I spend lets say R5000. When the next due date isn't cleared, meaning ... made R0 ... the next day after the due date, interest is added.

I don't work at all with statements. What I spend, that is what I pay when the due date comes

 

[zerocool2009]

Then it was the R1000 my wife drew at ATM and the Prepaid Electricity.

I take it I can do the Prepaid from cheque and it doesn't affect my total spend as that's only from swipes or online purchases right?

C@shtill doesn't attract interest?


As for the rule, yes I believe it was running balance. I would simply prefer to not run any credit at all if I don't need to. Will try it from September and see if I get nailed for it.

No interest or fees charged when using cash@tills

 

[AirWolf]

I only get interest on my CC when I didn't pay it off for 55 days. I do all my fuel purchases on my CC and usually don't have any interest on my statement.

I've been using ccard for fuel for several years and have never been charged interest on such transactions.

Is Port Shepstone a small town, or rather where do you fill in petrol? Perhaps something different about the way they process your card swipes?

Always pay credit card in full at month end (before the 55 days limit) and have been using my credit card for fuel for a long time. Last month was the first time I was charged interest of R130.

 

[RogueTr00per]

Then it was the R1000 my wife drew at ATM and the Prepaid Electricity.

Well, yes if it was withdrawn from your credit card account.

I take it I can do the Prepaid from cheque and it doesn't affect my total spend as that's only from swipes or online purchases right?

Yes, that's what I did in last month (July) and I wasn't penalised.
Side note: If one is capped on say Checkers or Fuel spend in terms of the 20% rule, it may still be advantageous to buy prepaid on credit card account. The money you get back in eBucks (if capped on Checkers or Fuel spend**) outweighs the interest that FNB will charge you. I can elaborate but it's getting late :/

**You won't know this until the end of the month or unless you are really good at forecasting your monthly spend.

C@shtill doesn't attract interest?

No, not if withdrawn from your cheque account.

As for the rule, yes I believe it was running balance. I would simply prefer to not run any credit at all if I don't need to. Will try it from September and see if I get nailed for it.

OK, but do you have a bond? For example, if you put 10k into your bond instead of keeping it in your credit card account, you save R80 interest per month, R950 p.a. (based on prime, 9.5%) Ideally this would be an access bond in case you need that 10k.

 

[RogueTr00per]

Always pay credit card in full at month end (before the 55 days limit) and have been using my credit card for fuel for a long time. Last month was the first time I was charged interest of R130.

That doesn't sound right, how much fuel did you buy because to be charged that much interest on fuel alone you would have had to have bought roughly R4000 worth of fuel at the beginning of the 55 day cycle at 20% p.a. interest rate. (roughly calculated )

Are you sure the R130 isn't made up of fees + interest? The first page of my ccard statement lumps fees together with interest. E.g. mine says R100 for "Interest / Fees". But that is all fees in my case, no interest.

 

[AirWolf]

That doesn't sound right, how much fuel did you buy because to be charged that much interest on fuel alone you would have had to have bought roughly R4000 worth of fuel at the beginning of the 55 day cycle at 20% p.a. interest rate. (roughly calculated )

Are you sure the R130 isn't made up of fees + interest? The first page of my ccard statement lumps fees together with interest. E.g. mine says R100 for "Interest / Fees". But that is all fees in my case, no interest.

Fuel is around 1k each month. Interest and fees is R239, with interest being R130.

Not sure what it could be. I get my statement on the 24th. Will check the new one and see.

 

[SauRoNZA]

Well, yes if it was withdrawn from your credit card account.

Yes, that's what I did in last month (July) and I wasn't penalised.
Side note: If one is capped on say Checkers or Fuel spend in terms of the 20% rule, it may still be advantageous to buy prepaid on credit card account. The money you get back in eBucks (if capped on Checkers or Fuel spend**) outweighs the interest that FNB will charge you. I can elaborate but it's getting late :/

**You won't know this until the end of the month or unless you are really good at forecasting your monthly spend.

No, not if withdrawn from your cheque account.

OK, but do you have a bond? For example, if you put 10k into your bond instead of keeping it in your credit card account, you save R80 interest per month, R950 p.a. (based on prime, 9.5%) Ideally this would be an access bond in case you need that 10k.

So the total spend for checkers cap isn't just for swipes but total money spent on the account?

Interesting point you make on the bond savings. I do already overpay my bond somewhat and dump money in there when I can.

To move 10k back and forth month after month seems a bit silly, but I'll have to work out the numbers to see if it's silly enough to forego money lost.

So you dump all your excess cash in your bond at the start of the month and then pull it out as required?

I was thinking of just "storing" it in the Savings Pocket until I know it's safe to go in the Flexi. But now I'm thinking the Flexi already has 50k to qualify for the eBucks bonus so the other 50k I need to save up to pay back I might as well leave in the bond as the interest saved will be far more than the interest gained and I can pull the money back out if required.

The R500 towards the Flexi can stay there for the eBucks and there should be no way of missing Lv 5 next month.

 

[RogueTr00per]

@SauronZA, are you on platinum did you say? They mention "spend" in the rules, they don't mention swipes, however we've seen interpretation of the rules is somewhat of a black box at times.

https://www.ebucks.com/web/eBucks/earn/fnb-platinum-2015.jsp
Fuel and Uber spend limits and rules
The amount on which you earn eBucks is limited to 20% of your total monthly qualifying FNB Platinum Cheque and Credit Card spend or a total rand spend (on fuel and Uber rides only) of R4 500 per month, whichever occurs first.
You can fill up at any fuel station, but you must pay for your fuel through the fuel station pay point – you won't earn eBucks if you pay for fuel at the convenience store at the fuel station.

I didn't mean move 10k back and forth. I meant have it somewhere you can access if you ever run into trouble, like a mini rainy day fund. Your concern being you one day can't pay back the credit you have used?

My excess cash goes into my bond once all debit orders have gone off and I've settled my credit card for the prior statement period (I've got it roughly adhering to a calendar month, payment date the 26/27th).

What is this 'R500 for Flexi' that you mention?

 

[AirWolf]

Think he means a scheduled monthly transfer of R500 to flexi?

 

[Dolby]

Am I right in saying that the new rule on the credit card is USE x% of the limit and not like the past where it was KEEP a balance of x%?

So I can swipe for everything in the month and clear it to R0.00 end of every month with no issue?

 

[SauRoNZA]

@SauronZA, are you on platinum did you say? They mention "spend" in the rules, they don't mention swipes, however we've seen interpretation of the rules is somewhat of a black box at times.


I didn't mean move 10k back and forth. I meant have it somewhere you can access if you ever run into trouble, like a mini rainy day fund. Your concern being you one day can't pay back the credit you have used?

My excess cash goes into my bond once all debit orders have gone off and I've settled my credit card for the prior statement period (I've got it roughly adhering to a calendar month, payment date the 26/27th).

What is this 'R500 for Flexi' that you mention?

There is a RL rule that requires you put R500 or more into an investment account for more points.

I always use my access bond for rainy day fund. Well I've never actually pulled anything out of it and have a spare R5k sitting on a Virgin Credit card for surprises.

This is more my month to month operating costs. But leaving all excess cash in the access bond every month and pulling it out at month end to pay the credit card seems like a very good idea actually to offset the "free" interest.

I've always done the same as you and dumped the excess I have left at month end into the bond. But I think I might change that behaviour now and do it at the beginning instead.

Also makes sense to use the access bond as a "savings" account for this money I owe, because rightly as you say the interest saved is worth more.

I don't have any worry about the credit I have used. I settle it every month in full. I just feel I would psychologically save more if it was a positive balance counting down instead of an open one.

 

[SauRoNZA]

Am I right in saying that the new rule on the credit card is USE x% of the limit and not like the past where it was KEEP a balance of x%?

So I can swipe for everything in the month and clear it to R0.00 end of every month with no issue?

Where is this rule?

I don't see any such rule, which is where this conversation started.

 

[Dolby]

I'm on my phone ; when I get to my PC I'll paste. I could be wrong

Always thought you needed to spend x amount on card ; whereas the old rule - I thought - was x balance. (Or maybe old rule was use x% and new rule is Rand value?)

 

[SauRoNZA]

Are you talking about the total spend rule?

Not the 10-90% rule?

I think the total spend has simply replaced the percentage like you say. That way not everyone scores and only the big spender get away with murder.

I still want to know if it applies to any spend or just credit spend though. But Strontium's bond drop plan has got me not worried about it any more.

Neither was ever a running balance, but a calendar month instead. Which is why so many here advocated it because you could get away without any credit because of the 55 day interest free.

 

[RogueTr00per]

While you're here, I think you and HavocXphere should change to custom avatars, it gets confusing

<snip>
I don't have any worry about the credit I have used. I settle it every month in full. I just feel I would psychologically save more if it was a positive balance counting down instead of an open one.

OK fair enough. These days I spend what I need to spend, but I also think twice before spending as to whether I need that thing or not. I'm really not into making a habit of buying willy nilly as I have my retirement savings to work towards and an old man to support.

I'm on my phone ; when I get to my PC I'll paste. I could be wrong

Always thought you needed to spend x amount on card ; whereas the old rule - I thought - was x balance. (Or maybe old rule was use x% and new rule is Rand value?)

This is probably not what you are referring to, but on Platinum, the old rule (pre 2014-07-01) IIRC was never let your running balance drop to greater than -75%. e.g. credit limit is 10k, never go beyond negative 7.5k else you would lose RL points.

 

[zerocool2009]

The new CC rule is ... if you spend 100% on your CC, you will get 4000 points towards your points table

 

[SauRoNZA]

The new CC rule is ... if you spend 100% on your CC, you will get 4000 points towards your points table

Yes but is that credit spend or just swipe spend vs Cheque card?

If you load it up with 10k on the 1st and never go into credit but only use your credit card do you still get 4000 points?

 

[RogueTr00per]

They mean just don't swipe your cheque card. Buying prepaid via cheque account is not swiping your cheque card.

Total monthly spend on your FNB Platinum Credit Card:
Between 25% and 49.9% of your total monthly spend is on your Platinum Credit Card
500 points
Between 50% and 74.9% of your total monthly spend is on your Platinum Credit Card
1 000 points
Between 75% and 99.9% of your total monthly spend is on your Platinum Credit Card
2 000 points
100% of your total monthly spend is on your Platinum Credit Card
4 000 points
Total monthly spend = FNB Platinum Credit Card spend + FNB Platinum Cheque Card spend; excludes EFTs, Cash@Till™ and transfers.

Yes but is that credit spend or just swipe spend vs Cheque card?

If you load it up with 10k on the 1st and never go into credit but only use your credit card do you still get 4000 points?

Assess the rules that apply to your account, if in doubt well try to build up a buffer in terms of RL points in case you contravene any rules.