The National Credit Regulator (NCR) will investigate Standard Bank’s new credit card fee, according to a report in the Sunday Times.
The bank has been charging a standalone monthly “card fee” of between R10 and R210 to customers who use its credit cards only, with the fee depending on the type of card the customer uses.
The card fee was implemented at the beginning of 2018 and is charged in addition to the monthly service fee of R40.
According to the NCR, the Credit Act has a closed list of charges a credit provider can levy on customers – and the card fee is not one of them.
The NCR said it would investigate Standard Bank’s card fee and take approporiate action if the fee is found to be illegal.
According to Standard Bank’s pricing guide for 2018, the card fees are as follows:
- Gold, Blue, and Access cards – R10.00
- Titanium standalone – R25.00
- Platinum standalone – R40.00
- World Citizen standalone – R210.00
The report follows SA Consumer Satisfaction Index results in 2017 showing that Standard Bank customers are the least satisfied.
Standard Bank did not respond to requests for comment sent by the Sunday Times.