FNB smartphone, tablet deals vs cash: FNB explains
First National Bank (FNB) has responded to a recent comparison which looked at some of its tablet and smartphone repayment plans versus buying the same devices outright.
The comparison showed that, in many cases, FNB’s deals work out more expensive than buying the device cash, despite the bank advertising its deals as interest free.
In a statement from Kartik Mistry, head of FNB Smart Devices, the bank said that its smart device offers give customers who are unable to afford buying a device outright — or those who simply prefer the option of paying it off — the opportunity to gain access to a smart device over 24 months.
“We also introduced the additional benefit for qualifying customers to sign up for up to four devices,” Mistry said.
| Device | FNB | iStore | Orange ZA | Kalahari |
| iPhone 5s 16GB | R9,816 (R409×24) | R9,999 | — | — |
| iPad Air Wi-Fi & Cellular 16GB | R8,136 (R339×24) | R8,499 | — | R8,199 (third-party) |
| Lenovo IdeaTab A3000 | R2,376 (R99×24) | — | — | R1,799 |
| Samsung Galaxy Tab 4 10.1 | R6,216 (R259×24) | — | R5,025 | R6,121 (Black) R5,790 (White) |
| Nokia Lumia 1520 | R8,760 (R365×24) | — | R7,910 | R8,669 |
| Samsung Galaxy S5 Mini | R6,216 (R259×24) | — | R5,820 | R5,999 |
Addressing the questions raised by the comparison, Mistry said FNB is unable to predict what retailers will sell devices for, so it seeks guidance from its suppliers on the recommended retail price and bases its prices on that.
“Even though our pricing is not cheaper than all retailers, it still remains competitive against most,” Mistry said.
Regarding the comparison of FNB’s price of the Lenovo IdeaTab A3000 to that of Kalahari, Mistry said that it should be noted that their deal comes with a number of extras.
“Our Lenovo A3000 offer comes with a carry case — valued at R130 — as well as a 2 year collection, repair, and return warranty which is unique to our offer and valued at R499,” Mistry said.
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