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Question of the Day: Are you keeping your Prime subscription?
FNB Credit Card
- Thread starter Razeth
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- credit card fnb
Yes, but the whole 55day interest thing is not true. If you pay your balance owing in full at the end of the month, you will not apy any interest. If you pay after, lets say 31 days, you will pay interest. To me it's a marketing gimmick.
AlmightyBender
Executive Member
That is not the case for me I can confirm that you get 55 days interest free on POS purchases. However your account monthly fee and any transfers out of the account will attract interest immediately.
+1. I have never paid interest on a principle amount if I settled in within the 55-day window.
Gtx Gaming
Gtx Gaming
yup also never paid any interest on my fnb gold cc.
nicbst
Well-Known Member
I have a FNB credit card and pay interest from day 1 on fuel purchases and cash withdrawals/efts.
I believe those aren't considered point of sale/over the counter purchases, but I speak under correction. I honestly couldn't tell you what those are excluded, haven't used my CC for anything like that before. I swipe in-store and buy online, that's about it.
nicbst
Well-Known Member
Yes you are correct. My FNB statement lists the three I mentioned as immediately attracting interest.
Gtx Gaming
Gtx Gaming
fuel should not , unless you using petro card link to cc account.
i use it allot for fuel never been charged interest.
Only applies to POS purchases. If you transfer money from your credit card to another account, use it to pay petrol, make cash withdrawals, you start paying interest from day one.
I am not with FNB but with Standard Bank - however afaik the systems work the same. The actual interest free period is not 55 days for all transactions but can be 55 days on some transactions. With Standard Bank if you settle your full statement balance by the payment date (about 25 days after the statement date) no interest is charged on any current transactions (including petrol but excluding cash withdrawals or eft's from your credit card). That implies that for transactions dated at the beginning of your statement month you could get 55 days interest free - those just before your statement date you only get slightly more than 25 days. So yes to advertise 55 days interest free is misleading.
Jola
Honorary Master
Good to know, I have not been using it for fuel, because I thought that I would be charged interest.
That used to be the position prior to 2010. Currently fuel is treated as any other pos transaction so also qualifies for the interest free period.
nicbst
Well-Known Member
From my latest FNB statement. I don't use a petro card.
I can not comment on FNB but with Standard's MasterCard no interest is charged for fuel purchases using the credit card (However not all fuel retailers accept credit cards). I suspect for credit card linked garage cards interest might be charged - my garage cards are linked to my current account so can't confirm. What I find interesting about this note is that with FNB it appears you get charged interest on new purchases as well the previous month statement if you do not settle the full balance - not sure what Standard does.
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All of the credit cards that I have had experience with are "up to 55 days interest free". It usually works on calendar months so anything that you buy in July will only start accruing interest on the 25th of August.
So if you buy something on the 1st of July you would get 55 days with no interest on that purchase but if you buy something on the 31st, you would only get 25 days before it starts accruing interest.
So if you buy something on the 1st of July you would get 55 days with no interest on that purchase but if you buy something on the 31st, you would only get 25 days before it starts accruing interest.
May as well ask this question here:
I was under the impression that a credit card offers much more buyer protection (vs a cheque/debit card for example), especially as I use my card for online purchases quite often. I've just got off the phone to FNB and apparently there's no difference between me using my cheque card, and me using a credit card (should I apply for one) when it comes to protection / claiming money back / stopping fraudulent transactions.
So - does a credit card offer any benefit, or is it, as FNB would have me believe - only for the purpose of the credit facilities?
I was under the impression that a credit card offers much more buyer protection (vs a cheque/debit card for example), especially as I use my card for online purchases quite often. I've just got off the phone to FNB and apparently there's no difference between me using my cheque card, and me using a credit card (should I apply for one) when it comes to protection / claiming money back / stopping fraudulent transactions.
So - does a credit card offer any benefit, or is it, as FNB would have me believe - only for the purpose of the credit facilities?
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ld13
Honorary Master
Want to get some $$$ into an FNB account asap, but ABSA wants to charge R11+R0.95/R100 odd for an immediate transfer. I have a FNB Gold credit account here that I want to do an EFT out of the straight balance but I am unsure about the fees. The product guide (that was a mission to find) mentions under Other FNB Credit Card Related Fees, Linked Account Transfers & Account Payments:
R3.30 Linked Account Transfers
R7.00 Third Party Payments
Will the total EFT charge thus only be R7.00? Plus of course interest from day one...