Edcon Store Cards (Monthly Fee Applicable Now)

Yeah will cancel mine too.
Pity, the 6 months interest free was useful.
 
Oh snap. This was my first account on my credit history about 15 years ago. I haven't used it for a while though.

I wonder why it hasn't fall off my credit report yet.
 
RichardG said:
time to cancel my Edcon account
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I will also be closing my Edcon account. I already cancelled the club some time ago, was such a waste.
They give you vouchers and then put nearly everything 'on sale' so you can only use it for stuff you don't need.
 
Sinbad said:
Yeah will cancel mine too.
Pity, the 6 months interest free was useful.
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Was useful, now with the monthly fee will rather cancel the account. If it was R50 yearly, would have been comfortable with it.

On my statement: Even if you don’t receive a statement every month, you must pay the total due amount to avoid any discounted interest rate granted by the Credit Provider being terminated andmaximum allowed interest rate being charged. Your account needs to be up to date every month to ensure continued Club and Insurance benefits and cover. Default interest at21.00%p.a. will be added to overdue accounts. Our credit agreement and the NCA allows for a service fee to be charged in respect of all credit agreements. From January 2016, wewill charge a monthly service fee of R22.80 on accounts with a debit balance due to increased account keeping costs, where our credit agreement and the NCA allow therefore. Afee of R50.00 will be charged for each replacement card requested

Weird the fine print is May

http://www.news24.com/MyNews24/credit-ombud-20160527
 
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yep will also be closing
Used only for flights once year via mango
Will just use the CC for that now
 
RichardG said:
It means you'll be liable to pay R22,80 per month as a service fee. Unsure about the 6 months interest free fee cause you signing a new credit agreement.
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So it's a few rands more than the current? In line with the new NCR rate?

Don't see the problem. All current credit providers of upping their fees.
 
Do you have to pay this fee, even if your balance is zero?
 
genetic said:
So it's a few rands more than the current? In line with the new NCR rate?

Don't see the problem. All current credit providers of upping their fees.
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Not paying anything at the moment. Now it sounds like 22.90 per month. That's a big increase :)
 
rodga said:
Do you have to pay this fee, even if your balance is zero?
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If you go make a purchase at the store and you've to sign the new agreement a fee of R22,80 per month will be charged. FNB Credit Cards every month we get charged a service irrespective if the amount outstanding is zero rands.

As far as I am aware after 6 months of inactivity on an account they close the account, with regards to the 6 months interest free unsure.
 
RichardG said:
You'll cough up an extra R273.60 per year to keep your Edcon Store Card, excluding interest fee charges.
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That's not cool. I wouldn't mind paying the R22 a month if I had an overdue amount outstanding, but I shop there maybe twice a year, and for the most part my balance is at R0. Feels like I'm being ripped off by paying monthly charges for something I do not use, especially since it was free for all this time.

Is this a National Credit Act requirement, or is this a move by a financially pressured Edcon to try and squeeze some extra revenue from its clients?

If this is the case, I'll close my account and shop elsewhere where there are no monthly charges.
 
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