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Credit Card Charges

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Community Coordinator

Re: Credit Card Charges

Hi bradleycooper, I am not sure I understand your query, are you referring to the Credit card query posted by vusumuzik?

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bradleycooper
New Contributor

Re: Credit Card Charges

Yes what's the cash finance charge as there is a finance charge already
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Community Coordinator

Re: Credit Card Charges

Hi bradleycooper, I cannot confirm with you what the charge is for. However, when vusumuzik sends an email to the email address provided, a consultant will be able to assist him. 

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skosanab
Occasional Contributor

Re: Credit Card Charges

My name is Bhekumuzi. I have sent an email to the email address provided but no one responded in either a call nor email. I had to call the credit card division and a fellow tried explaining where this charge comes from but I am still not happy. I have no other option but take this matter to the next level.

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Community Coordinator

Re: Credit Card Charges

Hi Bhekumuzi,

 

Which email address did you send the email to and what is your email address so that we can follow up?

 

Regards,

Standard Bank Team

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Goose
New Contributor

Re: Credit Card Charges

Same happened to me, the credit card department can't really tell me what these charges are for. They keep on saying it works on a sliding scale of my activities on the credit card. But they can't give me the exact charges per activity? Please, can someone with a bit more knowledge try and explain this? It can't be that difficult. Interest is interest, bank charges are set. But these charges seem as if they fall out of the sky?

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Goose
New Contributor

Re: Credit Card Charges

*can't....
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skosanab
Occasional Contributor

Re: Credit Card Charges

ask.SBSA@standardbank.co.za:

 

The Email I sent was:

Hi,

 

With regard to the explanation given about the cash finance fee on my credit card. How is it calculated as it appears it is consistent month after month. I have been charged even in month's that I did not transact in the manner which it is this fee is levied.

 

 

 

The above email was the second email sent which was on Monday the 16th of January.

 

Another question is where is this fee advertised as I can't find it anywhere

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skosanab
Occasional Contributor

Re: Credit Card Charges

ask.SBSA@standardbank.co.za:

 

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skosanab
Occasional Contributor

Re: Credit Card Charges

ask.SBSA@standardbank.co.za:

 

The Email I sent was:

"Hi, 

With regard to the explanation given about the cash finance fee on my credit card. How is it calculated as it appears it is consistent month after month. I have been charged even in month's that I did not transact in the manner which it is this fee is levied.

 The above email was the second email sent which was on Monday the 16th of January 2017" 

Another question is where is this fee advertised as I can't find it anywhere

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JessicaPepper
New Contributor

Re: Credit Card Charges

I took out my credit card to pay for my wedding. I understood a monthly fee of R35 (now R45) would be charged. Plus you are charged interest. Then for each EFT I did to pay for the wedding I paid R1.35 plus a certain % of whatever I was paying (The exact amount is in the pricing guide). So I paid on average R25 for each EFT I made.

 

When I phoned the credit card division, they explained the cash finance charge to me as being an interest charge on the total amount of money I spent that month. So I paid out R13000 for the wedding in December and I was charged interest on that.

 

So technically, it is triple interest they are charging??

- interest on acc

- interest on each transaction

- interest on total monthly spend

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skosanab
Occasional Contributor

Re: Credit Card Charges

That is my fight to. It is just ridiculous.
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candicebarbosad
New Member

Re: Credit Card Charges

I was going through my credit card statment this morning and i have also come across all these Cash finance charges that have come off my card.  They all happen the same time of the month the day i make a payment into my account.  on the 28th i had R257 , R35, R25 taken off my credit card.  i really need an explanation for this and when you try and phone no body can help or the phone keeps cutting off as you get someone on the other end.  I make payments every month but i cant get anywhere with the fiannce charges eating away at them.   Can somebody please assist me.

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JessicaPepper
New Contributor

Re: Credit Card Charges

This is shocking. I spent NOTHING on my credit card and I get cash financed charged AGAIN!!!!!!! As well as the finance charge.

I want an explanation. No explanation and I am taking this to the banking ombudsman and to 567 Cape Talk!!!!!!!!!!!!!!!

My husband has a credit card with FNB and has no other hidden fees!!!

 

I am moving my entire banking over to FNB.

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Goose
New Contributor

Re: Credit Card Charges

Hey, smart person (I am being sarcastic) reading these forums on behalf of Standard Bank, Get off your chair, walk to your bank charges division and ask them WTF is these cash finance fees. because as you can see not one branch can tell anyone what they are. They don't make sense and no one can tell us what we are being billed for.... We are almost 20 people complaining about this? Here is a tutorial on how to stand up and walk... https://www.youtube.com/watch?v=uT5T5745tCE

 

Let me know if you need one on how to communicate to colleagues.

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anthonytennant
New Member

Re: Credit Card Charges

Can anyone explain to me, what are the standard charges (monthly) for the credit card.
I am being charged R59.59 finance charge, R54.70 cash finance charge and R28.00 Service fees. I feel like these devils are robbing me, am being charged every months even if I don't use my credit card...are the charges being regulated? This is a daylight robbary.

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Chaltonnaidoo1
New Member

Re: Credit Card Charges

Yes me too. thought of closing this account.

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Community Coordinator

Re: Credit Card Charges

Hi,

 

Please forward your query, contact details and ID number to ask.SBSA@standardbank.co.za. So one of our consultants can investigate this matter and call you with feedback.

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NushHJ
New Contributor

Re: Credit Card Charges

I have the same problems with my Std Bank credit card and am apparently being charged 3% cash finance interest per month on a transaction for R495 that was made in March 2015. They only allocate a certain portion of the monthly payment to the balance of this transaction and I am unable to request that it gets settled. The only way for this to happen apparently, is to pay off the full outstanding balance of the credit card!!
Now I have issues with this, surely it is against the CPA to continue to charge monthly interest for a transaction that was made in error (incorrect acc selected when paying) and not allow me the option of settling the balance of this transaction? Also when the payment was made, why did I not get informed that the transaction will encur additional charges?

The balance of this amount is apparently still sitting at R315 over two years later and despite me making numerous substantial payments into my credit card, only a tiny percentage of any payment gets allocated to this transaction. How can this even be ethical or legal??!

I am fed up with Standard Bank, the lack of service you get and these sneaky additional charges they always seem to stick you with. So glad that I have moved my transactional accounts to another bank.

Thanks Standard Bank, your terrible attitude has lost you another customer.

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Community Coordinator

Re: Credit Card Charges

Hello @NushHJ,

 

I do understand your frustration on this. Can we have your details emailed to us to have a dedicated specialist to make contact and resolve this for you.

Please email us here with your initial query and account details: ask.SBSA@standardbank.co.za to further assist.

 

Regards, 

Boitumelo

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