Credit Card Charges

[Fgerber]

Hi,

I would also like to know about these 'cash finance charges'. I spoke to a consultant at the bank (still have the emails) that said if I do an internet transfer from my credit card account to my cheque account - they are linked - the only charge would be R4. But then a R788 'cash finance charge' was deducted (on another occasion R550 or there about). Spoke to the consultant again who said to speak to card division. Spoke to 3 different people there and no-one could explain to me what it actually is. One lady started talking about it being ineterest charged and I reminded her that the first 55 days are interest free? Then she didn't know...... Spoke to another lady who said it's in the T's & C's from when I opened the account. I do still have them (2008) - it talks about interest and says further transaction charges may apply, the website contains a full list of transaction fees - but on the website it is never mentioned!!

Is there anyone at Standard Bank that actually knows what they are?? And is this a proudly Standard Bank fee, if it does exist? I phoned 2 other banks and they don't have it......

Frans

[Livhuwani]

Wow! so many people complaining about the same problem, eish i don't want to experince such a thing.

[Vzylbi]

I have never really checked my bank charges on my credit card until
recently and this is quite alarming. I have been getting a cash finance charge on my card of R341-10 every
single month. This is charged together with a finance charge and a
service fee!!! For the month of August i didn't even use my credit card once yet my
charges were as follows:
Finance charge: R197.89
Cash finance charge: R341.10
Service fee: R45.00

Can someone please explain this to me???

[Vzylbi]

I can't believe there are so many people experiencing this problem and the fact that we were not even aware of it.

This is enough to make me want finish and close all accounts with standard bank

[Giidrjvfg]

Yes he has the same issue we all have. Why is there a cash finance charge and a finance charge. What is the difference?

[Giidrjvfg]

I also didn't use my credit card but I have that cash finance fee as well

[Giidrjvfg]

We all did that but no one can explain why there is a finance charge and a cash finance charge. Explain it to us is all we asking

[ZL]

Standard Bank - Please explain this to me.....

An Exhorbitant Cash Finance Charge - month - after month - after month... .

And I do not use my credit card for cash withdrawels as I lost the pin no!!!

18    Dec  FINANCE CHARGE             -79,71

18 Dec CASH FINANCE CHARGE -344,21

18 Dec CR PROTECTION POLICY -100,62

18 Dec !SERVICE FEE                      -55,00   -499,83

31 Dec APO PAYMENT, THANK YOU                        787,68

16 Nov FINANCE CHARGE              -75,96

16 Nov CASH FINANCE CHARGE  -388,78

16 Nov CR PROTECTION POLICY -101,44

16 Nov  !SERVICE FEE                     -55,00     -621,18

31 Nov APO PAYMENT, THANK YOU                           794,37

16 Oct FINANCE CHARGE               -72,16

16 Oct CASH FINANCE CHARGE  -322,00

16 Oct CR PROTECTION POLICY  -102,33

16 Oct  !SERVICE FEE                       -55,00   -551,49

30   Oct APO PAYMENT, THANK YOU                        801,56

[Boitumelo]

Hello @ZL,

The best way to resolve this is to make contact with you in order for us to go through your account with you. Note, for credit card purpose it is used for online shopping and EFT purchases. the difference will be when you withdraw cash or transfer money into your personal account hence the cash finance charges. 

Please forward us a mail with your account details and contact number for further assistance on this. You can mail us here: [email protected]

Regards,

Boitumelo

[MichelleO]

I also just realized i am paying over R400 pm on 5 different bank charges for my credit card alone.. I pay double my installment amount but this means I only pay what is owed for the mininum...

[GYI]

Hi, this month I have been charged 2.75% on all international purchases on my credit card as fee called !INTL. TRANS FEE. I have never been charged this fee before. This month it has already added R160 to my account in fees. Does anyone else know about these fees, and was anyone suddenly charged without being communicated to?

[Fouder]

Hi GYI. I've been experiencing the same issue.

In my case, it appears as if these !INTL. TRANS FEE. charges started around mid-April. So far I haven't been able to talk to to anyone who could explain what they are for or when it was announced. (There also seems to be a minimum charge of R6.85, no matter how small the international purchase/charge).

[Fouder]

Combing through the latest 2018 credit card pricing guide, it turns out they do make mention of this 2.75% charge on all international payments/purchases.  (I found the guide on this page https://www.standardbank.co.za/southafrica/personal/products-and-services/bank-with-us/credit-cards/..., under "What it Costs" when you select a card - in my case it was the Gold Card).

This change was never communicated to me though, so still not happy about it.

[Fouder]

Just wanted to clear up something about that R6.85 minimum charge I mentioned - it looks like I was mistaken. That specific fee was still only a 2.75% charge based on one of my international purchases.

[Lucky10]

Hi

Credit card usage it is only good if at the end of 55 days free

of charges you are able to settle down all outstanding amount,otherwise

it is the most expancive loan,use over draft or revolving account instead.

[baloyiharrison]

Is it possible for the bank to explain on this platfom what going on with this charges? 

so if the bank is charging me R14 a month, it means that after a year R168 would be paid for a card.

this month i have paid R359.66, the following is what i have charged

service fee R40

cr protection policy R58.20

cash finance charge R19.86

finance charge 190.63

card fee R14

please standard bank, can you explain this?

worried

[Wra1th7]

I struggled with the same BS and have gone round and round with Standard bank for over 2 years now and this is what I have figured out and worked out about this nonesense...

SB credit cards are ONLY good for swiping... anything other than that you get charged for.

Finace charge - interest on total used in normal card swipes

Cash finance charge - any amount that is used that is not physically swiped for (transfers, payments, etc). SB classes this as a CASH withdrawl & so charges you interest seperately on this amount... since this is interest charged, it cannot be settled unless the entire outstanding amount is paid in full.

Card fee - charged for all the useless services that should be optional extra (movie tickets, plane ticket disc, etc), but do not allow the option to opt out.

service fee - std account fee

extra charges - extra fees we have to pay on top of all this for every transfer, payment, pre-paid that is made not SWIPING the card.

This structure is completely rediculous & I only wish I knew what Idiot thought this up so I could smack them!

I also think all these extra charges for NOT swiping are just pure theft and BS... just another way of stealing our money to boost their profits and is unacceptable.

The support staff are seriously ill trained and the fact it has taken me so long to get a full answer because NO ONE at standard bank actually knows what the hell is going on, it beyond shameful and I am approaching the CPA to further investigate this nonsense.