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A one-stop forum for all your banking questions

Credit card and cash finance charges

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Acarolus
New Member
Hi All,

I have been experiencing the same cash financial charge. For the past few months I have made no cash withdrawals. However the cash finance charge is still deducted from my account.
Has Standard Bank resolve this issue for anyone?
Regards
Boitumelo
Community Coordinator

Hello @CGreen,

 

We will need to go through your account to explain these charges. Please share the initial query with your account details and contact number for further assistance. 

You can share them here: [email protected] or contact us here: 0860 123 000.

 

Regards, 

Boitumelo

CGreen
New Member
So WHAT is the cash finance charge????!!! There is finance charge and there is cash finance charge! Please answer us. I bank with FNB as well and we don’t have this charges.
Gwennies
Occasional Contributor
STD bank are crooks when it comes to this, coz they cant even explain it in a way that we will understand and be able to calculate it. They are robbing us and making profit with this nonsense.
Gwennies
Occasional Contributor
STD BANK is a crook totaly. Serously we need to understand how this cash finance charge works.
Gwennies
Occasional Contributor
Hi there,

Can you guys please provide full explanation regards this cash finance charge.

I hardly make withdrawals. What is it based on? I only use inter account transfer?

It so frustrating and irrating when you see fees huge amount of fees that you dont even understand what they are meant amd how they work which were never explained further when applying for a credit card.
cylotec
New Contributor
And before you require me to email you, please kindly consider the following:

Here are examples where you can easily explain the answer to everyone on this forum.

Question 1:
If I have a Standard bank credit card with balance of R60 000, and I withdraw the full R60000 at the ATM or from the bank teller on the 1 January 2019.
What will I owe standard bank on the 31 January 2019?

Requirements to answer:
——————————————-
- Please list each charge using the titles you use on our bank statement.

- List the each respective amount in Rands up to 2 decimal places.

- List the reason or glossary explanation for each of these charges.

Question 2:
If I have a Standard bank credit card with balance of R60 000, and I transfer the full R60000 amount on the 1 January 2019 to my linked Gold cheque account.
What will I owe standard bank on the 31 January 2019?

Requirements to answer:
——————————————-
- Please list each charge using the titles you use on our bank statement.

- List the each respective amount in Rands up to 2 decimal places.

- List the reason or glossary explanation for each of these charges.

*** Please kindly consult your departments and reply back here. If there isn’t a clear answer on this by Wednesday I will get in contact with a journalist to independently investigate this as it would make a great story since Parliament is cracking down on banks in South Africa.


cylotec
New Contributor
I’m planning on hiring an investigative journalist for this issue. It seems that in order for the clients to get a clear answer on finance charges we require the issue to be published in the news internationally. If standard bank is unable to answer a money query for a client it simply means they have something to hide or they are using an uptick of more than 60% profit gain... which will result in the client perpetually being indebted. This would be a case to be brought forward in parliament to insure the constitution is not being overlooked as it has been done with the banks in South Africa before.
merandaAM
New Member
Finance charge of 709 and cash finance of 300, am I bring robbed by Standard bank? How am I expected to pay my credit card if you keeping taking money and not even explaining what it's for. For the past 2 years every month you take these fees. Please advice because this relationship can't continue like this. I notice that everyone is told to send something to some SBSA email but my question is are they getting help.

Feedback would be appreciated.

Thank you
Boitumelo
Community Coordinator

Hello @Naby

 

To best assist you on this we will need to investigate further with our service team. Please mail us your full query with account details so that we can look into this query for you and have a consultant contact you to explain this charges.

 

You can mail us here: [email protected].

 

Let us know should you need further assistance on this.

 

Regards,

Boitumelo

Naby
New Contributor

Hi 

 

I have the same problem. whenever i do an inter transfer from my cheque to my credit card i get charged a finance charge.  I phoned standard bank as well a while ago and the consultant could not give me a reasonable explanation.

 

Please let us know if they gave you a reasonable explanation.

 

Thanks

deanpatt
New Contributor
My charges add up to almost R2000
Kayla187
New Contributor
Hi AjTex, please let me know if your query was resolved to your satisfaction. I have the very same problem. I do an inter account transfer and get charged 2 different charges. This is daylight robbery.
AjTeX
Occasional Contributor
Boitumelo
Solution
Community Coordinator

Hello @AjTeX,

 

To best assist you on this we will need to investigate this matter further with our service team. Please mail us your full query with account details so that we can look into this query for you and have a consultant contact you to explain this charges.

 

You can mail us here: [email protected].

 

Let us know should you need further assistance.

 

Regards, 

Boitumelo

AjTeX
Occasional Contributor

@PieterN wrote:

hi, I'm not the opening poster, I'm a new poster. I was asking if there was some information what the Cash Finance Charges were or what they were composed of or how they calculated. Surely this could be shared here on the forum so others can also understand how their Cash Finance Charges are compiled? That is the whole point of a forum. There has to be a document that standard bank has that states what and how the bank makes up the Cash Finance Charges? It is clearly not just the interest rate ie. 16.50% as mine are near 20% if calculated to the balance. This is what I was trying to find out and I think the opening poster was also trying to work out.

 

I will send an email through with my details and you can give me a call then on what and why the Cash Finance Charges go up when the balance is being paid off and the card is not even used. Technically speaking the balance and interest charged should be less than the previous month but for some reason, the interest charged (which is also called the Cash Finance Charges it appears) seems to increase. I'm trying to pay off debt, not get more into it even when I owe less!

 

I also find it interesting how the interest rate increases when you get to R10,000 to over 19% so for example, if you paying off an amount over R10,000, you paying currently 16.50% but when you get to R10,000, instead of being able to congratulate yourself in paying down your debt, you get hit with a massive 25% increase in your interest rate to over 19% p/a just because you made it down to R10,000?! Can Standard Bank explain the method in this and why? Surely it would be easier for people to get out of debt if they didn't get hit with high interest rates as they owe you less?

Thanks, looking forward to your reply on the forum.

 

 


Hi, I have the exact same issue here with Standard Bank's "Cash Finance Charges" on my Credit Card.  I will be cancelling all of my accounts with Standard bank if this is not resolved and an appropriate answer and reason is given to us.  How is this possible that if I want to pay off my credit card debt by transferring from my cheque to the credit card and paying it off montly, that a huge cash finace charge is being debited to the credit card and at high interest rate?  Not to even mention an extra "Finance Charge" = what is this for then ?  Standard Bank this doesn't appeal to me and I have contacted other banks and they could answer me my questions regarding such fees which they have, but not this "seems almost fraudulent" charges ... not cool!

PieterN
New Contributor
Boitumelo
Community Coordinator

Hello @PieterN,

 

We will trace the mail and have a specialist look into your account and address this matter accordingly.

 

Regards, 

Boitumelo

PieterN
New Contributor

hi, I'm not the opening poster, I'm a new poster. I was asking if there was some information what the Cash Finance Charges were or what they were composed of or how they calculated. Surely this could be shared here on the forum so others can also understand how their Cash Finance Charges are compiled? That is the whole point of a forum. There has to be a document that standard bank has that states what and how the bank makes up the Cash Finance Charges? It is clearly not just the interest rate ie. 16.50% as mine are near 20% if calculated to the balance. This is what I was trying to find out and I think the opening poster was also trying to work out.

 

I will send an email through with my details and you can give me a call then on what and why the Cash Finance Charges go up when the balance is being paid off and the card is not even used. Technically speaking the balance and interest charged should be less than the previous month but for some reason, the interest charged (which is also called the Cash Finance Charges it appears) seems to increase. I'm trying to pay off debt, not get more into it even when I owe less!

 

I also find it interesting how the interest rate increases when you get to R10,000 to over 19% so for example, if you paying off an amount over R10,000, you paying currently 16.50% but when you get to R10,000, instead of being able to congratulate yourself in paying down your debt, you get hit with a massive 25% increase in your interest rate to over 19% p/a just because you made it down to R10,000?! Can Standard Bank explain the method in this and why? Surely it would be easier for people to get out of debt if they didn't get hit with high interest rates as they owe you less?

Thanks, looking forward to your reply on the forum.

 

 

Boitumelo
Community Coordinator

Hello @PieterN 

 

Please advise if the email was sent and which subject was used so that we can be able to trace the mail? We would like to trace the mail and assist in investigating the charges on the account. Here is the email address if you missed it, you can mail us: [email protected] with your full query and account details.

 

Regards,

Boitumelo