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Credit card and cash finance charges

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42 REPLIES 42
AjTeX
Occasional Contributor

Good day All

Below is an explination from Standard Bank. I do hope it helps!!

Cash transactions        

  • Interest is charged on all cash related transactions, namely ATM cash withdrawals, cash advances from branches, electronic account payments, inter account transfers, the purchase of travellers cheques, as well as petrol purchases, from each transaction date to the day before the respective debits are paid.
  • Only when an account shows a credit balance and the debits are paid from the credit balance, no interest is charged on cash or petrol purchases. Interest is calculated on the daily balance and added to an account on the billing date, the closing date of a statement. 
  • if you do not pay the full outstanding amount on or before the due date shown on the monthly statement.  All transactions shown on the latest statement and future statements will attract interest immediately from the date of each transaction on the account until you have settled the full outstanding amount you owe us.

Finance Charges

Finance charge refers to the interest charged to your credit card account for your swiped transactions in the event that the outstanding balance is not settled in full on a monthly basis. This is calculated daily and added to the account on a monthly basis on your current balance at the time when your statements close.

In order to avoid finance charges on purchases, payment of the previous month’s account must be received in full before payment due date.  When the statement closes we allocate an additional 25 days from the closing date till the due date in order for a customer to make a payment. The bank therefore funds the outstanding balance for a period of up to 55 days during which no interest is charged to the cardholder if the account is settled in full or no cash transactions have taken place during the statement period. However, if the closing balance on your statement is not paid by due date, you automatically forfeit the ‘up to 55 days interest free’ period.

AjTeX
Occasional Contributor

Hi Ilana10

 

I will send this to your mail team. However everybody agrees that Standard Bank should give an direct answer to the same question in this Forum Chat within this correspondence.  It will just make it easier and a clear, detailed breakdown is nothing more we expect!

Thanks

Ilana10
Community Coordinator

Hello AjTeX,

 

My sincerest apologies, I seem to have given you the incorrect email address. Please forward your query to [email protected], the team will be expecting your email. I apologise once more. 

Ilana10
Community Coordinator

Hello AjTeX,

 

Thank you for your response, we do understand the frustration. Queries are attended by our service consultant to check individual queries. We will escalate this matter regarding the mailbox, to understand what is happening from our end. Thank you for your patience. 

AjTeX
Occasional Contributor
Hi Ilana10
As a coordinator, I'm sure you can understand and apply such an easy task!!
As you can clearly see on this "Chat" Everybody has the exact same query!!
PLEASE just post the explanation within this Chat forum. How hard can this be???
The email provided...I've tried several times and it either bounces back in my inbox or just never get any feedback. So to make it really easier for everyone.
Thank You in advance!!
Ilana10
Community Coordinator

Hi Siya20

 

Thank you for engaging us. We escalate individual queries to the [email protected] email for assistance.

Siya20
Occasional Visitor
Why don't you explain this here in this forum, it would really help a lot of us understand because we have similar problem, instead of explaining to each person privately, it probably thousands of people
Kamvalam
New Member
Hi Mandy. This email address bounces back
Kayla187
New Contributor
Hi Anna_88, Unfortunately years later still no answer and no joy in having my fees reduced. I'm at the point where my monthly installment just pays my 3 charges so my actual account balance doesn't drop at all. So unless I win the lottery to pay my Credit Card or die can I have a zero balance. I'm also not denying that I did use my credit card but it's very difficult to pay it up when the balance doesn't reduce.
AjTeX
Occasional Contributor
Hey Kayla, don't bother in getting an answer here, Boitumelo will reply with the exact same answer or best 'none' .
Anna_88
New Member
Hi Kayla,

I am encoutering the same problem. I do an inter-account and sometimes I send money from my prestige account to my credit card and I'm charged two ridiculous amounts.
Should you get assistance please let me know.
AjTeX
Occasional Contributor

I absolutely agree! He keeps avoiding what we the clients ask and need to know! And keeps telling everybody to send a private email.

What a loser ... or is it Standard Bank telling him what to answer??

Seems to me it's time to move on... going to get these type of info from 5 different banks... and ask friends and family their experience

with their banks etc.

Pmtsweni5
Occasional Visitor
Clearly this Boitumelo character is incompetent in providing satisfying answers to standarbank customers or standarbank is not a bank that we can trust as they are hiding a lot of information from us hence everyone must send an email privately to be answered.
Willy1
New Member
Boitumelo,

Don't you think it is a good idea to provide answers here as the majority of the questions asked are the same. People want to know what is cash finance charge and what is finance charge, and what are these charges are based on?
Please give answers here to avoid people complaining of the same issue.
Joo
New Member
I have debating on this Standard bank issue but clearly they are not keen on resolving queries.
Time to move
Lindaman_Ben
New Contributor
Same here. There's also a Cash finance charge that I seem to struggle to understand...
safsfarouk
New Contributor
This is very annoying that u make a repayment above ur amount calculated for u. But u still get charged for what?.
Make ur application better
Or see another client move on from your dumb bank.
Its covid crisis for all. And if u want to steal charges here and there to make up for loosing business I will move on to another bank.
Explain why you charge me for no reason.when ur application is a issue when making repayment.
AjTeX
Occasional Contributor

Hi #Cylotec
Guess your'e still awaiting an answer?

AjTeX
Occasional Contributor
Hi Boitumelo, all of these complaints in this thread, has the same issue here!! Standard Bank is not telling us what goes! The same automated, repetitive answers to all of us...if any. I once received 3 exact same "Finance Carges" on the same transfer or day!! Seriously?
AjTeX
Occasional Contributor
Hi #Kayla187
No, it wasn't at all, still keep getting the same charges every month. There was no real explination, just that it's "Standard Bank charges"...