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30-10-2018 11:18 AM
Good day. I am trying to establish all the terms when it comes to borrowing funds. So far after 10 minutes on the phone I managed to get my interest that will be charged on my credit card. I then wanted to know if a personal loan would be better than using my credit card for this purchase and they were unable to assist and tried to transfer me. I am far away from a Bank and this is an inconvenience to me to go into the bank to find out the following information to make an informed decission on what to do next.
Is the intreresst rate per year or per month or per day?
If I used my credit card for this purchase how would I calculate the minimum repayments a month?
What amount would I be paying off in interest every month?
How long is the maximum time to pay off the amount loaned?
Could I get a lower interest rate on a loan?
If I paid more than the loan amount every month would it reduce the interest?
The list goes on
26-11-2018 11:35 AM
Interest accumulates daily on a credit card if you have been charged monthly on your statement. The rest of the interest depends on whether you use the budget or straight facility. Your interest is charged on your balance.
You can follow the link on fee and costs pricing guide here: https://www.standardbank.co.za/static_file/South%20Africa/PDF/Personal%20Pricing/Credit_Card_Pricing...
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26-11-2018 01:34 PM
I eventually downloaded the Veritex42 credit card calculator to work out what I need to pay in order to pay off the credit card sooner. Standard bank should really look at getting something like that on their web site.
It allowed me to work out that if I use my credit card but pay off the way I want to pay it would be better for me than to take out a personal loan as I would be resticted to the fixed period of the loan.