Hi all, Cash finance charges is a sore point and after many phone calls, today a young man explained it to me as follows: 1. Somewhere in your credit card past, you "opened" a Cash Account. ALL transactions, excluding card swipe purchases, count towards the balance of this "CashAccount. This Cash Account balance grows from the day you "opened" it, by the amount of each transaction performed on your credit card, excluding swipes. Interest is payable on the balance of this CashAccount and is displayed as monthly CashFinanceCharges on your statement. 2. You can NEVER reduce the balance of your "Cash Account" and you can NEVER pay it off. 3. If you should decide to pay your credit card balance off but still leave it dormant for whatever reason, you still pay your CashFinanceCharges. In fact, because you transfered money from say your cheque account to your credit card, it's seen as tranfer between accounts and your CashFinanceCharges will INCREASE accordingly. 4. Standard Bank don't issue monthly statements of your "CashAccount" for your records and verification. 5. The only way to avoid "CashFinannce Charges" is not to use your credit card for ANYTHING else but card swipes. 6. If you are paying CashFinanceCharges at the moment, the only way to avoid them is to close your credit card account. Of course the above is my take-away from our very lenghty discussions and I can't confirm the correctness thereof. If someone from Standard Bank could kindly comment on this. Thank you for the opportunity to try and sort this matter out that's probably bugging so many people.
... View more