Poor client service

Someone contacted me from FNB and I'm told interest is calculated on purchases made and not the total balance used on the credit offered. For ease of understanding, refer below for an illustrative example.

If you are give a credit for R12,000 at 10% per anum

Provided you use the entire R12,000 you will be charged (R12,000 x 10%)/12 = R100 That is simple enough, however, I was further told that if you decide to deposit say R3,000 into the credit account and then use the entire R3,000, then the interest will not only be on the R12,000 but will be on the R12,000 plus R3,000 that you have deposited hence your interest will now be (R15,000 x 10%)/12. The latter does not make accounting sense, how can one be charged on his own funds. It means that FNB is charging us for transferring money into the credit card then use it.

We are told that to earn e-bucks one must use their credit card to swipe for goods and services while in the meantime this is how they calculate interest? . I spoke to a manager in the credit department (Velentia Makgibathe Ref: ********** nf) who said she will call me back just after her meeting which she said it ends at 13:00 but she has not called back and now is 14:55 adding to my full month of one enquiry.