Nedbank Credit Protection Policy on Loans.

After numerous attempts to get answers from Nedbank Insurance Company who underwrites the American Express Credit Card Protection Policy, I have been forced to write This Review to warn others to check their Statements, and in particular what you are being charged per R 1000.00.

The National Credit Act has capped the amount any Insurance Company can Charge to R 4.50 per R 1000.00 of Credit you are using.

By chance I came across an article that mentioned this and checked my American Express Credit Card Statement only to find that they are charging me R 7.90 per R 1000.00 on my Credit Balance. (WHAT)

Roughly Double the Registration Rate. Shocking.

I’ve had this Facility for nearly 20 years so you can imagine that every month I’ve been charged Double Credit Protection fee which amounts to a fairly large sum of money.

20 x 12 months of Premiums is 240 Months of overcharging. Not a small amount of money. You need to include interest into the Calculation.

I’ve been trying to get a response from Nedbank without any success and decided to employ a financial advisor to help sort out this issue.

I’d just like to warn others to check any accounts they have the includes any Insurance Credit Protection Policy.

Find out what the Company is Charging you. Google the National Credit Act regarding the fees allowed to be charged.

I’ll update everyone as soon as I get any more information.