Standard Bank credit card cash finance charges

Good day

Standard Bank is charging me a cash interest fee on my credit card for months now. I queried with them and was given a list of what results in me getting this fee charged and the following month watched my activities like a hawk but still got charged almost the same amount. Have written back to them and received no response. I am now so scared of using this credit card. I am including the communication I had with them below:

Hassen, Zeenath Z <***> Mon, Oct 7, 12:57 PM to me

Good day Miss Mutambu

Thank you for your email.

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.

Thank you for being a loyal customer.

Kind regards

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Zeenath Hassen

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Banker

Complaints Reolution Centre

Tel +27 (0)86 ***

www.standardbank.co.za

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From: Pamela Mutambu <***> Sent: Saturday, 05 October 2019 12:22 To: ask, SBSA <***> Subject: Fwd: SBSA Credit Card Statement_2019-10-04

Good day

May you please assist, for months now I see cash finance charges appearing on my credit card and do not know how I get them. I never make cash withdrawals and not sure how to use this card anymore so I do not accrue these frustrating charges. I have checked my statement and this appears as interest?