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Thread: interest on credit card

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    interest on credit card

    i have just received my latest credit card statement and busy working out the settlement and i noticed how i pay my budget account.

    all my budget installment are calculated monthly and interest is charged...i dont have a problem with this...must be pretty normal

    here the thing i have just noticed...i get charged interest on my budget facitly then the amount is deducted from my straight account...i didnt have a problem with this until i noticed that i am being charged interest on the total amount including the budget deducted amount...now because i got behind with my minimum payment i am now paying interest on the accumatling amounts...

    standard bank are not interested in my problems and are not prepared to assist me in any way they dont even bother responding to any secure messages etc...just charge me for every little default which makes me laugh how it works with the latest technology a payment the night before if done after 7 pm is not included in your balance the following day...i have just been nailed another R115 and my vehicle payment reversed again because i went over my limit by R80...it sad for me and what a bonus for them another R115 for nothing...i wish i could rip my customers off like this...talk a bout a get rich quick scheme...i would love to see the amount of money standard bank is making just on this R115 from all the customers they are nailing...this is easier money than the lotto during these difficult times.

    when you start going downhill boy you fall fast...i feel for all those other people out there in the same position i have been in these last couple months and hope they manage to get lucky and have a bail out plan...all my problems will be sorted out in the next day or 2 and i will be completely debt free again and have some spare money to buy some new equipment for my bussines to help reduce the tax i am gona have to pay...maybe even buy a new superbike as a delivery bike...i am busy making arragement to move to a bank which will offer me that personal attention...i might pay a little more in fees but at least i know the bank manager personally so hopefully i will get better service.

    lets hope i can stay out of debt for a while so i dont have to go through all this cr*p again.

    one thing i never do is get into more debt than i have assets to settle for example my bond is half the value of my property...all my equipment office stuff etc in my bussiness is all paid for and one of my vehicles is paid off and the other...the hp is less than the market value...in other words if things had got really bad i could have sold everything and still walked away with money in the bank...i cant say the same for other people...maybe take this as a tip and try not spend more than you can settle...i listen to people talking and hear how the banks have them by the neck...squeezing every little cent out of them they can get...and they have nowhere to go other than liquidations debt management etc...the rich get richer and the middle and lower class just pay

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    Site Caretaker Dave A's Avatar
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    Really chuffed to hear you're almost there, Murdock. There is no better feeling, I reckon.

    Picking up on the credit card interest - it's a killer all right.

    I was reading the fine print on one card a bit more attentively than usual the other day. If you don't pay the settlement balance by due date, interest charges are calculated from day 1. So much for "up to 55 days free credit." That only applies if you settle the full balance
    The trouble with opportunity is it normally comes dressed up as work.

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    thanks dave...hopefully when i wake up tomorrow morning it will be like i won the lotto just that i had to work hard for it

    now the trick is to spend it wisely...making it was the easy part...what i do with it will determine how my finances either grow or collapse again.

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    i woke up this morning checked my bank account and man it feels like i have won the lotto...this is the first time in 18 years of bussiness i have ever had a 5 digit figue in my bank account...and in the positive i wish i could invite everyone out for a drink tonight

    i think i am gona surprise my wife and take her out for dinner.

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    Site Caretaker Dave A's Avatar
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    The trouble with opportunity is it normally comes dressed up as work.

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    Watching the ships passing by.

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    Platinum Member Marq's Avatar
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    i think i am gona surprise my wife and take her out for dinner.
    Take cash.
    The cost of living hasn't affected its popularity.
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    i spent an hour or 2 in the bank yesterday trying to figue out what went wrong.

    the easiest way to explain it is...when the sun shines the bank offer you an umbrella with tassles...a cocktail...sun tan lotion...a gazebo...just in case you need to get out the sun but when it starts raining best you run for cover.

    they rate you 1-9...if you have a 9 rating the bank manager deals with your account if there are any queries.....if you are rated lower than 4 best you look for a different bank because you are regarded as a high risk and the bank are not interested in your problems just taking all the money they can get out of you while they can.

    you are rated over a 6 month cycle...so if you are curious to know where you stand with the bank just ask what your rating is.

    my rating is less than 4...thats why i cant even get a bussiness banker form westville standard bank to return my calls...i have to go to the bank and request his attention...someone i spoke to who has been banking at westville branch for 20 years was also sitting waiting to speak to the banker said and i quote " it is ever since the bank has become politically correct"

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    Gold Member daveob's Avatar
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    back to the age old story - to the bank you're just a number ( in your case, below 4 ).

    Just keep it in your mind the fact that, when that business banker smiles and nods, it's not anything to do with what you are telling him or asking for - it's to do with his thoughts of keeping his job and making sure you don't become the main reason for him joining the unemployment line at the uif offices.

    Do not rely on the banks - they are NOT your friends - they are there only to make as much profit as they possibly can from their clients - that's their responsibility to their shareholders. You are not a 'valued client' - you are an opportunity for them to make some more profit.

    Ever wondered why all the advertising is so heavily geared towards brainwashing you into believing that the bank is there to help you ? How can we help you ? Together, forever, today tomorrow, etc. That's all a crock of kr@p.

    They place a huge amount of effort into making you think they there to help you and they are you're best friends. Why is that. Are they worried that we start seeing their true colours ?

    Just a thought.
    Watching the ships passing by.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by murdock View Post
    " it is ever since the bank has become politically correct"
    No boet. I got beat up by the bank just like you did before any "politically correct" stuff kicked in. Account scoring came with computerisation.
    The trouble with opportunity is it normally comes dressed up as work.

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