We charge a variable interest rate that is linked to the repo rate. You have up to 25 days at the end of the month to settle your full outstanding balance of swiped purchases. After this you will be charged the rate that applies at the time.
Here, is where you need to pay attention as there are different rules that apply, depending on when you were contracted. The Usury Act for before 1 June 2007 and the National Credit Act for after 1 June 2007.
|National Credit Act||All balances||13.5 - 17.5%|
|Usury Act||Average balance of R10,000 or more||14%|
|Average balance less then R10, 000||17%|
The interest free period does not apply to Car Card™ or Motor card transactions, balance transfers, cash withdrawals or casino transactions, as interest is charged from the date of the transaction until the date your related payment is received.
If your account has any positive balance, we will pay you 2.5% per annum from the day you deposit the money into your account.
Next: What are the fees?>>