Stay on track with payments
Sometimes life takes an unexpected turn and you may find yourself in a difficult situation and unable to make payments on your credit card.
What do you do if you were to be faced with this unfortunate situation?
Keep the Collections team informed of your financial difficulty
- Contact 087 736 7846/7 to discuss the delay in payment and to make a repayment arrangement.
- If you are a Top-up Debt Protection policy holder (which covers death, permanent disability, temporary disability and retrenchment/unemployment) on your account, you may qualify to submit a claim against the policy. Contact FNB Life on 087 736 7775 to check if you qualify
Repayment methods
- Loading a debit order for the monthly minimum payment;
- Making a direct deposit at any FNB Branch into your credit card;
- Doing an electronic transfer via FNB Online Banking or via Cellphone Banking to your credit card;
- Doing an electronic transfer from any non FNB bank account by loading FNB Credit Card as a public recipient;
- Making a payment via the FNB App.
Impact of an account being in arrears
- Your credit facility will be suspended without notice if the amount due is not received in time or if your estate has been sequestrated or placed under administration or debt counselling.
- The credit bureaus will be notified of the state of your account, which may negatively impact any future requests for further credit.
- Access to the SLOW Lounge will be revoked to Qualifying Account Cardholders if their account is not in good standing.
- If the account is in arrears for more than 3 months, it will be relegated and may be handed over to an external debt collector for further collection of the debt.
- Once an account has been relegated the credit facility cannot be re-opened. You will need to apply for a new credit card once the debt has been settled.
- You will be liable for all legal fees and expenses (including attorney fees / collections fees / tracing fees) should further action be required.
To make life a little easier, we have different credit card repayment methods available namely:
Have a conservative credit card limit.
Make sure your credit card limit is an amount you're comfortable with, one you know you'll be able to afford to pay back monthly. Having a very high credit limit can be tempting, without considering the repayments that will be required afterwards.
Remember: the more you spend, the more you'll have to repay, as the minimum 5% monthly repayment amount is calculated on the full outstanding balance plus any budget instalments.
Tip: You can easily increase your credit card limit via the FNB Banking App when you need a higher limit.
Don't change your spending behaviour.
Having available credit doesn't mean you must use all of it.
Take advantage of the 55 days interest free period by paying the account balance reflected on your statement in full to avoid incurring interest. Note: fuel transactions and cash withdrawals will incur interest immediately.
Paying the full outstanding amount of the credit card purchase to avoid incurring interest.
Use your free budget facility.
If you're making large purchases of R200 and up, our FREE budget facility is ideal for making larger purchases that you can then pay off over a period of 6 to 60 months.
View your credit card statements each month.
This will help you keep track of your spending habits and raise any disputes straight away. Knowing what you spend every month on different items will help you to spend more responsibly.
