Absa
Beware of so-called "budget" facility!

I transfer my salary into my credit card, so I'm always in credit on this account. Some expenses fell on me unexpectedly, which I did not have the funds to pay for outright. It happened at the beginning of the month, so there was enough money in my credit card to cover the amount, but it would have left me with nothing to take care of my groceries etc. So I put it on budget to pay it off. I thought this meant Absa pays the merchant (subject to your credit limit) and you pay Absa back over time, hence the term "budget". But the full amount was taken from my positive balance, wiping out my monthly funds! When I called to rectify this, I was told it wasn't an error - there's only one credit limit, so they take the amount off your straight limit and put it on budget. If you have a positive balance, they take the amount from you, and at the end of the month, THEY will pay ME an installment! If I could afford to lose that money outright I would've put the purchase through straight! Now I have to go into debt to feed my family. This "quirk" of the budget facility is not explained anywhere on their website. Way to go Absa, hope you are proud of yourselves for doing this to a loyal client!

Company: Absa
Country: South Africa
City: Credit card division

  <     >