I requested FNB to close my account due to the exorbitant interest charged. The reason for closure is that FNB charged me R422 interest for late payment. FNB requested full payment on the 4th March and I had paid the full balance on the 8th March which is 4 days after due date BUT 3 days before my next statement date which was the 11th March 2013.
Other Banks would not charge interest if full payment is made after a due date but before the statement date. That period is known as a grace period to allow for payment to be allocated if customers paid on the due date so not to penalise customers.
When I called the call centre and also spoke to my relationship manager about closing the account, both responses were similiar-giving me information on how to cancel my card. I will be cancelling my credit card in Q1 and FNB will loose me as a client in Q4.
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