Helo Peter
i have a ABSA credit card, i have noticed that ABSA charges extra for interest. bank charges, credit life, ...these three amounts are added up each month into my balance thus increasing my balance of which ABSA takes out 3% as a premium monthly. After my premium is paid then ABSA goes and reduces these three amounts from my instalment that i paid in, which leaves me with a balance credit available.
For example: my balance is R65587.39 (transactions of R1201.95 R188.24 is credit life =R1390.19) (R41.75 is bank charges ) ( R734.81 is interest ) ( R3780 deposit into account) CLOSING BALANCE IS R63974.14 of which 3% = R1920.
Now the problem starts... out of the R3780 that i paid only R1025.86 is available in my card... where is the difference of R2754.14 been allocated to.
Why is it that after my instalment is paid then interest, transaction and bank charges are less... this is understandable... then why add interest, transactions fees and bank charges to increase my balance in the first place.
This balance infation with these three fees makes me pay atleast R50 more a month... this over a million customers is alot of money.
thank you for assistance
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