Edgars
What happened to 6month interest free accounts?

My daughter just started working and opened a 6 month interest free account (or so she thought). Her first statement arrived yesterday and she was shocked to see that on a R600 O/S balance, her instalment is R60 and on top of that R11 interest at an exorbitant 21% interest (13% above the bank prime lending rate) plus R6 "deferred interest" (whatever that is) plus R2.45 account protection (which she didn't request). So of the R60 payment R20 will go towards charges. What happened to helping the good guys who want to pay off in 6 months and letting those who prefer to pay off over a longer time, pay the interest!! Goodbye Edgars

Company: Edgars
Country: South Africa
City: Head office

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