ConsumerTalk with Wendy Knowler, Good to Know with Wendy Knowler, Good to Know with Wendy Knowler

Paying off your credit card every month to avoid interest? The banks are sneaky…

pixabay.com, 2019

Either by accident or design… she was only debited the minimum payment… How many other people might this have happened to?

Wendy Knowler, consumer journalist

FNB… calls it an isolated discrepancy… the customer has been refunded…

Wendy Knowler, consumer journalist

Smart consumers pay off their credit cards in full every month to avoid interest.

Arabile Gumede (in for Bruce Whitfield on The Money Show) spoke to consumer journalist Wendy Knowler.

She told the story of an FNB client who instructed the bank to pay her credit card off every month.

When she applied for a credit limit increase the bank started – without her instruction – to only deduct the minimum payment, leaving her with a nasty surprise of an interest bill.

For more detail, listen to the interview in the audio below (and scroll down for more quotes from it).

It shows how quickly interest accrues…

Wendy Knowler, consumer journalist

If you increase your credit limit… instruct the bank that you don’t want to revert to paying the minimum balance…

Wendy Knowler, consumer journalist

Even one day late or one rand short, you’ll pay full interest on the amount owing.

Wendy Knowler, consumer journalist

Interest rates are so much lower on a credit card than on a store card.

Wendy Knowler, consumer journalist

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Go-slow at Transnet port in E Cape threatening Volkswagen SA, employer of 6000

Go-slow at Transnet port in E Cape threatening Volkswagen SA, employer of 6000

The “go-slow” escalated on Wednesday. Arabile Gumede interviews Andile Dlamini, a spokesperson at Volkswagen South Africa.

Investments are pouring into South Africa from abroad again

Investments are pouring into South Africa from abroad again

There’s been a sharp recovery in foreign direct investments into South Africa. Arabile Gumede interviews EY’s Sandile Hlophe.

[BREAKING NEWS] Springbok legend James Small (50) has died

[BREAKING NEWS] Springbok legend James Small (50) has died

James Small suffered a heart attack and died at a Johannesburg hospital on Wednesday.

3 best shares to buy, right now (by Sasfin Securities)

3 best shares to buy, right now (by Sasfin Securities)

Arabile Gumede asks Nesan Nair (stockbroker and portfolio manager at Sasfin Securities) for his stock picks of the week.

Foreigners rule informal trading (outcompeting even Shoprite). Consumers win!

Foreigners rule informal trading (outcompeting even Shoprite). Consumers win!

About 20% of every rand spent in South Africa goes to informal stores, mostly foreign-run. GG Alcock on his book “KasiNomics".

Popular articles
[UPDATE] No fatalities in N1 north bus fire

[UPDATE] No fatalities in N1 north bus fire

Passengers and JMPD give details of what led to the fire on the bus.

[VIDEO] Real estate company surprises employees with R740,000 bonus each

[VIDEO] Real estate company surprises employees with R740,000 bonus each

Khabazela shares tweets and Facebook posts that have gone viral.

[VIDEO] Dad accidentally dunking baby in 20-inch snow goes viral

[VIDEO] Dad accidentally dunking baby in 20-inch snow goes viral

Khabazela shares tweets and Facebook videos that have gone viral.

[WATCH] Baby saved from falling off counter while mom shops for a gun goes viral

[WATCH] Baby saved from falling off counter while mom shops for a gun goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

'Centurion was built in a floodplain, that's the problem,' says environmentalist

'Centurion was built in a floodplain, that's the problem,' says environmentalist

Water and Environment specialist Professor Anthony Turton says Centurion Lake has always been a controversial development.

[WATCH] Woman sharing her most embarrassing moment at parking lot goes viral

[WATCH] Woman sharing her most embarrassing moment at parking lot goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

[VIDEO] Good Samaritan convincing guy not to jump off Brooklyn bridge goes viral

[VIDEO] Good Samaritan convincing guy not to jump off Brooklyn bridge goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Did you know? SA exports electricity to seven countries in Southern Africa

Did you know? SA exports electricity to seven countries in Southern Africa

Senior Researcher at Africa Check Kate Wilkinson shares their latest from their fact-finding missions.