Tag Archives: interest

It’s often the little things that matter…

One of the “compulsory” forms of insurance that people with bonds have to have is Home Owners Insurance (HOI). This is insurance that covers the cost of replacing the building if it is destroyed through things like fire and floods. Usually the bank that provides the bond also very kindly arranges this insurance and the unsuspecting home owner signs the policy document along with all the other bond documents. There are at least two huge problems with this Continue reading It’s often the little things that matter…

Petrol on credit?

Ok, so maybe I am really slow or maybe Std Bank is really sneaky or both. But this morning I checked our business credit card statement and noticed that we had been charged interest. Seeing that we pay the amount in full every month (the bank debits the amount) it seemed like a mistake.

So I called the credit card help line…the call centre agent went straight to the problem…”do you have a garage card?” she said. Apparently you cant buy petrol on credit and so each time you do it is as if you are drawing cash from your card and the bank charges interest. Guess I’ve been asleep then!

The way around this is to apply for a garage debit card (as opposed to the garage credit card) and have the amount come off the bank account each time that you use the card. In the end it is the same thing – you are still paying for the petrol, just not paying interest for the “privilege” of the garage credit card!