National Credit Act (NCA)
Frequently Asked Questions
Foschini Group Customers recently received documents about the National Credit Act which became effective on the 1st of June. These documents resulted in a number of questions. Below are the answers to these questions.
Please note that your Card will continue to operate as before. The Foschini Group invites you to continue the regular use of your card at all the Foschini Group stores.
- Will my instalments change to those shown on the NCA documents sent to me?
Your monthly instalment will be calculated as before. You should see no change unless you have recently purchased merchandise from our stores and the balance has changed accordingly. - Did I have to pay my old balance in full on 1 June 2007?
No. Transactions made prior to 1 June 2007 will be paid off as you pay your account. - Can I use my card as before?
Yes. - When does my NCA agreement start?
When you use your card any time from 1 June 2007, a NCA agreement will then start. - Do I still have a 6-month interest free plan?
If you pay the monthly instalment on the 6-month revolving plan (excluding cellular products) on time each month and you do not fall behind in your payments, we will NOT charge interest. In other words, the interest is waived. This is effectively the same practice as before the implementation of the NCA. - What is the interest rate I am being charged?
As at 13th December 2007, you pay 25% p.a. (9.2% below the NCA maximum prescribed rate) on balances below R10 000 and 22% p.a. (12.2% below the NCA maximum prescribed rate) on balances above R10 000. **These rates apply to all customers. - When will my interest rate change?
When the repo* rate changes, upwards or downwards, so will your interest rate. - Why do the documents sent to me in May 2007 show the interest rate as 29%?
You pay the interest rate as in 6 above. The 29% p.a. is a reference rate only, determined by the Foschini Group at 0.8% below the NCA maximum permissible rate of 29.8% at this time, and is linked to the repo*rate. - Do I need to send the NCA documents that I received back to the Foschini Group?
No. These documents are for your records. - What happens if my personal financial circumstances change?
We invite you to contact our customer service centre on 0860 576 576 without delay on any matter of uncertainty. We will be pleased to assist in respect of any query or concern that you may have.
* South African Reserve Bank Repurchase Rate
** NCA applies to RSA customers only
Use your card at any store in the Foschini Group
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