I'm thinking about applying for a Kulula credit card, so waded through their legals terms and conditions (which Kulula calls the "legal stuff") - it's quite an intense read, and I doubt many legal at it in any depth. Here's a highlights package:
Whilst Firstrand Bank (the owners of the FNB brand) issue, administer and own the credit card (yes, you don't actually own your credit card), Kulula owns and runs the Kulula Moolah flight rewards program. The card is branded as VISA.
Only you may use the card (and using Kulula's credit card is understood to be accepting the terms and conditions), which you must sign as soon as you receive. If Firstrand Bank so request, you must return the Kulula credit card to them "immediately" (which is not really possible to anybody operating within the paramaters of the space-time continuum).
It's entirely Firstrand Bank's decision whether to authorise any transaction, but in particular they may refuse transactions if you have exceeded your credit limit.
The terms and conditions are amended from time to time...so be sure to return for a regular read of this exciting document!
You'll receive a pin number, which can be used at ATMs to inter alia make local deposits, draw cash, transfer funds. Somtimes when making purchases merchants may require the pin number.
if you do a transaction by mail order, telephone order or other access channel you will be asked for card related information before you may use these channels to transact...presumably using the credit card on the internet counts as "other access channel".
In South Africa you cannot use the credit card for purchasing fuel (an archaic rule harking back to the apartheid days).
Transactions in US dollars, UK pounds or any non-Rand currency is converted into Rands at visa's exchange rate applying on the date of the transaction.
You must take all reasonable steps to ensure that you don't lose your credit card, and if you do you should contact FirstRand Bank's lost card division immediately (the phone number for the lost card division is on your monthly statement). Except for pin based transaction and you weren't slack in safeguarding your card or in reporting it, you are protected against fraudelent use of the card (lost card protection is included in your annual card fee).
Payments to merchants are irreversible (unless allowed for by visa's rules and regulations) and disputes between the holder of the card and merchant don't affect FirstRand's ability to debit your card.
Certain transactions always attract interest (budget facility transactions, cash withdrawals, electronic fund transfers resulting in a debit balance and the purchase of travellers cheques). For other transactions, you are not charged interest during any interest-free period (i.e. if you pay the full outstanding amount reflected on your statement before the due date). If you don't pay the full outstanding amount by the due date you lose the interest-free period, and are charged interest on each transaction from the date the transaction took place.
If you have a credit balance in your account you earn interest on it (although not usually as good as can be earned on some money market accounts).
On request, Firstrand Bank may make a budget facility available to you, allowing you to to buy items and pay for them over a longer period than normal (with more interest charged of course). It's worthwhile assessing whether you can borrow at a lower interest rate from other sources. If you miss payments then the total amount outstanding may becomes payable. Firstrand say that you can make additional payments without penalty.
You could give your wife, your girlfriend (or both) a "tenant card", which is linked to your credit card account (i.e. they spend on your account but it's your joint-responsibility to pay for it). If you want to end the right to use a tenant card you should destroy the card and inform Firstrand Bank.
Make sure that you cut through the card's number and magnetic strip.
The agreement can be ended at any time by writing to Firstrand Bank and informing them of this.
If you are married in community of property, then your spouse must consent to the conclusion of the agreement.
Apart from the credit-related charges there is:
an annual card fee
monthly service fees
a cash deposit fee
Electronic banking fees
Automatic Teller Machine fees
Currency conversion fees for transactions outside the common currency area
The current fees charged are available on www.kulula.com and on the quotation, and are updated annually.
The Kulula moolah program is owned and run by Kulula (technically speaking, by Comair). No Kulula Moolah is earned from budget facility transactions, cash withdrawals, electronic fund transfers, and various fees or taxes paid from the card. Moolah must be spent within 6 months of the date that it first appears on your account (on Kulula air tickets or travel offers, for yourself or anybody else). Kulula may amend the terms and conditions by publishing new ones on its website (which means anything can change).
You'll have to read the terms if you want to know about this one - too much pt to summarise.
This is a summary and there may be mistakes - if you want the full accurate message go to the Kulula credit card site.
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