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Kulula credit card Kulula credit card terminology - 22 questions

I wrote to Kulula and asked 22 questions about their credit card site. I'm sure the financial lingo is familiar territory for bankers and other interesting people, but some of it seems like Egyptian hieroglyphics to me. So I asked Kulula's "Moolah" division to decipher some of it (they took 15 days to reply so maybe it wasn't obvious for them either...or maybe my list was just very long). Anyway, much thanks to whoever was behind the email at KululaCardNewApplications@fnb.co.za, for taking the time out to help.

QN
MY QUESTION
KULULA'S ANSWER

1

"Membership fee tenant (secondary) - free"  Does this mean that Kulula will freely issue a secondary card to my wife for her to use?

"Yes, all secondary cards are free."

2

Under "payments and purchases" Kulula mentions that a cheque deposit will cost R15. Does this mean I am paying somebody else with a cheque and this will cost me R15 (I thought this was a credit card)? Or does this mean that it will cost me R15 to deposit a cheque somebody has paid me into my Kulula account?

"No, if you deposit money into your Kulula account via cheque it will cost you R15."

3

Under internet banking Kulula refers to "electronic transfers", "smart transfers" and "payments" - what's the difference between these three items?

"Electronic transfers refers to internet transfers, Payments refers to manual deposits at a branch. I am not too sure about smart transfers, but I think it might refer to debit orders, as this is the 3 ways in wich you can pay your Kulula account."

4

Cash deposits - it's not clear to me whether the charge for cash deposits (R5 + 1% of transaction value) is for cash deposits at bank branches or at ATMs or both (and which ATMs and bank branches can one make cash deposits?)?

"You can make deposits at any bank that accepts VISA cards. The fee is for over the counter payments."

5

The fact that cash deposits under R200 are free makes it seem like it's better to break down a R300 deposit into two deposits of R150 each, than a single deposit of R300?

"You can do that if you’d like, however if you make the two R150 payments on the same day it will reflect as 2 x R150 payment on for instance 08 April 2008 and you will then still be charged the fee."

6

What does "cash on budget" mean?

"Cash on budget is when you withdraw money from your budget facility."

7

What is the difference between "balance enquiries" and "statements"?

"Balance enquiries gived (sic) you your balances on your card and statements give you a breakdown of how you spent the money on the card and where."

8

R5 is charged for "declined authorisation" - what is declined authorisation?

"If you swipe and the amount they tried to authorize has been declined due to insufficient funds."

9

R175 is charged for "unpaid cheque" - what is the event that's occured leading to this payment?

"When a cheque bounces, when there is no money in your cheque account to pay for your credit card."

10

What is an "unpaid automatic payment"?

"When a debit order doesn’t go through due to insufficient funds in your account."

11

What is the "Late payment fee" charged for? (i.e. what could I be late for paying)

"For paying your account late. Your statement will reflect a date by which your account should be paid. If you pay after this date you will be charged a late payment fee."

12

What is the "balance transfer early settlement fee" paid for?

"When you pay the whole amount outstanding on your credit card before 12 months or so."

13

What is the "cheque clearance fee" paid for?

For clearing the cheque that has been deposited

14

What does it mean for a debit order to be rejected?

"Insufficient funds in your account from which debit order goes off."

15

What does the "special arrangement fee" of R175 get paid for?

"If you can’t pay your account and you make an arrangement with us for a way to pay off your account. (Going into arrears on your account and you make arrangements to make affordable payments untill your debt is paid up)"

Outstanding QUESTIONS:

Some of the questions Kulula couldn't answer via email, and some of the answers led to new questions:

QN
MY QUESTION
KULULA'S ANSWER

16

What are smart transfers?

I am not too sure about smart transfers, but I think it might refer to debit order

17

What is the "reschedule fee" paid for?

"Please contact our customer care centre or your nearest FNB Branch regarding this fee"

18

What is the "bank cheque administration fee" paid for?

"Please contact our customer care centre or your nearest Bank Branch regarding this fee"

19

What does the "cash handling fee" get paid for?

"Please contact our customer care centre or your nearest Bank Branch regading this fee"

20

The voucher retrieval requests - what vouchers are those?

"Contact our customer care centre regarding this query."

21

How much does it cost to deposit money at a Kulula ATM?

New question

22

Does one get a cheque account and cheque book with the Kulula credit card?

New question

Kulula humour

Happily the Kulula humour was still there, with them signing off with a "buy bye".

Next steps

I am going to contact Kulula's customer care centre at 0860 MOOLAH (666524) and find out answers to the remaining questions. I'm also going to apply for a Kulula credit card - nothing like first hand knowledge of the processs.

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