Store Account
Usage Examples
"Thandi opened store cards at Edgars (R3,000), Mr Price (R2,000), and Woolworths (R4,000). Interest on each: 21%, 23%, 24%. She paid R1,500 a month across three payments, different dates, different rates. When she consolidated into a 15% personal loan, her payment dropped and she felt relief."
"Nomsa was young and store cards seemed easy. Edgars approved her for R5,000 at 22%. She thought it was lekker credit-building. Then she checked her credit report — every store card was reported, and her score dropped when she hit 30% utilisation. Too many cards."
"Sipho's store account at Woolworths was handy for weekly groceries. R100 here, R200 there, paid monthly. But the 25% interest meant small purchases cost way more than needed. He'd have been better off saving that R100 first, or getting a cheaper personal loan."