What is my credit card balance?
On your statement that you'll receive via email, you'll see "Opening Balance" and "Closing Balance". Opening Balance is one figure that reflects all activities on your account since your last statement. It takes your spending activity along with your payments and totals them up to show how much you have available to spend (and how much you may still need to pay into your account) since the last recorded payment before your statement got sent out.
Closing Balance is the figure that reflects your most recent spending and payment activities. It's the opening balance, plus all your daily transactions, plus all your budget instalments, plus any interest charged, plus banking charges, and minus all the payments you've made into the account. (shew!)
So, you're Available Balance (i.e. how much you've got left to spend) is calculated like this: Credit Limit minus Closing Balance equals Available Balance. Obviously, as you spend, so the Available Balance changes, but that's pretty much how it works.
How much do I need to pay?
You need to pay all of what you've spent, eventually. But because we're here to make your life easier and not to bankrupt you, we've established a Minimum Monthly Payment which breaks up larger amounts into smaller, manageable ones. The Minimum Payment tells you how much is due each month until the full amount is paid off.
The Minimum Payment is calculated like this:
We take the total sum of the current month's budget instalment, plus interest, plus fees, plus any overdue amount (if applicable), plus a percentage of whatever you've spent this month, plus any over line amount (if applicable). We then take 5% of this total, as agreed upon when you signed up for the card. This gives us the figure that needs to be paid on or before the due date.
If you're smart, you'll have a debit order which deducts this amount from your current account automatically, and on your statement the words "To be debited" will appear next to this total.
If you prefer not to have a debit order and prefer to pay your account manually, the statement will read "Minimum amount due" next to this total.
How do I pay my kulula credit card?
There are many ways you can settle your kulula credit card. We'd prefer it if you chose one of the following methods:
a) direct Debit Order:
Your selected bank account is automatically debited at the end of every month, and your kulula credit card account is credited. You can choose whether you'd like to pay the full, fixed or minimum amounts.
Your debit order will go through on the payment Due Date on your kulula credit card statement.
To activate a debit order, call 0860 MOOLAH (666524). After we receive your completed form, your debit order will be active within 14 days.
b) direct deposit:
You can deposit what you owe into your kulula credit card account at your bank.
All you need to do is complete a deposit slip using your 16-digit credit card number as the account number. If you're paying your kulula credit card account by cheque, make sure you make the cheque out in your own name. Please remember that there's a 7-day clearance period on all cheque deposits.
c) internet transfer:
Simply transfer the required amount into your kulula credit card account using your 16-digit account number found on the front of your kulula credit card.
If you're not sure how to pay your kulula credit card account using Internet Banking, or you'd like access to Internet Banking, get on the phone to your bank and ask them how. They should be happy to help.
Internet transfers work differently depending on your bank:
FNB - Visit www.fnb.co.za
- Access 'transfers'
- Click on 'between my accounts'
- From the drop-down box, select 'kulula credit card' and do the transfer.
- If you have any questions, please call FNB on 0860 328 257
ABSA - Visit www.absa.co.za
- If you are registered for ABSA internet banking, you can create the kulula credit card as a beneficiary under 'bill payments'.
- Click on 'create beneficiary’
- A screen will open where you can complete the details of the beneficiary, including the name i.e. your kulula credit card and 16-digit card number in the account number field
- You can then go to 'pay beneficiary' and make a payment. All you have to do is type in the name and the account number (the 16-digits on the front of your kulula credit card).
- If you have any questions, please call ABSA on 0860 166 177.
INVESTEC - Visit www.investec.co.za
- To add your kulula credit card as a beneficiary, click on 'Investec approved beneficiary', where you will find the 'kulula credit card' option.
- Complete the required details including your 16-digits on the front of your kulula credit card
- The kulula credit card beneficiary will appear under the beneficiary list
- When the beneficiary is loaded, go to the payment option to pay your kulula credit card.
- If you have any questions, please call Investec on (011) 286 9663.
NEDBANK - Visit www.nedbank.co.za
- Select 'change a list of beneficiaries'
- Select to add an 'approved beneficiary'
- Select 'K' to add your kulula credit card
Input the 16-digit credit card number found on the front of your card as you account number
If you have any questions, please call Nedbank on 0860 11 5060.
STANDARD BANK - visit www.standardbank.co.za
- Select 'add a new CDI'
- You can then select a beneficiary name, in this case your kulula credit card
- Type in a beneficiary reference number, which is your 16-digit number found on the front of your kulula credit card
- If you have any questions, please call Standard Bank on 0860 123 000.
Please note: It can take up to 4 days for internet payments from banks that aren't FNB to show up on your kulula credit card account. If it still hasn't shown up after 4 days, get hold of your bank and ask them why.
What is my account number?
Your account number appears on your credit card statement.