FNB & RMB Credit Card Budget Plan Promotion - FAQs
I am not an FNB / RMB customer, can I get financed on a budget plan with FNB / RMB?
No. This offer is available to FNB & RMB credit card holders only for purchases on a budget plan. The only excluded cards are business credit cards, classic credit cards, Kulula credit cards & Wesbank credit cards.
Is there any paperwork, application forms, FICA docs or waiting periods involved?
No. To transact is a swipe of your card as per normal. There is no paperwork, no application forms, no FICA docs and no waiting. You are only allocating a portion of your existing approved credit card facility to the purchase over the chosen timeframe on a budget plan. There is no increased extending of credit, no waiting period, no slow decision-making processes.
At Point of Sale, you will be required to swipe on STRAIGHT, and in addition we will require 4 pieces of information from you that we will pass on to FNB / RMB:
i) Your cell #
ii) Your email address
iii) Your preferred period of finance being 19, or 33 months
iv) Your ID #
What product qualifies for the budget plan?
This is all Mountain Bikes, Road Bikes, E-bikes, Cruiser bikes, Hybrid bikes, Time Trial bikes, BMX bikes (Excluding Used & Junior in these product categories)
Are all stores participating?
No. This deal is not available online at www.cyclelab.com
Can FNB / RMB ever revoke my budget plan?
Yes. The following 2 conditions are required from FNB / RMB in order to maintain the budget plan at 10% :
i) Maintain a monthly spend on the credit card of at least R3,500.
ii) Keep the account in good standing.
What are the costs of the budget plan option?
There are you will pay a 10% annual interest rate on the reducing balance on the qualifying purchase allocated to the budget plan which is a significantly lower interest rate than a straight credit facility.
How long can I finance on the budget plan?
You have 2 options :
i) monthly payments over 19 months, however you have the option to trade-in your purchase and receive cash back to your credit card of 40% of the original purchase price after 12 months.
ii) monthly payments over 33 months, however you have the option to trade-in your purchase and receive cash back to your credit card of 30% of the original purchase price after 24 months.
* The only exceptions are carbon road bikes, which under i) will be financed over 17 months with a 30% trade-in option after 12 months, and under ii) will be financed over 29 months with a 20% trade-in option after 24 months.
Am I going to be granted additional credit?
No. Ring-fencing is important to understand ... you are not being granted additional credit ... your existing and approved credit facility on your credit card is being allocated to a budget plan, and consequently, any outstanding balance on your budget plan will NOT be available on your credit card going forward for other purchases. However, you can apply for an increased straight facility on the FNB App 24/7. On the app, go to Accounts, select the Arrow next to your credit card, then select Increase Credit limit. Not available to RMB customers.
How much can I finance on the budget plan?
A minimum of R2,000 and up to a maximum of R35,000 of your credit card facility can be ring-fenced and placed on a budget plan for any purchases from Cycle Lab at any one point in time. If you would like to purchase bikes in excess of R35,000, this is possible in 2 ways. Firstly, the difference between the purchase price and R35,000 can be settled with tender other than your credit card (cash, gift card, trade-in etc). Secondly, the difference between the purchase price and R35,000 can be swiped on your credit card but only R35,000 will be moved to the budget plan. The balance of the purchase price will remain on your straight facility.
Is Cycle Lab going to settle FNB / RMB if I trade the bike in?
No. If you trade the bike in after 12 or 24 months, depending on the deal selected at time of purchase, the cash refunded to your credit card can be used to settle your outstanding budget balance with FNB / RMB. If you choose not to use this trade-in cash to settle the budget plan, you will still be obligated to FNB / RMB for the outstanding balance on the budget plan.
Can I trade my bike in before the term of the budget plan is done?
Yes. Cycle Lab will allow for trade-in before or after the budget plan period. However, you will only be guaranteed the indicated trade-in values as a minimum if you bring the bike back on conclusion of the 12 month or 24 month period. If you want to trade the bikes in before or after the budget plan period ends, this is possible.
i) Any time bikes are brought back before the chosen budget plan period ends, Cycle Lab guarantees a trade-in at a value higher than the "promise" trade in residual.
ii) Any time bikes are brought back after the chosen budget plan period ends, Cycle Lab will trade-in at a value that makes market sense from a resell point of view. This may be higher or lower than the "promise" trade in.
How much can I expect to pay a month on the various budget plan options?