Managing your Credit Card

Credit Limit


One Card, One Limit
As soon as you receive your iStore Card, you will have access to your straight and budget facility.

Your iStore Card has one limit. This means that you have the freedom to choose to spend in any combination of straight and budget purchases adding up to your total limit.

You decide how your limit should be divided.

iStore Card EXAMPLE
If you have a total limit* of R4,000 you may spend:
  • • up to R4,000 on straight purchases, or
  • • up to R4,000 on budget purchases, or
  • • up to R4,000 on any combination of straight and budget purchases.
*The amount you may spend depends on the available credit on your iStore Card account.

Straight Facility
This facility is specifically for everyday spending and cash withdrawals at any ATM.

Budget Facility
This facility is used for purchases and cash withdrawals of R200 or more. You can choose between 6 and 60 months to make your repayments.
  • • You may pay for as many items as you wish on your budget facility, as long you have credit available on your account.
  • • To make it easy for you to manage, your budget instalments are included in the minimum payment due so that you don't have to worry about making additional payments into your budget facility.
  • • Interest is charged from the date of the purchase.
  • • Purchases on your budget facility are listed separately on your monthly statements.

 

The only transactions that cannot be made with your budget facility are:

    • • purchases of traveller’s cheques and foreign currency
    • • progressive payments such as bond instalments
    • • petrol purchases
    • • electronic account payments

iStore Card TIP: You can check your available credit at any ATM or through Standard Bank Internet banking.



Increasing your Credit Limit

  • • You may apply for an increase after six months.
  • • Any increase will be based on your iStore Card history.
  • • To apply for a Credit Limit Increase please call us on 0860 000 260 or click here

Clearance Period
  • • Cash and cheque payments have a 10 day clearance period for security reasons.

NOTE: Electronic Account transfers take one day to clear if the transfer is made from another Standard Bank account and 10 days if made from an account with another bank.

Paying your Credit Card



Easy Payment Options

Making payments into your iStore Card account is easy.  Simply choose the option that best suits you:

  • • Load a Debit Order facility.
  • • Pay at any Standard Bank ATM.
  • • Pay at any Standard Bank branch.
  • • Load your iStore Card account as a beneficiary on another account.


iStore Card TIP: If you pay with a Debit Order, Standard Bank ATM or Internet banking, your iStore Card account will be credited on the same day.
 

Debit Order Facility

Your iStore Card account is not only convenient, it is clever too! You can set up your account to pay itself with our easy to use Debit Order facility.


Simply:

  • • call us on: 0860 000 260 or click here
  • • decide which account you want to pay your iStore Card account from and provide the details
  • • decide which day you want your Debit Order to go off
  • • and you can choose to pay the:
    •     o full outstanding balance every month; or
    •     o minimum monthly payment of the outstanding balance; or
    •     o a fixed amount

And it’s done!


Payment Allocation

Your payment into your iStore Card account is allocated as follows:

  • • First, the budget instalment is paid and any over-limit amount.
  • • The remaining balance of the payment is paid into your straight facility.
  • • All payments made into your iStore Card account greater than the full outstanding closing balance on the straight facility will automatically be credited to the outstanding balance on your budget facility.

 

iStore Card EXAMPLE

If you have used your total credit limit of R1 000 and you have a budget instalment of R200 per month, your minimum payment amount is calculated as follows:


  • • 3% of the R1,000 balance (R30)
  • • plus the budget instalment (R200)
  • • adds up to R230

iStore Card EXAMPLE


If your total credit limit is R1 000 and you have spent R1 500 and a R200 budget instalment is due, your minimum payment amount is calculated as follows:


  • • The over-limit amount (R500)
  • • plus 3% of the R1 000 balance (R30)
  • • plus the budget instalment (R200)
  • • adds up to R730


This example does not mean that you may exceed your account credit limit. It indicates that your minimum payment amount could be higher than you expect if you exceed your account credit limit.

 

Arrears

Unfortunately, once your account falls behind it is very difficult to bring it back it up to date. To avoid falling into arrears, load a Debit Order to pay at least the minimum amount due on your account every month.


Fixed Arrangements

If your account has fallen into arrears and you are unable to make the minimum payments due, you may enter into a fixed arrangement with iStore Card. This is an agreement to pay off your outstanding balance at an amount that you can afford every month.


To make a fixed arrangement, please call us on 0860 000 260:

  • • We will need details of your monthly income and expenses.
  • • Your straight and budget facility will be consolidated and your iStore Card account will be closed until the outstanding balance has been paid in full.
  • • Once the account has been paid in full you may apply for your iStore Card to be reinstated. Whether your iStore Card is approved will depend on how well you kept to the terms of your fixed arrangement.

Early Settlement of Budget Facility

If you want to settle your budget facility early or wish to pay in a lump sum, please call us before making the payment. If we are not informed, the payment will be credited to your straight facility.

Statements

 

Every month, we send you an electronic statement that gives you information on all your iStore Card transactions and payments.

  • • Your statement reflects the exact situation of the account on that particular date.
  • • Check your statement to make sure that all your transactions were made by you or with your authority and that all payments to us are shown.
  • • If you need an interim statement during the month, you can get one by calling us, from any Standard Bank ATM, branch or through Internet banking.
 
Convenient and secure, your FREE electronic statements will set you FREE from paperwork.

 

Benefits of getting your statements via e-mail:

  • • it's FREE
  • • more secure
  • • easy to store and retrieve
  • • environmentally friendly
  • • instant - no more postal delays or missing mail!

 

How to Read Your Statement


Your iStore Card statement will show you:
  • • your limit
  • • available credit
  • • balance
  • • minimum payment due
  • • due date
  • • interest rate
  • • transaction and payment details

 

Minimum Amount

The minimum amount is 3% of the outstanding balance or R25, whichever is greater, plus any budget instalments.



Due Date

The due date is the date by when your monthly payment must be made.


Payment History

A good payment history is one in which at least the minimum amount is paid on time every month.

A bad payment history includes missed and late payments.



iStore Card TIP: Pay your account on time every month by loading a debit order and build up a good credit record.


If you have any questions, simply give us a call on 0860 000 260.

Disputes & Returned Payments

 

Disputes

 

Review your iStore Card monthly statement to check that the transactions correct. Should you pick up any discrepancies, please email or call us immediately on 0860 000 260.

 

Alternatively, you can complete a Statement of Dispute by clicking here. Please email this form to [email protected].

 

Returned Payments

 

Sometimes a payment into your iStore Card account may be returned to you marked “Refer to Drawer” (RD). Unpaid items may include cheques and debit orders. The reason for this is inadequate funds in the account of the person who provided the cheque or authorised the debit order.

 

Remember, you are liable for unpaid items on your iStore Card account.

 

For queries, please call 0860 000 260.

Credit Card Tips

 

Your financial security is our top priority. We promise that, should you ever fall victim to fraud or if your iStore Card is lost or stolen, we will help you sort it out as quickly as possible.

Here are some safety tips for your iStore Card:

Using ATMS
When using an ATM:

  • • Stand close to the ATM.
  • • Don't let anyone distract you.
  • • If someone moves close to you when you have inserted your iStore Card, press “Cancel” and your iStore Card will be returned. Do not key in your PIN.
  • • Check your iStore Card before you leave the ATM to make sure it is yours.
  • • Don’t accept help from strangers for any reason. Rather ask a bank employee for assistance.
  • • Never give your PIN to anyone, not even bank employees.
  • • Do not draw money in deserted places.

Paying for Goods and Services
When paying for goods and services:

  • • Never let your iStore Card out of your sight.
  • • Remember to sign the slip produced by merchants and keep your copy for reference.


iStore Card TIP: To ensure that your iStore Card is always accepted, pay your account on or before the due date every month
 

Lost or Stolen Cards

If your Card is lost or stolen, please contact the Lost Cards help desk immediately on 0800 020 600.

Have your iStore Card number or ID number with you and please record the reference number provided. We will replace your iStore Card as quickly as possible. To apply for a replacement card, click here.



iStore Card TIP: A lost iStore Card will be replaced with one bearing a new number. If you have debit orders against your iStore Card account, you will need to give your new iStore Card number to the organisations concerned.
 

Purchasing Tips

Your iStore Card is accepted in South Africa and internationally and is perfect for your day-to-day transacting needs. Simply follow these easy steps.


Shopping at a Store

Your iStore Card is accepted anywhere you see the MasterCard® logo at more than 28 million merchants in South Africa and internationally.


When you wish to pay with your iStore Card:

  • • Give your iStore Card to the cashier.
  • • You may need to enter a Personal Identification Number (PIN). (If stores do not have a “chip reader”, your iStore Card will be swiped as normal.) By entering your PIN, you are authorising the payment on your iStore Card.
  • • If your card is removed from the reader before you enter your PIN, the transaction will be cancelled.
  • • You will then be presented with a Credit Card slip. Check the slip and make sure that the amount printed on it is correct. Sign and return it to the cashier.
  • • The cashier will give you a duplicate of the slip with your receipt. Keep the slip and check it against your monthly statement.


iStore Card TIP: If you do not see the MasterCard sign displayed, ask whether you may use your iStore Card before you start shopping.
 

Shopping via Telephone, Internet or Mail

For your convenience, you can also use your iStore Card to make purchases by phone, internet or mail.


You will have to provide:

  • your iStore Card number
  • its expiry date
  • the (CVV) Card Verification Value Number (the three numbers on the back of your iStore Card on the signature panel)


iStore Card SAFETY TIP: Your Card Verification Value Number (CVV) is a security measure to help prevent fraud. It should be given only to people you trust.
 

3D Secure

What is 3D Secure?

3D Secure protects you, the cardholder, and the merchant by verifying your personal details during an online purchase, prior to the transaction being processed. It ensures an additional level of protection when shopping online. This service is now enhanced with OTP instead of a static username and password.


What does OTP mean for you?

Buying online is safer than you think with OTP. It’s designed to give your iStore Card an extra level of protection against unauthorised use when shopping online. You will now receive a OTP via SMS every time you make a purchase, and this password will only be valid for that transaction.


How OTP works when you’re shopping online at participating 3D Secure merchants?

  • • Shop online and proceed to the checkout
  • • Input your 16 digit iStore Card number, Expiry date and CCV number when prompted
  • • You will then be asked for an OTP which you will receive via SMS on your registered cellphone number
  • • Finalise your purchase

3D-Secure OTP benefits for you?

  • • No need for registration and activation up-front
  • • No need to remember a username and password
  • • Reduces the risk of your 3D Secure password being compromised or phished
  • • No need to phone to unblock 3D Secure passwords
  • • Additional level of protection when shopping online

Where can I find more information about 3D Secure?

If you have any queries or questions about 3D Secure or need technical assistance, you can contact the  Contact Centre.

 

SAFETY TIP:

Online shopping is quick, easy, and convenient – however, there are still some safety factors that need to be considered when using your credit card to make purchases online.

  • • Only place an order with your credit card on trusted websites that are verified as secure sites (look for the lock image on the toolbar).
  • • On the Web page where you enter your credit card or other personal information, look for an "s" after ‘http: //’ in the Web address of that page - it should read: ‘https://’. The encryption is a security measure that scrambles your data as it is entered.
  • • Ensure that the website is authentic and secure by finding out what other shoppers say. Some websites such as epinions.com and bizrate.com have customer evaluations, which can help you determine a company's legitimacy.
  • • Do not send emails that contain personal information such as your card number and expiry date.
  • • Use good quality antivirus software – such as the free software we provide for our Internet Banking and WAP-based Cellphone Banking customers.
  • • Secure, Verified by VISA and MasterCard SecureCode

We all love the convenience of shopping online, but are concerned about the risks that may be involved. This is why technology, such as 3D Secure, has been designed – and protects you while you shop.

 

 Withdrawal Tips

Use your iStore Card and PIN to draw cash and manage your accounts at ATMs.

Your Personal Identification Number (PIN)
Your PIN gives you access to:

  • any ATM in SA or internationally to
    • • withdraw cash
    • • do balance enquiries
    • • make deposits
    • • pay accounts
    • • view statements
  • FREE Self-Service Banking
    •    o Internet banking
    •    o Telephone banking
    •    o Cellphone banking

To get your PIN, or if you have forgotten it, call us and follow the prompts. Remember to have your personal details with you, along with your cell phone because we will send your one time password to you while you are talking to us. It’s that easy!


iStore Card TIP: SAVE on ATM fees when you withdraw cash at any Standard Bank ATM.
 

Caring for your iStore Card

The magnetic strip and microchip on your iStore Card stores your important information.


Here are a few tips to help you to prevent it from being damaged:

  • • Keep your iStore Card in a pocket of its own in your wallet or purse.
  • • Don't scratch or write on the strip.
  • • Don't leave your iStore Card in the sun.
  • • Don't bend your iStore Card.

International Travel

 

Places to be, people to see? We’ve got you covered!

 

We are always keeping a close eye on your account to prevent possible fraud. This means we will need some information to be logged onto our system before you head off on your travels, so that we can ensure you have a hassle-free trip

 

Please let us know:

  • • the card (s) you will be using
  • • your destination
  • • the date of your departure and return
  • • your contact details whilst travelling

 

Some things to consider before you travel with your iStore Card:

  • • Do you have an available limit?
  • • Are you aware of the Fraud Hot Spots?
  • • Is your card still valid?

 

Help us to help you by notifying us when you travel. Simply call us on 0860 000 260 to give us your travel related information before your departure. 

Security

 

Your iStore Card uses the most advanced security technology available to protect your card.

 

CHIP

 

Your iStore Card CHIP Credit Card
Your iStore Card has a magnetic strip as well as a microchip on it. This chip is an additional security feature designed to keep your details safe and makes it difficult for fraudsters to use your card.

 

When using your card to shop at a store, you may need to enter a Personal Identification Number (PIN). (If stores do not have a “chip reader”, your iStore Card will be swiped as normal.) By entering your PIN, you are authorising the payment on your iStore Card.


If your card is removed from the reader before you enter your PIN, the transaction will be cancelled.


Secure Internet Shopping

Using your iStore Card to shop online is now even more secure.


It offers you:

  • • guaranteed online shopping payments,
  • • increased security with your unique PIN, and
  • • assurance that nobody else can use your iStore Card details for shopping online.


3D Secure


What is 3D Secure?

3D Secure protects you, the cardholder, and the merchant by verifying your personal details during an online purchase, prior to the transaction being processed. It ensures an additional level of protection when shopping online. This service is now enhanced with OTP instead of a static username and password.


What does OTP mean for you?

Buying online is safer than you think with OTP. It’s designed to give your iStore Card an extra level of protection against unauthorised use when shopping online. You will now receive a OTP via SMS every time you make a purchase, and this password will only be valid for that transaction.


How OTP works when you’re shopping online at participating 3D Secure merchants?

  • • Shop online and proceed to the checkout
  • • Input your 16 digit iStore Card number, Expiry date and CCV number when prompted
  • • You will then be asked for an OTP which you will receive via SMS on your registered cellphone number
  • • Finalise your purchase

3D-Secure OTP benefits for you?

  • • No need for registration and activation up-front
  • • No need to remember a username and password
  • • Reduces the risk of your 3D Secure password being compromised or phished
  • • No need to phone to unblock 3D Secure passwords
  • • Additional level of protection when shopping online

Where can I find more information about 3D Secure?


If you have any queries or questions about 3D Secure or need technical assistance, you can contact the Contact Centre.


SAFETY TIP: Online shopping is quick, easy, and convenient – however, there are still some safety factors that need to be considered when using your credit card to make purchases online.

  • • Only place an order with your credit card on trusted websites that are verified as secure sites (look for the lock image on the toolbar).
  • • On the Web page where you enter your credit card or other personal information, look for an "s" after ‘http: //’ in the Web address of that page - it should read: ‘https://’. The encryption is a security measure that scrambles your data as it is entered.
  • Ensure that the website is authentic and secure by finding out what other shoppers say. Some websites such as epinions.com and bizrate.com have customer evaluations, which can help you determine a company's legitimacy.
  • • Do not send emails that contain personal information such as your card number and expiry date.
  • • Use good quality antivirus software – such as the free software we provide for our Internet Banking and WAP-based Cellphone Banking customers.
  • • Secure, Verified by VISA and MasterCard SecureCode


We all love the convenience of shopping online, but are concerned about the risks that may be involved. This is why technology, such as 3D Secure, has been designed – and protects you while you shop.


Your PIN is for your eyes only

You will use the same PIN that you use at ATMs for making purchases.


How to keep your PIN safe:

  • • Don’t let anyone see you type in your PIN
  • • If you feel uncomfortable, stop the transaction by removing your iStore Card from the reader
  • • If you feel the secrecy of your PIN has been compromised, please go to your closest Standard Bank branch and change your PIN

iStore Card PRO TIP: Do not compromise your PIN. You will be responsible for transactions where your PIN has been used

Preventing Fraud

Here are some do’s and don’t’s to prevent your iStore Card from being used for fraud.


Identity Theft

Identity theft is when someone steals your personal information for illegal purposes.


Do:

  • • Sign the back of your iStore Card the moment you receive it
  • • Store your personal and financial documentation safely
  • • Destroy personal financial information by tearing, shredding or burning it before throwing it away
  • • Keep your PIN number safe
  • • Pay attention to your account statements
  • • Avoid obvious choices like birth dates and first names when selecting passwords

 

Don't:

  • • Disclose personal information when asked to do so by e-mail
  • • Write down your PIN and passwords

Phishing

Phishing happens when fraudsters send you an e-mail requesting that you click on a link in the e-mail to update your personal and/or financial details. This link diverts you to a fake website where your information is stored and used for fraudulent purposes.


Do:

  • • Type the website address into your internet browser rather than clicking on a link in an e-mail
  • • Only use secure internet banking sites
  • • Beware of unusually long website addresses
  • • Contact iStore Card immediately if you think you have compromised your confidential information

Don't:

  • Click on a URL contained in the body of the e-mail
  • Reply to any of the unsolicited e-mails

Communication from iStore Card:

  • • iStore Card’s electronic statements are attached as a pdf file and not a link to an internet banking login page
  • • iStore Card’s electronic statements will never provide a link to an internet banking log-in page. Should cardholders wish to view their accounts via the Standard Bank Internet Banking site, they can access this through the standardbank.co.za or iStoreCard.co.za website and not via a link
  • • iStore Card may attach website links in it’s electronic newsletters, but this will only ever link to a content page on the iStoreCard.co.za website and never to an internet banking page or to a link requesting sensitive information
  • • iStore Card will never ask for sensitive information such as card and PIN number combinations in any of the links it includes on the electronic newsletter.

We highly recommend “Trusteer” online protection software, which is free to our Internet banking customers. Trusteer offers comprehensive online security protecting login credentials and web communication from malware and preventing unauthorized access to ones accounts. We strongly urge clients to download and install the Trusteer software as it will alert the recipient when trying to type in Internet banking credentials on an incorrect site. Trusteer can be downloaded from the “account balances” page within Standard Bank Internet banking website which can be accessed through www.standardbank.co.za or www.iStoreCard.co.za.



iStore Card IMPORTANT NOTE: All cardholders need to be vigilant and never enter sensitive information such as PIN numbers, passwords, card details (ie number, expiry and CvC combinations) on a website unless it is secure.
 

Pharming

Pharming occurs when your computer is infected with a virus which attacks the Domain Name Server (DNS) system on the machine. When you enter your bank’s website address, the virus redirects you to a fake website, where your information is stored and used for fraudulent purposes.


Do:

  • • Ensure that your antivirus software is always up to date
  • • Access internet banking via the route you usually use
  • • Only use secure internet sites
  • • Beware of unusually long website addresses
  • • Contact iStore Card immediately if you think you have compromised your confidential information

Don’t:

  • • Don’t access unfamiliar websites

Handy tips to get your credit record back on track

 

What is credit?

Credit is an arrangement that lets you buy things now and pay for them later. To get credit, you must be able to prove that you can pay back the amount you want to borrow.

Before a company will lend you money they will check your credit history with the National Credit Regulator (NCR). If you have a bad credit record, e.g. if you skip payments or have too much debt, you may not get the credit you want.

On the other hand, if you have a good credit record, it can help you to qualify for credit today – as well as for credit in the future. It can even help you to get a better repayment rate or credit limit.

 

Building a good credit record

Having a good credit record makes it more likely that a company will lend you money. It will also help you to get credit again in future (as long as you can afford it!)

If you want to build and maintain a good credit record, it’s important to use credit in the right way. For example, only borrowing what you can afford, making all your payments on time and paying off your accounts quickly will help you to build a good credit record. 

Some credit bureaux, like TransUnion or Experian allow you one free credit report per year. So instead of waiting until you’ve applied for credit to find out that you have a bad credit record, apply for a free credit check!

 

How to fix a bad credit record

Having a bank account does not guarantee that you will get credit. A credit check will be conducted (with your permission) and if you have a bad credit record, your application may be rejected.

So how do you fix a bad credit record? Paying off your debts is a good start, so talk to your bank about the best way to manage your money so that you can pay off what you owe.

 Another good way to manage your debt is to speak to a debt counsellor. This is a credit expert registered with the National Credit Regulator (NCR) and is qualified to give you budget advice, support and help with credit providers

 

Pros and cons of debt counselling

Sometimes people borrow more money than they can afford to pay back and then they find themselves in serious financial trouble. Debt counselling can help, but there are pros and cons:

 

PROS
  • • When you are in debt counselling, creditors cannot take action against you
  • • There is no permanent record of having undergone debt counselling
  • • There is only one monthly repayment to be made
  • • Your budget will meet your basic needs first before provision is made for debts.
  • • You will never pay more money than you can reasonably afford
  • • A debt counsellor will suggest ways of cutting costs and saving money
  • • You will no longer get calls from your creditors demanding payment.

 

CONS
  • • You are not allowed to have more credit while undergoing debt counselling
  • • It does cost a little bit of money, but the fees are set by law
  • • Your debts might take longer to pay off as a result of paying smaller amounts each month.

iStore Card is supported by Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). An authorised financial services and registered credit provider (NCRCP15) 
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