Companies sometimes offer free trials in an attempt to entice customers to sign up to a service or to buy a product they’re not familiar with. Trials are prevalent in the services and cosmetics industry where customers are offered free access to...
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Buy-aid schemes: an alternative to bank rewards programmes
I have to confess that the concept of a buy-aid scheme is new to me, yet it is an industry with a turnover of well over R1 billion and annually pays out in the region of R130 million in bonuses to members. Cape Consumers, which recently re-branded...
Car hire: the devil is in the detail
It may be tempting to take the keys of your hire car and drive off so that you can finally enjoy your holiday destination with your family. After all, you’ve waited a long time for this break and with all the political turmoil and work commitments...
Know your rights when it comes to your gym contract
Many of us would have prioritised our health and fitness in our New Year's resolutions, which may have included joining a gym. But before you signed on the dotted line of your gym contract, did you make sure you were familiar with the terms and...
Regulator challenges “set-off” rule
Court ruling may put an end to banks transferring funds without permission. Last year I came across the case of a Standard Bank client who had money deducted from his current account to settle his outstanding credit card, without his permission. In...
Less SLOW Lounge for FNB customers
How many SLOW Lounge visits will you qualify for? My husband and I both travel frequently for work and the SLOW Lounge offers a little bit of respite from the general chaos and mayhem of airports, so we tend to maximise our usage most months. The...
Why save for a holiday when you can borrow?
We’ve lost the plot when it comes to borrowing and saving Recently I had a conversation with a young woman who, along with her husband, is under debt review. She told me that they had just let their lifestyle get ahead of them – they bought a...
Over half of top shopping apps collect users’ personal information
More than half of the top 60 Android shopping apps collect users’ personal information through trackers, a new study finds, with South African favourites LetGo and OLX among apps with the highest number of trackers. The result is from a privacy...
Is MiBiz too good to be true?
There is a big difference between knowingly investing in a high-risk technology business and being sold misinformation. I recently wrote about a group of companies: AllQuotes, BuyDirect and MiBiz, which fall under a parent company called FinGroup....
Should you use a foreign currency account to save for an overseas holiday?
We recently ran an article on the various options for offshore bank accounts and highlighted foreign currency accounts (FCA) which are effectively on-shore accounts that are linked to your local bank account and have low minimum deposit rates....
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Investors claim fraud in passive income scheme
Insiders raise the alarm over the business practices of AllQuotes and BuyDirect. When one receives anonymous tip-offs about unethical business practices, there is always the concern that the information is accurate and not just a disgruntled employee taking a dig. So...
Why pyramid and Ponzi schemes are doomed to fail
By Mike McDougall, CEO of the Actuarial Society of South Africa Faced with empty wallets and rising costs, thousands of South Africans are placing their faith in ‘get rich quick’ schemes that lure desperate consumers with promises of unrealistic investment returns....
How your bank tracks fraud
A few weeks ago, as I was about to leave my office for the day, my cellphone started to beep as several SMS notifications came through confirming online credit card transactions, including a R7 700 booking through an online travel agent. None of these were my...
The risks behind MMM
MMM markets itself as a social financial network whereby members support each other financially to help each other get out of debt with financial institutions. Its website suggests that members can earn returns of up to 30% per month, and many members have reported...
Beware of pyramid scheme MMM
I have received many reader queries about MMM and whether or not it is a safe investment. For example, Seraki writes: “My friends and colleagues are making a lot of money every month through this MMM, and I am tempted to join. I know that there are risks, but we must...
Beware of telephonic agreements
Max writes: I was called by a company who promised to send me a discount card that I can use for airtime, electricity and groceries. I asked for a written offer so that I could check their address and contact details. Soon afterwards an amount of R258.00 was deducted...
Remote jamming could jam your insurance claim
You’re at your local shopping centre, the kids are screaming and you’re rushing to get your shopping done as quickly as possible so you hurriedly press the remote button to lock your car and run into the centre. But have you double-checked that your car is properly...
How to cut down on your data usage
I’m a lot better at financial management than managing my cellphone data, but the reality is that data is money and for most of us, our smartphones are like a dripping tap, using data we are not even aware of. I received some useful tips on managing data from Karin...
The ins and outs of making a UIF claim
Retrenchments are likely to become even more commonplace in the current economic environment as companies downsize and try to contain costs where possible. If you don’t have retrenchment insurance and need funds to tide you over until you are able to find another job,...
Why buy a TV when you can rent it?
There is much to be said for renting when it comes to electronics, appliances and even furniture. When I was young, everyone rented a TV, most of them from Teljoy. In those days, TVs were simply unaffordable and credit was not as easily available as it is today. As...