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Edgars 'no fee' Mastercard credit card through Standard Bank
06 Sep '05
5 min read
The Edcon credit cards will have no annual fees, up to 55 days interest free credit on balances paid in full no fees on administration support such as access to internet banking or statement copies and no lost card replacement fees. ,.
"The only fee that will apply will be for customers exceeding their pre-agreed credit limit. They do not believe good account holders should subsidise bad customers," Fergus said.
Ian Wood said, "Edcon has a strong track record of identifying opportunities to provide their customers with cost-effective value-adding services to expand market share across all their chains, for example insurance products and personal loans."
The new credit cards will operate independently of existing Edgars and Jet store-cards and Clubs. They will enable consumers to pay for goods and services at stores and vendors outside the Edcon network.
Wood explained that international research and local testing has shown that offering co-branded credit cards increases brand loyalty and does not affect the sales, profitability, or performance of the retailer co-branding the cards. In some instances, in-store sales actually rise.
Fergus concluded by saying, "Standard Bank has a track record of identifying innovative ways to lower barriers of entry and leveraging popular brands to attract new customers. They are confident this partnership with Edcon will deliver benefits to consumers as well to the two business partners in this venture."
South African on-line luxury store Edcon is a retail company trading in southern Africa in over 700 stores under 9 trading banners. The company offers comfort clothing, footwear, textiles and accessories. Most of the trade is apparel and footwear but they also sell cosmetics, books, stationery, home fashions and general merchandise.
Standard Bank was established as the Standard Bank of British South Africa Limited, and incorporated in London in 1862. The word "British" was dropped from the title in 1883. In 1962 The Standard Bank of South Africa (SBSA) was formed and registered as a South African company, operating as a subsidiary of Standard Bank in London (subsequently to become Standard Chartered Bank plc).
"The only fee that will apply will be for customers exceeding their pre-agreed credit limit. They do not believe good account holders should subsidise bad customers," Fergus said.
Ian Wood said, "Edcon has a strong track record of identifying opportunities to provide their customers with cost-effective value-adding services to expand market share across all their chains, for example insurance products and personal loans."
The new credit cards will operate independently of existing Edgars and Jet store-cards and Clubs. They will enable consumers to pay for goods and services at stores and vendors outside the Edcon network.
Wood explained that international research and local testing has shown that offering co-branded credit cards increases brand loyalty and does not affect the sales, profitability, or performance of the retailer co-branding the cards. In some instances, in-store sales actually rise.
Fergus concluded by saying, "Standard Bank has a track record of identifying innovative ways to lower barriers of entry and leveraging popular brands to attract new customers. They are confident this partnership with Edcon will deliver benefits to consumers as well to the two business partners in this venture."
South African on-line luxury store Edcon is a retail company trading in southern Africa in over 700 stores under 9 trading banners. The company offers comfort clothing, footwear, textiles and accessories. Most of the trade is apparel and footwear but they also sell cosmetics, books, stationery, home fashions and general merchandise.
Standard Bank was established as the Standard Bank of British South Africa Limited, and incorporated in London in 1862. The word "British" was dropped from the title in 1883. In 1962 The Standard Bank of South Africa (SBSA) was formed and registered as a South African company, operating as a subsidiary of Standard Bank in London (subsequently to become Standard Chartered Bank plc).
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