Pick n Pay launches new store account
[Cape Town, 21 September 2017] Pick n Pay today launches an exciting new Store account, with great benefits for all qualifying Smart Shoppers and other customers who sign up to be a Smart Shopper.
The Pick n Pay Store Account offers customers up to 55 days’ interest free credit if the balance on their account is paid in full each month. These customers will continue to receive Smart Shopper benefits, plus added benefits unique to Store Account holders. The first of these benefits will be a R200 discount off R500 or more spent on their first shop using the Store Account.
There is no charge for opening a Store Account, and customers face no transaction charges, no admin fees and no joining fees. Monthly Store Account fees are only R10 for active users. There will be no monthly account fee if the Store Account has no balance and is not used in that month.
Pick n Pay’s Deputy CEO, Richard van Rensburg, said: “The high cost of credit is a significant reason why customers have less disposable income for their grocery shop. Hidden costs such as initiation fees, administration fees, mandatory insurance fees and penalty fees exacerbate the cost of credit. We have worked with RCS to design a product that has none of these hidden fees and the lowest possible monthly fee.
“Pick n Pay will not earn income from the credit granting process. We have negotiated a great offer from the credit industry for our customers.
“The product has been designed to be the most affordable form of credit - a monthly account where no interest is charged if the balance is paid in full. The Store Account has flexible interest-bearing budget options and also enables a customer to place individual transactions for high ticket items on budget while still retaining the free interest benefit for the remaining transactions on the account.”
Customers can apply online or by calling the Store Account Call Centre. They can also leave their details in-store or send an SMS requesting to be contacted to complete the application telephonically. Customers do not need a new card and can use their existing Smart Shopper card to make in-store purchases from their Store Account. Once an application is approved, customers will receive SMS instructions on how to activate a PIN on their Smart Shopper card for their Store Account.
Customers who choose budget payment options to pay for high ticket items can pay their instalments over 24 or 36 months and interest will be charged. Customers can place high ticket items on budget while still enjoying an up to 55 days interest-free benefit for their normal monthly purchases.
Customers will receive a free, detailed monthly statement and they can check their balance on the PnP app, on the website, through the Call Centre or at the till. For added convenience, customers can also choose to pay their instalment by debit order or at any Pick n Pay till while shopping.
RCS, part of the BNP Paribas Group is the credit provider for the Store Account. RCS will bear the credit risk and funding costs. Regan Adams, CEO of RCS said, “Our combined customer-focused approach brings innovation and makes it possible for consumers to manage their spend wisely and cost effectively.”
Said van Rensburg: “We are excited about our new Store Account, and are confident that our customers will be too.”
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