Frequently Asked Questions

Applications

• Who can apply?

  You need to be a South African citizen or resident with a South African ID, 18 years or older and earn over R8,500 per month. We will then check whether you can afford the Old Mutual Investment Credit Cards in line with the National Credit Act requirements.

• How long will it take for my application to be processed?

  Only five working days if we have all the information we require. We will inform you via SMS or telephonically whether your application was successful or not or whether more information is needed.

• What happens if I have submitted incorrect/incomplete details?

  Submitting incorrect or incomplete details could impact the outcome of your assessment and your application might not be processed. We will contact you to request the omitted information.

• How do I dispute the decision if my application has been declined?

  If there are additional details that were not initially considered or documents what were not provided in the original assessment, please call us on 0861 115 700.

Delivery

• What documents do I need to present when the courier company delivers my
  Old Mutual Investment Credit Cards?

  You will need:

  • Your SA ID book and a copy thereof.
  • A utility bill no older than three months (e.g. a telephone or municipality account).
• I was not at home when the courier company called. How do I get my Old Mutual Investment Credit Cards?

  The courier company will reschedule the delivery directly with you.

• Will my supplementary cards be delivered to my door as well, or do I need to collect them?

  Supplementary cards will be delivered to a Nedbank branch of your choice. Alternatively the cards can be delivered to your door at a cost of R120 per card.

Credit Card Account features

• How do I activate the PIN code on my Old Mutual Investment Credit Cards?

  You can use your credit cards immediately for purchases - no activation is required. But if you would like to withdraw cash, you need to go into a Nedbank branch to activate your PIN.

• What is a Balance Transfer?

  You can transfer your outstanding balances (minimum of R2000) from your other credit or store cards to your Old Mutual Investment Credit Card Account and start benefitting from a low preferential interest rate (currently 13.5% for the first 12 months). Terms and conditions apply.

• How do I transfer my balance from another institution or retailer?

  You can contact us on 0861 115 700 and request a balance transfer.

• What does one account mean?

  You will receive two cards (a primary Old Mutual American Express Investment Credit Card and a secondary Old Mutual Visa Investment Credit Card), but you will benefit from the simplicity of one account, which means you receive one statement per month. Your spend on each credit card will be shown separately on your statement, but you will have a single credit limit.

• Why do I have to keep two cards?

  The Old Mutual Investment Credit Card Account is a dual card product. The reason for this is that, should you experience problems with either credit card, then the other is there to serve as a back-up. So, for example, should your Old Mutual American Express Investment Credit Card not be accepted by a particular retailer, your Old Mutual Visa Investment Credit Card can be used instead. This way, you are always able to pay while earning a percentage that will be invested in your money market unit trust. In addition you can double (at least) your investment rewards by using your Old Mutual American Express Investment Credit Card at our retail partners.

• How do I access the automatic travel insurance on my card?

  Should you wish to claim from the travel insurance, please contact the travel insurance provider AIG Insurance (Ltd) on 0860 113 533.

• What is meant by up to 55 days’ interest-free?

  Your statement closes on a specific date, e.g. the 2nd day of every month. All your purchases before the 2nd will appear on your statement. Purchases made after your closing date, e.g. on the 3rd, will roll over until the next month. This gives you those extra interest-free days.

• How do I withdraw money from the ATM with my credit card?

  Firstly, you need to go to your nearest Nedbank branch to activate your PIN. Then you can withdraw money from an ATM, using your credit card and PIN, as you would any other card cash withdrawal.

Money Market Unit Trust

• How does a money market unit trust work?

  With a money market unit trust your money is pooled with that of other investors. It is then invested in various assets by investment managers who manage the fund on your behalf.

• How much can I earn

  That depends on how much you spend each month.

  Example:

  Someone who spends R5000 per month on living expenses can earn the following if they use their American Express card to make payment.

  • Amount spent per month: R5000
  • Rewards earned per month: R50
  • Rewards earned per year: R600
  • Investment after 10 years assuming 5% interest: R7924
  • Investment after 20 years assuming 5% interest: R20831
• How do I access the money in my unit trust?

  Complete a repurchase form, sign it and fax it to 0865 473 660. The proceeds will be paid directly into your Old Mutual Investment Credit Card account.

• Can I make ad hoc payments into my unit trust account?

  Yes you can. The minimum additional investment is R500 and there is no charge to contribute. In order to do so, you will need to complete an ad hoc contribution form and fax it to 0865 473 660. You can then make your payment into the following account number:

  • Bank: First National Bank
  • Account number: 622 1864 77 77
  • Branch name: Transactional Services, Cape Town
  • Branch code: 204109
  • Account type: Current
  • Unique Ref. no.: 13 digit identity number
• How is growth on my money market unit trust account calculated?

  All gains are declared daily and interest is reinvested (compounded) monthly.

• How is it possible to invest a percentage of my spend, when I normally would need a
  large capital outlay to open a money market unit trust?

  Old Mutual has an administrative arrangement with Old Mutual Investment Administrators, who will invest your monthly rebates into the money market unit trust on your behalf. This arrangement removes certain administrative costs related to the unit trust, making it more accessible to you.

• What are the fees?

  A fee of R3 for the administration of the investment is included in the monthly credit card fee of R35.

CARE 4U

• Do I need to register to use Care4U?

  No, you do not need to register.

• How do I access the Care4U services?

  You can call the Old Mutual Investment Credit Card Account call centre on 0861 115 700 and select Care4U off the menu option. Or you can call Care4U directly on 0860 61 62 63.

Retail Partner rewards

• Do I earn rewards on both credit cards?

  You will always earn your 1% on your Old Mutual American Express Investment Credit Card and 0.5% on your Old Mutual Visa Investment Credit Card purchases, but you can only earn retail partner rewards by using your Old Mutual American Express Investment Credit Card.

• Where does the money go that I receive from the retail partners?

  The percentage that you earn from our retail partners will go into your money market unit trust (over and above the 1% that you earn on your Old Mutual American Express Investment Credit Card eligible spend).

• When will the money reflect in my money market unit trust?

  The 1% and 0.5% from your everyday spend will reflect on your unit trust statement within 45 days. It may take up to 90 days for the money that you earn from the retail partners to be paid to your unit trust.

• Do I earn rewards when my supplementary cards are used?

  Yes, you earn on all purchases made with the supplementary cards. You will also earn partner rewards on spend with supplementary Old Mutual American Express Investment Credit Cards.

• How do I know how much money I have earned?

  Your unit trust statement will reflect investments into your money market unit trust or you can call 0861 115 700.

SMS

• How does the SMS notification on purchases work?

  An SMS notification will be sent to you with any purchases over R500. Should you wish to nominate a smaller notification amount, call us on 0861 115 700.

• I sent an SMS and have not yet been called back. What do I do?

  If you have received a confirmation of your SMS from us, we will be contacting you shortly. If you have not received an SMS from us, your request may not have come through successfully or the network may not have processed your SMS. Please try again or alternatively call us on
  0860 007 007.

• How do I ensure that my information is not shared with other institutions?

  Old Mutual does not share your personal or policy information with third parties unless we have your written consent. Our telephone calls are recorded and you can have access to these. E-mails and written documentation are stored and backed up regularly.

Other

• Can I register for Internet banking? If so, how?

  Yes, you can. You will need to go to your nearest Nedbank branch in order to create an Internet banking profile, thereafter you can log in using the Customer Login button on the right.

• My personal/postal/contact details have changed. How do I update them?

  You can contact us on 0861 115 700.

• I have not received my monthly statement. What now?

  Simply call 0861 115 700.