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Mr Price account review 2022

The Mr Price store account provides account holders with a platform from which to shop across multiple brands. The account can be used at six Mr Price partner stores, both online and in-store. Customers can select from brands such as Maxed, Oakridge, RT, and others.

Account-holders can use the Mr Price Account to purchase not only fashion apparel but also mobile phones and tablets. Account-holders can also purchase items such as home furniture and school supplies.

As you can see, there is more to the Mr Price Account than what meets the eye, and the account is versatile in terms of what it can do. Let’s take a closer look at what a Mr Price Account is, how it works, and what benefits and drawbacks it has. 

Mr Price Account Summary 

Mr Price Account is a store credit card that is offered by Mr Price. After a successful application, the Mr Price Account requires an initiation fee of up to R50.00 to be activated. The account has a monthly service fee of up to R25.00 that applies to all account holders regardless of whether they use the account or not.

There are two budget options available when opening a Mr Price Account. Account-holders can choose between a six-month and a twelve-month budget.

A 6-month budget requires the account holder to repay their outstanding balance without incurring interest within 6 months. A 12-month budget, on the other hand, requires the account holder to settle their outstanding debt, which comes with interest, within 12 months.

The Mr Price Account provides account holders with a platform to shop at Mr Price partner stores throughout South Africa. Account-holders have access to Mr Price, Mr Price Home, Mr Price Sport, Sheet Street, Miladys, and Mr Price Cellular stores.

With so many stores to choose from, account holders have a good reason to shop all the time, thanks to access to shopping vouchers that can be redeemed while shopping. Since the account holder can get an extra card in store for the family, these vouchers can be enjoyed with the family.

When account holders use their Mr Price Account to shop, they are rewarded with airtime and data. Furthermore,  account holders receive exclusive offers, savings, and promotions.

How does the Mr Price Account Work

The Mr Price Account is a store credit card that must be applied for before it can be obtained. Mr Price will conduct a credit check to determine eligibility if you apply for the account. It should be noted that anyone who earns an income can apply for a Mr Price Account.

Mr Price will allocate an amount that it believes the account holder can handle after being granted the Mr Price Account. This money can be used to make any purchase at any Mr Price store or any of its five partners. The Mr Price Account can be used to purchase airtime as well.

Mr Price has the authority to increase or decrease the amount of credit at any time. Increases in credit are attributed to increases in income and/or the ability to make timely installments. The credit amount allocated is reduced as a result of missed installments as well as negative changes in income.

A credit cardholder can request an increase or decrease in the amount of credit allocated. Furthermore, a temporary credit limit increase at the point of sale can be requested and granted instantly in order to make payments at the checkout.

The account holder will be required to repay the amount of credit used. The number of installments required will be determined by the Budget option selected. This affects the total amount payable, and the shortest repayment period does not incur interest and requires a lower total amount to be repaid than a 12-month option.

The Mr Price Account offers a revolving loan facility through its store account. When the outstanding balance is repaid, it can be used again and repaid over time. This allows for funds to be accessed as repayments are made to the account.

Advantages of the Mr Price Account 

  • By obtaining an additional card, the account holder can share his or her account with family members.
  • There are two budget options to choose from, each of which will tailor repayments to different cash requirements.
  • The account is a revolving store credit account, which means that credit can be used repeatedly without the need for an application.
  • The account can be used to purchase airtime.
  • The account comes with insurance, which ensures that the outstanding balance is repaid if a covered event occurs.
  • The account can be used to purchase mobile phones.
  • There are six stores where the account can be used to make purchases.
  • The account can be used to purchase clothing, furniture, and home accessories.
  • The brands that are available from Mr Price and it’s partner stores are cheap and of high quality. 

Disadvantages of the Mr Price Account 

  • Only those who live and work in South Africa are eligible to apply for the account.
  • Insurance is available, but the account holder must pay for it. Some store accounts do not charge their customers for insurance products.
  • Cell phones cannot be purchased on a budget of less than 6 months.
  • If a person is married under customary law or in community of property, they must obtain permission from their spouse to open the Mr Price Account. 

Requirements of the Mr Price Account

  • One must be at least 18 years old at the time of application. 
  • Have a valid South African ID book or Smart card or a valid passport if not South African. 
  • Must be currently employed or earning an income. 
  • Have proof of residence. 
  • Have proof of income such as a recent payslip or recent 3 months bank statement. 

Conclusion 

The Mr Price Account is a good account to have in South Africa because it gives account holders access to a wide range of products. The account has some drawbacks, but they are minor, and there are more benefits of holding the account than disadvantages.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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