The Mr Price store account gives account holders access to a platform where they can shop across multiple brands. The account can be used both online and in-store at six Mr. Price partner stores. Customers can choose from Maxed, Oakridge, RT, and other brands.
Account holders can use their Mr Price Account to buy not only clothing but also phones and tablets. Moreover, they can also buy items like furniture and school supplies.
As you can see, there is more to the Mr Price Account than meets the eye, and the account has a wide range of capabilities. Below we go through the account in greater detail.
Mr Price Account Summary
Mr Price Account is a store credit card that can be used at Mr Price, Mr Price Sport, Sheet Street, Mr Price Home, Miladys, and Mr Price Money. The account offers flexible budget plans of 24 or 36 months.
The Mr Price Account has an initiation fee of R50.00 when activating the account. Account holders have to pay monthly service fee of up to R25.00.
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 use. If you apply for the account, Mr Price will run a credit check to determine your eligibility. It should be noted that anyone with a source of income can open a Mr Price Account.
After being granted the Mr Price Account, Mr Price will allocate an amount that it believes the account holder can handle. This money can be spent at any Mr Price location or any of its five partners. The Mr Price Account can also be used to purchase airtime.
Mr Price has the authority to change the amount of credit at any time. Credit increase can be done if income increases and/or if you have the ability to make timely payments. The credit amount can be reduced as a result of missed instalments and negative income changes.
A credit cardholder can request that the amount of credit allocated be increased or decreased. In order to make payments at the checkout, a temporary credit limit increase at the point of sale can be requested and granted instantly.
The account holder must repay the amount of credit borrowed. The Budget option chosen will determine the number of instalments required. Total amount payable is affected by this, and the shortest repayment period does incur low interest.
Mr Price account provides a revolving loan facility which, as such, when the outstanding balance is paid off, it can be used and repaid again. This allows funds to be accessed as account repayments are made.
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.
Mr Price Account Application
- 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.
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.