Woolworths account review 2022

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Those who want to shop at Woolworths can get their hands on a Woolworths store account, which provides account holders with a fantastic shopping experience. The account offers additional benefits to users, such as additional discounts when shopping with the account.

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Woolworths card protection insurance is available at a low cost to account holders. The insurance product protects the account holder against income loss, permanent disability, death, temporary disability, and critical illness.

Before you get your Woolworths Account, let us go over the account in detail, including some of its benefits and more, so that you are well-acquainted with it.

Woolworths Account Summary

Woolworths Account is a store credit card that enables users to make purchases at any Woolworths store in South Africa. The account has a monthly service fee of R41.00, which is due whether or not the credit is used during the month.

To begin using the account following a successful application, a one-time R80.00 initiation fee is required. Woolworths stores accept the account for the purchase of food, cellular devices, clothing, and home goods. To make a purchase, the account can be used both online and in-store.

JT One, Levi’s, GUESS, Country Road, Witchery, Trenery, Birkenstock, Jockey, Woolworths, Edition, Crocs, SMEG appliances, Petite Etoile, Wooliesbabes, and other brands are available to account holders to choose from when shopping.

One can get up to a 50% discount on the brands sold by the retailer. Account-holders receive an additional 5% off when using their store card through WREWARDS in addition to store discounts where applicable. Account-holders must apply to join the WREWARDS promotions program in order to receive rewards when they shop with their account.

The Woolworths Account comes with a card protection plan that account holders can use. The Woolworths card protection plan is discussed in detail below.

Woolworths balance protection

Woolworth’s balance protection is available in conjunction with a Woolworths store account. The insurance product provides several benefits to the user by financially protecting the account holder in the event of an unexpected event in life.

Woolworths balance protection insurance protects the account holder against unforeseeable events such as income loss, critical illness, temporary disability, death, and permanent disability. The insurance plan covers account holders for up to R100,000.00. 

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Woolworths will pay installments due for the next 12 months up to a maximum of R100,000.00 in the event of a successful claim. The payout is conditional since the account has to be up to date.

The insurance costs R5.50 per outstanding R1000.00. Monthly payments will be required for the balance protection plan.

How does the Woolworths Account work?

You must have a minimum salary or income of R2000.00 and a good credit rating to open a Woolworths Account. When an application is accepted, the account becomes active, and money is allocated to it for use. The money can be spent at any Woolworths location in the country.

The total amount of credit available can be used in full, and additional credit can be applied for at a later date if more credit is needed. Temporary credit can be issued at checkout to ensure that a customer can check out even if their credit is depleted. In addition, if payments are skipped or paid late, the credit issued can be reduced so that the account holder can cope financially.

The account includes a 55-day interest-free period on purchases paid in full before the due date. The money used will accrue interest after 55 days of using the credit issued. The funds in the account must be repaid on a monthly basis.

Woolworths will send the account holder a monthly statement outlining how much money he or she should pay for the month. After paying the minimum installment, the account holder can continue to use the account, including the repaid funds.

If you fail to make a payment due to an incident covered by Woolworths’ balance protection, Woolworths will make payments to cover the debt. However, if a failure to pay installments is due to a matter not related to any of the covered incidents, Woolworths must be notified.

Failure to notify Woolworths will result in debt collection, with collection fees imposed. As a result, making payment arrangements is critical to keeping your credit open with Woolworths and avoiding additional fees.

Advantages of the Woolworths Account

  • It includes automatic membership in the WREWARDS.
  • WREWARDS offers account holders a 10% discount on over 1000 specially marked items.
  • The account can be used to purchase food, clothing, homeware, and beauty products.
  • When shopping, there are numerous brands to choose from.
  • Repayments on the Woolworths Account can be made in a variety of ways.
  • Comes with balance protection insurance, which protects the account holder in certain situations where they may fail to repay the Woolworths debt.
  • The monthly service fee is reasonable.
  • Users can use their accounts to shop online.

Disadvantages of the Woolworths Account

  • The account can only be used at Woolworths stores.
  • The account doesn’t come with welcome vouchers for new account holders.

Requirements of the Woolworths Account

  • Must be at least 18 years old at the time of application.
  • Earn at least R2,000.00 per month.
  • Have a valid South African ID book or Smart card.
  • Proof of residence that is not older than 3 months.
  • The latest proof of income such as a 3 months bank statement or a payslip.

Conclusion

The Woolworths Account allows account holders to purchase on credit from one of South Africa’s most recognizable brands. The account comes with balance protection insurance, which serves as a good wealth protector in the event that the account holder dies.

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Staff Writer

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Staff Writer
Tags: Woolworths