The Sterns account is a store account that can be used in any Sterns store in South Africa. Sterns is well-known for selling jewelry and is one of South Africa’s most well-known jewelry stores. 

Sterns has remained in business for nearly 120 years because of its consistent ability to produce high-quality jewelry, and the company is constantly expanding. Account holders can use their Sterns account to shop at any Sterns store. 

Sterns specializes in wedding and engagement rings, as well as watches, bracelets, earrings, and other jewellery. Given the abundance of jewellery to choose from when shopping, the Sterns account gives the account holder a plethora of options.

The Sterns account can be used to purchase items other than jewelry. Sterns is part of The Foschini Group, your account can be used at any TFG partner location. As a result, account holders can use only one account to purchase clothing, appliances, and other items.

Understanding the account’s use case is critical as an account holder or potential account holder. We go over the account in greater detail below.

Sterns account Summary 

A Stern account is a revolving store account that can be used at any Sterns location in South Africa. As the company has  partnership with The Foschini Group, the Sterns account can be used at over 900 locations in South Africa, with 22 store brands to choose from.

Instead of only jewellery, the account can also be used to purchase furniture, appliances, clothing, and other items.

When purchasing on credit, the account provides two budget options from which to choose. The first budget option is a 6-month payment plan. If the account holder chooses the 6-month payment plan, they will not have to pay any interest on the amount borrowed. 

The second option is a 12-month interest plan which charges interest on credit used.  Du e to the time differences in settling the accounts, this option pays interest and has a lower monthly instalments than the 6-month plan.

There are also shopping vouchers included with the account. After a successful application, R1,500.00 vouchers are supplied, which can be redeemed at any Sterns or its partner retailers. Vouchers can be redeemed for specific purchases. For a period of six months, these vouchers can be used.

Account-holders can earn more vouchers as they shop. My TFG rewards program, which rewards account holders with vouchers based on their spending, makes this possible. Following a successful application, the myTFG rewards program is automatically activated. Account-holders can save money by using the My TFG rewards program across all TFG network when making purchases.

The Sterns account comes with an optional protection plan. This plan is there to protect the account holder when he/she is no longer able to earn an income. Incidents that are covered by customer protection insurance include loss of income, permanent disability, death, and temporary disability. 

How the Sterns Account works

An application for a Sterns account can be made at any Sterns store in South Africa or online at the Sterns website. Anyone who earns an income can apply for the account because there is no minimum salary criterion. Following a successful application, the credit will be issued to the account, which can be spent at any Sterns location. Credit will be granted based on each person’s credit history and income level.

The Sterns account can also be used in any of the company’s partner stores, of which there are over 900 locations. Payments will not be able to go through if the credit limit is exceeded when shopping. If you want to increase your credit limit, you can do so by requesting a credit increase. Sterns gives additional credit to account holders who keep their accounts in good standing without the need for an application.

An account holder can request a temporary credit limit increase. The increase is only temporary and applies only to purchases that exceed your credit limit at till point. This procedure will have to be followed each time the account limit is exceeded.

The borrowed funds or credit can be paid back over the course of a year or six months. Repaying the debt will provide the account holder access to further credit from the money they have repaid, which they can utilize in the future.

It is possible to share the account with relatives and friends. This can be accomplished by obtaining supplemental cards to be used by your designated card users. The credit that the supplementary card users use will have to be paid by the main account holder. 

Advantages of the Sterns account 

• The Sterns account can be used to purchase jewellery from Sterns and its jewellery-selling partners, including Galaxy and Co and AmericanSwiss.
• Since there is no minimum wage criteria for the account, anyone who earns money can apply regardless of their income level.
• There are more than 900 shops to choose from.
• Fashion vouchers of R1,500.00 are included in the account.
• The account grants users automatic access to the MyTFG rewards program, which allows them to save and earn vouchers.
• Account-holders have the option of purchasing a customer protection plan.
• The account can be used to make purchases online.

Disadvantages of the Sterns account

• Account-holders do not receive points for purchases made through the rewards program, although they do occasionally receive coupons.
• If payments are not made on time, the interest on the account might be rather high.

Sterns Account Application

1. Must be over the age of 18 years at the time of application. 
2. Have proof of income such as a payslip or 3 months bank statement. 
3. Proof of residence that is not older than 3 months at the time of application. 
4. A valid South African ID book or Smart card or a valid driver’s license. 

Conclusion 

The Sterns account not only allows account holders to shop for jewellery, but it also allows them to buy for non-jewellery items. The account can be used in over 900 stores across South Africa, eliminating the need to open several store credit accounts.