Following my own advice, I am dictating this edition of PetesWeekly. Isn't it amazing how technology can make life easier? Ever since calculators became available, who really needs to know exactly how to do long division? And if we don't start using technology, we'll just keep working too hard instead of too smart.

A few months ago I began experimenting with bank services -- in an attempt to see which bank was best with regard to credit cards. This is not a conclusive or comprehensive survey, merely my own personal experiences -- which I offer for what they are worth. Please draw your own conclusions, and don’t fight with me if your favourite bank didn't feature too well. My own conclusion -- if you’re going to use credit cards, you must carry more than 1 from different banks. Another thought – in the past few weeks 2 folk have called up in crisis because they needed a few thousand rand urgently. Internet credit cards are the quickest, surest way to find immediate credit – and in both cases solved the challenge.

The background -- I applied for credit cards from five institutions about the same date in late August. Here are the experiences.

20Twenty.com **** ½

Instant e-mail acknowledgement of my application via their web site, followed by courier delivery of the card within three days. The card is activated via the web site, and can be used immediately. The few queries I had were quickly handled by e-mail or telephone. (Maximum wait on the phone was five minutes.) Part of Saambou Bank, so not too many physical branches about – although the 20Twenty crowd have a few solid solutions. Internet transfers reflect immediately with no waiting period. [I mention this because I still carry a card from a non-internet bank that applies a 7 day hold to internet transfers.]

Bluebean.com ***½

Instant e-mail acknowledgement of my application via their web site, followed by courier delivery of the card within five days. The card is activated immediately but to do any Internet banking you need a PIN - which is only available when you personally visit your local Standard Bank. In my case they found the card to be faulty and ordered a new one for me -- although that same card worked quite happily in other merchant machines. All queries rapidly handled through my local branch of Standard Bank. (I have used this bank for many years and am familiar with their systems, so this wasn't a hardship.) Internet transfers reflect immediately with no waiting period.

Nedbank *

Applied by fax - they didn't seem to accept the Web applications at the time. After five weeks, the only reason I knew they had received my application was that my SAA Voyager (frequent flyer Miles) statement reflected some activity! Coincidentally spoke to a client retention manager at this time and the card finally popped out of the woodwork a week later. No courier this time, but personal collection at my local branch. Have only just begun to do Internet banking via this card because it took three weeks to get the appropriate profile number from the bank -- their process is long and cumbersome and my local manager was away on holiday and he is the only person authorised to issue this profile number at my branch!

Despite taking so long to arrive, the card-issuing fee was charged 5 weeks before I physically received the card -- which meant that the card started bouncing 2 weeks later! When I tried to pay the card via an ATM, it wanted the card number before it would accept the deposit – a tad difficult since the card was already inside the ATM at the time – so I opted for standing in the queue at the local branch. Am waiting to see how soon the deposit reflects as available.

First National Bank zero/zip/nada stars

Applied for the card by dropping the document off at the local branch. To date (10 weeks later) I have received no acknowledgement nor any other correspondence in this regard. Makes you wonder who voted for them in the bank service awards, doesn't it? I have since approached the branch for an explanation, and still haven’t received a response.

ABSA zero/zip/nada stars

Applied for the card by dropping the document off at the local branch. About 4 weeks later managed to drop off some form of income verification -- after being gently reminded a few times by the local branch. Six weeks later and still have not heard a word from the card division. Have approached the local branch, and left a message – but still haven’t received a response.

You might be wondering why I didn’t approach the other card suppliers [BoE Bank, American Express, Diners Club, Standard Bank, etc…]? Simply not enough time to take them all on! This sample gave me the info that I really wanted. So here are a few conclusions.

Firstly, the regular [old] banks are using the internet as an incremental improvement to their existing products and services. The internet banks [20Twenty and Bluebean] have completely re-invented the wheel – and have service times and business processes running at warp speed. This does not bode well for traditional banks, as I believe the internet banks will skim the ‘cream’ off the customer base.

Secondly, times are a-changing faster than we would care to admit. If you’re not near the leading edge, chances are that you’re going to get lost in the wash. The concept of loyalty from a bank is quaint but outdated – irrespective of what their advertising says. You have a responsibility to take care of yourself – and that won’t happen if you have just a single bank [or credit card].

Thirdly, accidents happen – and we know just one thing for sure – your credit card will bounce some day. And when it does, you can get upset and yell at everyone, or you can simply smile and haul out your second card…

Fourthly, a simple thought. Isn’t it amazing how a comma and a few zeroes can affect your well-being? If the zeroes are to the left of the comma you feel pretty good, but when the zeroes are on the other side it’s a different kettle of fish!

© Peter Carruthers, www.petesweekly.co.za

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