Mr Price Account review 2024

The Mr Price Account offers store credit with a limit of up to R50,000.00 and applies interest of up to 17.25% on the utilized credit.

With the Mr Price store account, holders gain access to a platform where they can shop across various brands. This account is usable both online and in-store at six Mr. Price partner stores, providing customers with options from brands like Maxed, Oakridge, RT, and others.

Account holders can use their Mr Price Account not only for purchasing clothing but also for buying electronics such as phones and tablets. Additionally, the account allows purchases of items like furniture and school supplies.

The versatility of the Mr Price Account extends beyond clothing, showcasing a wide range of capabilities for customers. In the following sections, we delve into the account’s features in more detail.

Mr Price Account Summary 

The Mr Price Account serves as a store credit card usable at various stores including Mr Price, Mr Price Sport, Sheet Street, Mr Price Home, Miladys, and Mr Price Money. This account provides flexible budget plans of either 24 or 36 months.

Activating the Mr Price Account incurs an initiation fee of R50.00, and account holders are also required to pay a monthly service fee of up to R25.00.

With access to a wide range of stores, account holders have ample opportunities to shop and benefit from shopping vouchers redeemable during purchases. Additionally, account holders can obtain an extra card in-store for family members, enabling them to enjoy the vouchers collectively.

Using the Mr Price Account for shopping rewards account holders with airtime and data. Furthermore, exclusive offers, savings, and promotions are extended to account holders, enhancing the overall shopping experience.

How does the Mr Price Account Work

The Mr Price Account functions as a store credit card that requires an application process before it can be utilized. Upon application, Mr Price conducts a credit check to assess eligibility. It’s worth noting that individuals with a source of income are eligible to apply for a Mr Price Account.

Upon approval, Mr Price assigns a credit limit based on the account holder’s financial capacity. This credit can be used at any Mr Price store or its five partner outlets, including the option to purchase airtime.

Mr Price reserves the right to adjust the credit limit as needed. Increases may occur with income growth and timely payments, while decreases can result from missed instalments or negative changes in income.

Account holders have the flexibility to request credit limit adjustments, either upward or downward. Temporary increases in credit limits can also be requested and approved instantly at the point of sale for checkout convenience.

Repayment of borrowed credit is required, with the number of instalments determined by the chosen Budget option. The repayment period affects the total amount payable, with shorter periods incurring lower interest charges.

The Mr Price Account operates as a revolving loan facility, allowing funds to be accessed and repaid repeatedly as the outstanding balance is settled. This feature provides ongoing access to funds as account repayments are made, enhancing financial flexibility for account holders.

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

1. One must be at least 18 years old at the time of application. 
2. Have a valid South African ID book or Smart card or a valid passport if not South African. 
3. Must be currently employed or earning an income. 
4. Have proof of residence. 
5. 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.