First National Bank is offering a discount on the new iPad – but only if it is paid off over 24 months. What is the anatomy of this “killer deal””?
First National Bank will offer the latest generation Apple iPad at a slightly reduced rate to customers in South Africa from today, 27 April 2012.
The discount is not massive – at R4920 on the entry-level 16GB WiFI-only device, it represents less than a 2% discount. However, the real killer deal is that the R4920 can be paid off over 24 months, At R205 a month, with no interest charged, it represents a better deal than even low-end tablets being sold on contracts by mobile network operators.
There is a catch, however: you have to be an FNB customer, or sign up as one. The accounts that qualify are: Existing and new FNB Gold or Platinum Cheque Account, FNB Private Clients, Young Professionals, One Account, Islamic Finance, Encore and RMB Cheque Account.
You can also pay up-front for the device, but then the full price applies. The reason for offering a discount over 24 months? It locks you in as an account holder for two years, chasing off those who hope to simply sign up for the account, get their discounted device, and then close the account again.
FNB this week broke through the 60 000 mark of tablets and smartphones sold, in only six months since the offer was first launched. More than half of these devices are iPads.
Clients can order their new iPads by visiting fnb.co.za or by SMSing ‚tablet‚ to 32812 (standard network rates apply). The contracted courier will deliver the new iPads directly to the addresses supplied by clients.
‚The new iPad has generated strong customer interest even before the official launch in South Africa. For those customers who require it, we will further supply a microSIM with your iPad with 1GB free prepaid data,‚ said Irlon Terblanche, Head of Products, FNB Core Banking Solutions.
‚We are excited to be part of the national launch of the new iPad. Our key goal is to give our customers the very latest tablets and smartphones to help them with electronic banking on the go and, we believe they offer a great lifestyle enhancement to our customers. This latest generation tablet from Apple is a most welcome addition to our range of tablets and smartphones.
“”In line with the existing tablet and smartphone offer, customers will have the opportunity to acquire a new iPad and repay it over 24 months at a reduced rate and with zero additional interest, fees or charges payable. The monthly payment is added to the customer’s monthly account charge,‚ added Terblanche.
Clients who previously ordered and received another tablet or smartphone via the FNB offer can elect to pay off that product, should they wish to order the new iPad. A new 24 month repayment term will kick in. Customers who are still keen to buy an iPad, but who would like cheaper monthly payments, can still order the iPad 2.
FNB’s further offers to customers also include up to 2GB free ADSL data per month, discounted 3G data, free calls and SMSs between FNB App users, eBucks, Fuel and Airtime Rewards with up to 15% reward back on the value of spend, free SLOW Lounge access and unlimited electronic transactions.
FNB remains the only bank with a Banking App designed for safe banking on a smartphone or a tablet.
New iPad pricing:
iPad 32G Wifi+4G*
R 299 per month
iPad 16G Wifi+4G*
R 259 per month
iPad 16GB Wifi
R 205 per month
The Apple iPad2 16GB 3G Wi-Fi is still available at R219 per month over 24 months (excluding the cheque account fee).
* 4G LTE is supported on this model but only on certain North American Networks. However, the new iPad will work on local 3G networks. Data plans sold separately.