Credit Card is one of the best credit instant credit access anyone dream to have, if you know that you qualify, you need to shop for only the best credit cards in South Africa.
There are plenty of reasons why people use credit cards to make purchases. When used responsibly, they offer a variety of benefits.
What Is the Best Credit Card in South Africa?
The best credit cards for 2021 are those that offer exceptional conditions in at least one key category, such as rewards, rates, or fees.
To choose the best credit card for your needs, first decide which characteristics are most important to you depending on how you intend to use the card, then compare offers to find the best price.
Below is a list of South African best credit cards.
- Woolworths Gold Credit Card
- Woolworths Silver Credit Card
- ABSA Student Credit Card
- ABSA Flexi Core Credit Card
- ABSA Gold Credit Card
- ABSA Premium Banking Credit Card
- ABSA Private Banking Credit Card
- African Bank Gold Credit Card
- Capitec Credit Card
- Woolworths Black Credit Card
- FNB Gold Credit Card
- FNB Premier Credit Card
- FNB Petro Credit Card
- Avios Credit Card
- Virgin Money Credit Card
- FNB Private Clients Credit Card
- FNB Private Wealth Credit Card
- FNB Petro Credit Card
- American Express Platinum Credit Card
Let us look at the Pro and Cos of Using Credit Cards.
If you can commit to spending only what you can pay off in full each month, paying for items with a credit card can offer several benefits.
Many of the benefits that credit cards offer can save you money in the long term.
The following are some of the most typical benefits of having a credit card:
- Return protection
- Extended warranty coverage
- Travel benefits
- Paying for purchases over time
- Credit card rewards
- Fraud protection
- Free credit scores
- Price protection
- Purchase protection
Purchasing something and paying for it over time.
Credit cards allow you to pay for something today with your card and pay off the balance later.
Most issuers provide a grace period during which you are not required to pay interest.
This grace period usually lasts from the time you make your purchase until the conclusion of the billing cycle in which it was made, and it ends when your payment is due.
However, unless you are taking advantage of a promotional 0% annual percentage rate deal, if you have a balance on your credit card, you will normally have to pay interest on the balance outstanding.
Convenience: Managing your finances with a credit card is more convenient than with another payment option.
Each month, your credit card gives you a statement that details when, where, and how much you spent on all purchases made with your card.
You may keep track of your expenditures using the information from these statements.
Additionally, some credit cards include year-end statements that summarise you are spending over the course of the year, which can be useful for tax purposes and other tracking.
Because you cannot pay for internet transactions with cash, credit cards are a simple way to pay.
Your debit card or bank account information is not at risk when you use a credit card.
Protection against fraud: Your responsibility for credit card fraud is limited to a set amount under federal law.
You are not liable for any fraud if you notify your card issuer that you have lost your card before any fraudulent transactions are made, or if your card information is stolen.
Many credit card companies go even further and do not hold you liable for fraud if you report illegal charges promptly.
Your credit card issuer may provide virtual account numbers that you can use while making transactions over the phone or online to help make your credit card even more secure.
This ensures that your primary credit card number is not compromised in the event of a data breach.
Scores on credit are available for free: As a perk, many credit cards now include free credit ratings.
Your credit score may be printed on your monthly statements by some credit card issuers.
Others provide a free credit score software or the ability to examine your credit score on the bank’s website.
According to Lambridis, checking your credit score through a credit card perk does not count as a hard enquiry and does not harm your score.
Price stability: Have you ever purchased something only to find out that the price has dropped a few days later?
If you made your purchase on a card that has price protection, it may be able to assist you.
Within certain restrictions, price protection will usually repay the difference between the price you paid and the reduced price.
While price protection has recently been removed from many credit cards, it is still available on a few.
The programmes have limitations: Price drops normally last a few months, and you may be required to present an advertisement displaying the lower price to receive a refund.
Return security: Return policies differ by retailer.
Your credit card’s return protection may allow you to return an item for a refund even if the shop does not allow it.
The bonus normally lasts for three months after you make a purchase, and you must make the purchase with the credit card that offers the benefit.
Benefits of travel: Your credit card may include several perks that might help you save money on your next trip.
Auto rental collision damage waivers, trip cancellation or interruption insurance, baggage delay insurance, trip delay compensation, free airport lounge access, a free checked bag, travel statement credits, and other travel advantages are examples of these benefits.
Best Credit Cards in South Africa Conclusion
Benefits programmes for credit cards differ by issuer and even from credit card to credit card.
The terms and conditions of these programmes are generally spelt out in your credit card’s benefits handbook.
This usually arrives at the same time as your greeting card.
You can also generally get it from the website of your credit card.
According to GoodBear, card issuers can modify these advantages at any moment, and they generally include a lot of limitations and exclusions, so it’s vital to investigate your card’s unique benefits before using them.
While secondary credit card advantages might be beneficial, it’s crucial to keep the broader picture in mind.
According to GoodBear, the advantages of owning a credit card are substantially reduced if you carry a debt and pay interest each month.
Make sure that earning these additional perks with a credit card does not cost you more in interest and fees than the value of the benefits you obtain.