If you are thinking of getting a credit card to cover studies supplies, or to pay for something in particular, you need to compare the biggest banks in South Africa’s credit card facilities that include FNB credit card, Absa and Standard Bank gold credit cards.
The FNB credit card is a very attractive option, especially if you like accompanied reward programs, like me. FNB Gold has an initial fee of R150, but Absa and Standard Bank that has both an initiation fee of R135. However, keep in mind this is a once-off fee and therefore not so bad.
When looking a monthly, you might want to look more closely. Absa Gold has a monthly fee of only R28.70 while Standard Bank Gold costs R49.00 and FNB cost R40.00. If you should fall into debt Absa Gold interest are calculated at 18%., but you get a whopping 57 days that are interest free. When looking at Standard Bank Gold, you are going to pay between 15.50% – 18.50 %.The interest rates for a FNB credit card are determined according to the lender’s credit risk profile.
Unfortunately, you are going to pay more when using a credit card but if you want to add a silver lining to a dark cloud, you need to focus on the reward programs. The Absa Rewards gives you 1% back in cash for spending on your debit card and 5% cash backs for fuel purchased at Sasol. In addition, you can also earn up to 19% back on shopping.
Standard Banks’ UCount reward programme offer consumers 10% cashback on groceries, 5% back when shopping at Clicks, Makro was well as fuel rewards from Caltex.
The FNB is the big winner with eBucks Rewards. Earn up to 3% back on normal shopping when using your credit card, 15 % when purchasing fuel, pre-paid and airtime and a fascinating 15% back when shopping at Shoprite or Checkers.
