There are tonnes of different credit cards in South Africa. Every credit card company promises you the world and some even have hidden conditions before you can start earning proper rewards with their credit card. This makes it almost impossible to find the best credit cards in South Africa.
Generally, it’s a good idea to stay away from credit cards when you have a lot of debt as this can increase your debt even more. However, these days, it’s hard to live without a credit card. For example, there are vehicle hire firms that only accept credit cards when you transact with them. So in short, one of these days you’ll run into a reason to own a credit card yourself, even if it’s just to simplify your life.
But, that doesn’t mean you should settle for just any old credit card. The key to managing a credit card is to ensure that you’re not paying too much on interest in the first place. Should your credit card be for emergency purposes only, having a credit card with low interest will be in your best interest. Should you have a credit card meant for travelling abroad, a card with low international usage fees is what you need.
It’s possible to compare credit cards, their interest rates, fees and charges on Likemoney. This will be easier than doing your own homework as many companies would suggest you do. So, to find the best credit Cards in South Africa you can read about how to compare credit cards online.
There are tonnes of things to consider first before you can own your very own credit card. Knowing the interest rates is a must and annual/monthly costs. Also remember, a credit card has a fixed price when owning one, whether you use the card or not. Some bank don’t charge annual fees, but do charge monthly fees, and some don’t charge monthly fees, but do have annual fees.
Credit cards don’t have any swipe fees like most debit cards have today, so they’re quite handy when it comes to purchases. You do pay for drawing money at an ATM, though, both internationally and locally. You also have costs involved with deposits at a branch or ATM, loss of card fees and replacement card fees. Make sure you understand those costs.
In short, knowing these small things can not only help you find the perfect credit card for you, but also help you use the credit card for the right purpose for example: Using a frequent flier credit card to do clothes shopping. You won’t receive any rewards and thus, be missing out on the benefits of having that credit card.
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