What is A Credit Card?
A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder’s accrued debt.
How To Qualify For A Credit Card In South Africa?
- Original Identification document (must be 18 years or older)
- Latest salary slip.
- 3 months bank statement.
- The minimum salary requirement for a credit card application is R5 000, and R10 000 for self-employed clients.
Can I get a credit card with no job?
You can get a credit card without a job. Most credit card applications have a section for employment information, but you can also put student, homemaker or unemployed.
Annual income and assets are more important than employment status when applying for a credit card, though.
What is the minimum credit score for a credit card in South Africa?
Your credit score will be a three-digit number ranging from 0 to 999.
You need a credit score of at least 600 for the bank to even consider your home loan application, while anything above 650 is considered a decent credit score. Here’s a more detailed breakdown: 670+ = excellent.
What are the risks of using a credit card?
Getting into credit card debt. If you have the wrong attitude about credit cards, it could be easy to borrow more than you can afford to pay back.
Missing your credit card payments.
Carrying a balance and incurring heavy interest charges.
Applying for too many new credit cards at once.
Using too much of your credit limit.