What is Credit Card?
A credit card is a type of payment card in which charges are made against a line of credit instead of the account holder’s cash deposits.
When someone uses a credit card to make a purchase, that person’s account accrues a balance that must be paid off each month.
Which Bank Offer The Best Credit Card In South Africa?
Below are banks that offer the best credit card In South Africa
For this reason, the following list has been formulated, featuring some of the best credit cards to help a wide variety of readers choose one that is suited to their individual goals and needs.
Standard Bank Titanium Credit Card
The Standard Bank Titanium Credit Card offers individuals with a variety of possibilities, with spending and purchases that can be effortlessly made. As indicated on the Standard Bank website, the services can be customized according to the taste and needs of the individual, including interest rates on this credit card, as they are not fixed.
Features
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| Credit limits up to a maximum of 250 000 ZAR. |
| Monthly income of a minimum of 25 000 ZAR. |
| Range of benefits including lifestyle perks, discounts, insurance. |
| For holders of a Prestige Account with Standard Bank, there is no monthly fee on the credit card. |
| Up to 55 days interest-free. |
| 3% minimum monthly repayment. |
| Initiation fee of 175 ZAR. |
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Pros and Cons
| Pros | Cons |
|---|---|
| High credit limit offered | High interest rate when compared to other credit cards |
| Industry standard 3% minimum repayment | Monthly fee applicable on most accounts, Prestige Account is the only exception to this |
| Interest-free period of 55 days for payments made before the due date | |
| Low initiation fee that is once-off | |
| Reasonable minimum income requirements | |
| Services can be customised | |
| Variety of benefits offered |
Virgin Money Credit Cards
The Virgin Money card is less about the pricing, money, and conventional considerations, and more about what you can accomplish. This card provides users with buying power with less worry about debts.
The Virgin Money No Annual Fee Credit Card also offers 0% per annum for the first 12 months on purchases as well as balance transfers.
Features
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| There are no monthly or annual fees |
| Zero charges on payments |
| Free automatic basic travel insurance included |
| Ability to set a personalised limit according to your credit history |
| Access to exclusive rewards |
| Lost card insurance offered |
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Pros and Cons
| Pros | Cons |
|---|---|
| Exclusive rewards and benefits | Unpaid amount on the balance transfer reverts to the cash advance rate |
| Irregular detection with FraudShield | |
| Lost card insurance | |
| No monthly or annual fees | |
| Up to 4 additional cards offered at no additional cost | |
| Visa payWave | |
| VISA Zero liability |
Nedbank Platinum Credit Card
This credit card is designed to fit the needs of the user and helps them pay for the things that they need while they do not have any other funds available. It is easy to use and provides convenience. Nedbank offers efficient communication and the application process for this card is simple and hassle-free.
Features
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| Maintenance fee of 57 ZAR. |
| Credit facility service fee which starts from 26 ZAR. |
| Additional Card Fee of 20 ZAR. |
| Greenback’s linkage fee of 23 ZAR. |
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With the Nedbank Platinum Credit Card, users have free transactional SMS service which will notify them of purchase that are made at till points with any Nedbank card. There are also additional balance protection plans in place to ensure financial security as well as peace of mind in the event of death as well as disability, critical illness, or if retrenchment should occur.
Pros and Cons
| Pros | Cons |
|---|---|
| Acceptable at all ATMS in South Africa and internationally | Additional card fee charged |
| Extended credit facility | Credit facility service fee can become high |
| Low maintenance fee | Linkage fee for Greenbacks |
What is the cheapest credit card in South Africa?
South African credit cards compared
| Credit Account | Initiation Fee | Monthly Fees |
|---|---|---|
| SAA Voyager Premium Credit (Nedbank) | R2 044 pa | R31.14* |
| Capitec Global One Credit | R100.00 | R35.00 |
| FNB Gold Credit | R175.00 | R48.00 |
| Absa Affinity Credit | R170.00 | R50.00 |
How do I increase my Absa credit card limit?
Increase/decrease your limit
To apply for a limit increase visit Absa Online Banking, apply on the Absa App or visit your nearest branch. To apply for a limit decrease call the number on the back of your card.