Let’s Compare the Best Credit Cards Available in South Africa
Compare Credit Cards Here that Are Available in South Africa
There is one Golden Rule when owning a credit card. Always pay outstanding balances on time. This practice opens the door to earning credit card rewards such as cash backs on daily purchases and air mile earning points. Late payments come with hefty interest rate penalties and do not help to cement an excellent credit rating. While credit cards may offer a simple alternative to carrying around large amounts of cash, they often tempt consumers into spending more than their monthly budgets can allow. This inevitably leads to mounting debt and poor credit ratings. Let’s compare credit cards here that are available in South Africa.
The importance of comparison
Consumers should shop around before selecting a credit card and compare credit cards here.
Look out for:
- Lowest interest rates
- Lowest monthly fees
- And also the best rewards programmes
Entry level cards
There are several entry level cards on the market. Here are two examples:
RCS Credit Card
- R1 000 minimum monthly income
- No initiation fee
- No monthly service charge
- Card can be used in more than 21,000 stores nationwide
- However, no rewards or cash backs
The RCS card also offers:
- Flexible payment options
- Revolving credit facilities
- Also receive access to exclusive promotions and benefits
- Customer Protection Insurance
- And also with a monthly income of just R2 000, you can get an Absa Transact credit card.
American Express Credit Card
- R3, 000 is the minimum monthly income
- R165 initiation fee
- R24 monthly service charge
- Also receive Membership Rewards
- Balance transfer available
- And also budget facilities
Although this is the American Express entry-level card with lower credit levels, card holders receive 1 point for every R5 they spend.
These bonus points never expire. Therefore, this gives cardholders the opportunity to accumulate points which can be used to acquire a variety of lifestyle and travel rewards.
Other examples of entry level cards
Absa Transact Credit Card
- Applicants qualify for this product if they earn at least R2,000 a month
Nedbank Classic Card
- Applicants qualify with a proven monthly income of R3 000
Standard Bank Blue Card
- Applicants qualify with a proven monthly income of R5 000
First National Bank Classic Card
- Applicants qualify with a proven monthly income of R6 600
Middle class to high-end income earners are spoilt for choice because of the variety and number of credit cards available on the market.
Here are just a few examples:
American Express Gold Credit Card
- R10 000 minimum monthly income
- And also American Express Card Membership Rewards
American Express Platinum Credit Card
- R25 000 minimum monthly income
- And also American Express Card membership rewards
Barclay Card Prime
- R42 000 minimum monthly income
- Also receive access to airport lounges
- Extended warranty and purchase protection benefits
- However, no rewards or cash back offers
No matter which bank selected, consumers should be aware that the higher their income, the better the benefits. Be it enticing rewards programmes, lower interest rates, better-personalised service or increased credit limits.
All info was correct at time of publishing