You don’t need to Be a Rocket scientist to Find the Best Student Credit Cards in South Africa
10th Nov 2016
As a student attending university, you know how quickly money can run out. The best student credit cards are the solution. They allow you to access funds when you need them most.
By acting responsibly and meeting your monthly payments, you can build up a good credit record. What if you require investing in something like a car or even a home in the future?
If your payments fall behind, your interest rates will increase, and you could end up getting into trouble financially.
What the Banks require for the Best Student Credit Cards
You might wonder where you can get a good student credit card. And what are the best student credit cards with a competitive interest rate?
Compare the different credit cards offered by the top banks in South Africa. Two recommended banks, for instance, would be ABSA and Nedbank.
ABSA Bank Requirements and Benefits
- You need to be a full-time student with a South African ID document
- A monthly income of over R200 is required in order to pay your monthly instalments
- The ABSA student credit card allows you to use your card for purchases free of charge
- Each time you draw money with your credit card, the fee will be R3.95 including the 1.15% of the withdrawn amount from an ABSA ATM
- If you withdraw at a bank other than ABSA, you pay R9.95 as well as the 1.15%
- The card limit on the ABSA credit card is R200. The interest rate is 18% with minimum monthly repayments being 3% of your outstanding balance.
- A positive balance earns you an interest rate of 0.2%.
Nedbank requirements and Benefits
The Nedbank Design Student Credit Card –
- Your age must be between 18 and 24
- You have to be a South African citizen and a registered student at a South African university.
- The monthly fee for this card is R7.50
- When you draw money from your card, you pay R3.50 plus 1.25% which is the value of the withdrawal you made from a Nedbank ATM.
- Withdrawal from another bank costs you R9.50 plus the 1.25%.
- The credit limit of the Nedbank card is R500. The interest rate is 21% with a minimum repayment of outstanding balance being 5%.
Compare – it’s the Only way to Ensure the best for Yourself
The best thing to do is to compare cards. Choose the one that gives you access to emergency cash when your parents aren’t around.
Just remember to keep track of what you need to pay every month. And more importantly, use the card responsibly.
All info was correct at time of publishing