In South Africa there are currently around 22.5million active credit card users.1 Low credit scores can impact lives on so many levels making it harder to keep up with society. A range of credit cards are now available for instant approval with simple online applications. These cards can come with many benefits so to find the best available rates and offers near you try a simple online search.
South Africans Love Using Credit Cards
With over 22 million active credit users almost 40% of the entire population is relying on credit cards for making online payments. But what about the remaining population? Well according to this report the reason for denials was 36% being unsteady income and 2nd of all 22% having too much debt already.
Why Use A Credit Card?
Credit cards when managed correctly can be a fantastic way to increase personal finances while accessing extra benefits such as rewards programs. But on the other hand when used carelessly they can cause a lot of stress to someone when fees begin to add up. Comparing the benefits of the cards is hugely important to understand the pros and cons for each card.
4 Quick Benefits Of Using Credit Cards
- Build Your Credit – In order to gain better access to future home loans, other banking loans or credit cards building your credit is vital. If you’re struggling with bad credit already then to gain trust back to lenders you will need to raise this which often involves a low rate low fee card.
- Safer Than Cash – Using a credit card offers a few safety features such as 24/7 access to immediate blocking the card. Banks have also added extra safety features like SMS notifications for first time payments and large sum payments to make sure its the owner making the purchase.
- Travelling – When travelling using a credit card is a fantastic way to offset foreign currency conversions. Some credit cards will offer no fee conversions for different currencies so when travelling this can add up to a large amount of savings.
- Earn Rewards – Plain and simple this is one of the largest benefits to owning a credit card. Such points systems as Amex, FNB, GoldBank, Bankwest and many more offer amazing rewards systems. You can exchange your points for travel, food and lifestyle purchases such as movie tickets and entertainment.
The Top Instant Approval Credit Cards In South Africa
ABSA Student Credit Card2
First on the list today is the ABSA Student Credit Card which is an easily accessible card to low income students. In fact to get this card all you need is a minimum monthly income of R800 and some valid identifications. These identifications include South African ID, smart card proof of residence or passport. With zero monthly fees this card helps low income people get access to a credit card and begin to build their credit scores. Establishing good credit habits is vital in the modern economy so with a zero fee card you can keep up with payments which boost your overall credit score. The added bonus here is that you can get access to the ABSA rewards program which is great for those who enjoy travelling.
Capitec Credit Card3
Next up is the Capitec credit card offered by GlobalOne on the Mastercard payment system. Mastercard is a brilliant payment partner which is accepted at the majority of retailers and shops around the world. This card comes with a maximum credit limit of R500,000 but to get access to this you will need more income. It has zero fees for payments in South Africa and with 55 day interest free period on all purchases. Currently it is offering one of the most competitive interest rates on the market at 7.75% a year! Also for all purchases on your Capitec credit card you can receive up to 1% cashback straight into your account.
NedBank Gold Credit Card4
If you have a minimum income of R5,000 than the Nedbank Gold Credit Card may be a perfect option for you. There is however a R20 monthly service fee for using this card but the rewards and benefits programs are very popular. The Nedbank Gold Credit Card offers great discounts on car hire when travelling from their partners in Hertz and Avis. To apply for this card you will need to have proof of income and enough valid points of identification for South Africa.
FNB Gold Credit Card5
Last on the list today we have the Gold Credit Card offered by FNB. This card is for those 18 years and over but requires a higher salary then those previously mentioned. With a R4.95 monthly fee it is very affordable to those wanting a more premium level credit card. Coming with a 8% fixed interest rate and 55 day interest free period on purchases makes this card a top choice. FNB have a rewards program called eBucks which essentially allows you to receive points that you can use as cash for purchasing items in their partner stores. If you use this card to purchase your travel related expenses you can even receive complimentary travel insurance!
Get The Best Instant Approval Credit Card For You Right Now
If you’re ready to get your hands on a new credit card and are confused by all the different options take a breath. This amazing feature can help to locate the best interest rates and deals in your state. To view the most competitive credit cards in South Africa that approve in under 60 seconds try a simple online search.
See Credit Cards with Fast Approval
Reference:
- https://mycreditstatus.co.za/articles/shocking-statistics-about-credit-scores-in-sa.php
- https://www.absa.co.za/personal/bank/youth-student-banking/student-credit-card/
- https://www.capitecbank.co.za/global-one/credit/credit-card
- https://personal.nedbank.co.za/bank/credit-cards/nedbank/gold.html
- https://www.fnb.co.za/business-banking/credit-cards/gold-credit-card.html
