Money Advice

How to choose the best credit card for your needs in South Africa 2023

Published by
Shephard Dube

If you’re looking for a new credit card, it might be difficult to find the best one for your needs. With so many alternatives, it is important to conduct research and carefully analyse your options before making a decision. Here are a few pointers to consider while selecting the finest credit card for your needs in South Africa in 2023:

Check your credit score: Before you start looking for a credit card, you should check your credit score. This will give you an idea of the types of credit cards you’ll be qualified for and will help you avoid applying for cards you won’t be accepted for. A decent credit score in South Africa is often considered to be greater than 650. 

Consider your spending habits: credit cards are designed for various forms of expenditure. Some cards provide incentives for activities such as vacations or dining out, while others provide cash back on everyday spending. Consider your spending habits and select a card that corresponds to how you use credit.

Look for credit cards with low costs: Credit cards can have a range of fees, such as annual fees, balance transfer fees, and international transaction fees. Compare the fees associated with various cards and select one with low or no fees.

Consider the interest rate: Your credit card’s interest rate might have a significant impact on your overall costs. If you prefer to carry a load from month to month, choosing a card with a low-interest rate is extremely crucial.

Read the small print: Before applying for a credit card, read the terms and conditions thoroughly. This can help you comprehend the card’s fees, benefits, and other relevant details. 

Compare the rewards programs of several credit card issuers: Many credit cards offer rewards programmes through which you can earn points, miles, or cash back on your purchases. When evaluating credit cards, keep in mind the rewards programmes offered by different issuers and select one that corresponds to your spending habits.

Look for introductory deals: Many credit cards offer introductory incentives, such as 0% APR on purchases or balance transfers. These offers can be a good way to save money on interest in the near term, but read the fine print and be aware of any fees or limits that may apply. 

Consider the features of the card: You may want to examine additional services such as fraud protection, travel insurance, or extended warranty protection in addition to the key features of a credit card, such as the interest rate and rewards programs. These features can differ greatly among cards, so make sure to check what’s available before making a purchase. 

Don’t be misled by sign-up bonuses: While it’s tempting to choose a credit card based on a significant sign-up bonus, it’s also crucial to examine the card’s long-term worth. Read the sign-up bonus terms and conditions carefully to ensure you understand any restrictions or criteria that may apply. 

Don’t be afraid to negotiate: If you have a decent credit score and a history of responsible credit use, you may be able to negotiate a better price on your credit card with the issuer. This could be a cheaper interest rate, a reduction of annual fees, or a more beneficial rewards program.

By taking these aspects into account, you may select a credit card that matches your needs while also allowing you to save money. Remember that the best credit card for you will be determined by your personal financial situation, so do your research and make an informed decision.

Shephard Dube

Shephard Dube is the Co-Founder of Rateweb. He is a web software developer with a passion for personal finance, economics, stock market, blockchain and cryptocurrencies. He spends most of his time figuring out how organizations and governments can make the environment conducive for business owners and consumers. He can be contacted on: shephard@rateweb.co.za

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Published by
Shephard Dube
Tags: credit cards

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