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Banking & Digital Solutions

The advantage of credit cards

Thinking about getting a personal credit card? Here’s some of the basic advantages of credit cards.

When you’re ready for a Credit Card, you really want to know what you’re getting. Banks nowadays offer a comparison tool on their site, to help you weigh up their different cards’ terms and benefits – so it’s easy to make an informed decision with some online research.

Exploring 4 Advantages of Credit Cards:

1. Personalised interest rate

One of the terms you’ll come across is ‘interest rate’, which is normally the going rate the banks are offering: what you pay in interest on the amount of credit you’ve used.

The prime interest rate is the standard rate banks offer. But a ‘personalised interest rate’ is linked to your risk profile, so you may pay less or more than the prime rate.

2. Control spending with credit limits

All credit cards come with a limit. Being able to increase this limit over time will depend on your payment history. Paying your account on time, every time is good card management that keeps you in control of your credit card, and your credit risk profile, in the green.

There’s also a credit limit on your budget facility (for repayments over six months to a year). You can choose budget for in-store payments from R200, but it’s more useful for bigger buys, like furniture.

3. Enhance online credit card payment security

The technology that goes into a credit card makes it ideal for safe online shopping. Linking it using apps like MasterPass™ and SnapScan make your credit card even safer, and easier, to use.

4. Earn UCount Rewards

UCount Rewards  is our exciting rewards programme that lets you collect rewards points when you shop with your qualifying Credit card. You can get up to 20%* back in rewards points on all your qualifying grocery purchases, up to R5* back in rewards points per litre of fuel purchased from Caltex and up to 1.25%* back in rewards points on all your other purchases.

What you really want to know when choosing a Credit Card – beyond the rates and fees – is if you’re happy with the benefits, services and support, not to mention all the rewards that go with it.

If a credit card is not what you’re looking for, Standard Bank offers various personal loan solutions.

Next step

Take a closer look at our Credit Cards page and compare up to three at a time. Or, use the comments field to chat to customers and bank consultants in the money management tips section of the Community.