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Best Credit Card In South Africa in Aug 17, 2022

Choosing the best credit card in South Africa for your requirements is a difficult task, owing to the large number of options now accessible.

The sheer amount of rewards credit cards available today is enough to make any person’s head spin.

It’s no surprise that many people choose a card based on a recommendation from a friend or one they happen upon while surfing the web.

You’ll have to delve a little further if you want to find the best card for your needs.

Some cards are better for certain sorts of customers, and your credit history may restrict the cards you may apply for.

Take the time to figure out what you truly need instead than depending on suggestions from friends or direct mail advertising to choose your next card.

Here’s How to Choose A Credit Card In Four Steps:

  • Choose the credit card that best suits your needs.
  • Determine the most significant characteristics.
  • Examine your credit card choices.
  • Fill out an application for the credit card you desire.

Pick The Type of Credit Card You Want

There are several sorts of best credit card in South Africa available.

Understanding how credit cards function and which sort of credit card is suitable for you is a significant part of how to pick the correct credit card.

Selecting a credit card is considerably faster and easier once you’ve decided the sort of card you’ll use.

A regular traveler who wants to earn airline miles would certainly want a different card than a student who is just starting to build credit.

That’s why determining your main purpose for having a credit card is the first step in how to pick a credit card.

When I’m looking for the ideal credit card for me, the first question I ask myself is, “What do I need it for?”

Improve your credit score

You’ll most likely use a credit card for one of the reasons listed below.

Credit cards for terrible credit are a fantastic place to start if you don’t know how to pick a credit card because you have a low credit score or no credit history.

Many of them are secured credit cards, which require you to make a deposit to the credit card provider in order to open.

Student credit cards are another option if you’re in college.

Earn rewards on purchases

When people question themselves, “What is the ideal credit card for me?” rewards credit cards are a common response.

You may earn points on your purchases with these cards.

Cash back credit cards are a good option if you want to earn money.

Check out travel rewards credit cards if you want to use your points for travel.

Save money on credit card debt

When choosing your best credit card in South Africa with balance transfers allow you to pay less interest on your debt.

These cards provide zero-interest offers similar to 0% APR cards, except the zero-interest offer applies to balance transfers rather than purchases.

You may transfer your debt from a high-interest credit card to a balance transfer card with a 0% intro APR.

Figure Out the Most Important Features

The next step is to decide which credit card characteristics are most important to you.

This will be determined by the sort of credit card you choose.

Here’s how to pick a credit card that has all of the features you want.

Here’s what you should prioritize if you want to utilize a credit card for bad credit, a secured card, or a student card to repair your credit:

  • There is no yearly fee: You don’t want to incur any more expenses while you’re repairing your credit.
  • Free credit score monitoring: Many credit card providers provide a free monthly credit score tool.
    This is a straightforward method of determining whether or not your score is improving.

When looking for a secured credit card, seek for one that allows you to graduate.

Graduation occurs when your secured card is upgraded and your deposit is refunded by the card issuer.

This is significant since it implies you won’t have to cancel the card to receive your money returned.

Compare Your Credit Card Options

That takes care of the majority of the effort involved in selecting a credit card.

It’s now time to have some fun.

Choose the best credit card in South Africa in your selected category so you can compare them.

Let’s pretend you’re looking for cash back credit cards.

You’d look for cash-back credit cards and compare the various possibilities.

Then you’d look at the cash back rate, sign-up bonus, and annual cost for each card.

A comparison tool is an excellent method to expedite the process of selecting a credit card.

Here’s one possibility:

  • To compare cards, go to The Ascent’s Compare Cards page.
  • “Full card list” is selected.
  • Choose a credit card based on your credit score and the sort of credit card you want.
  • Under the credit cards you want to compare, click “Add To Compare.”
  • Click “Compare” once you’ve finished picking cards.

This will provide you with a detailed analysis of those cards.

You may then quickly see which cards have the lowest annual fees, earn the most points, and have any other characteristics that will assist you in answering the question.

How Your Credit Score Affects Your Approval Chances

Because your credit score influences which cards you can receive, it plays a major role in how you pick a credit card.

The majority of credit cards are designed for those with a certain credit score range.

Your credit score should be in that range or above to have a good chance of getting approved for a card.

The finest credit cards, for example, are often reserved for people with strong or exceptional credit.

A credit score of 670 is the starting point for good credit.

So, if you want one of the best credit cards, you need have at least a 670 credit score.

If you need to improve your credit score, see our guide on credit score improvement for suggestions.

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