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What is a credit card

By admin
13 November 2013

What is a credit card and who offers it?

A credit card is the amount of credit you can access via a piece of plastic, much like your ATM card, at any time either by using your card in a shop (point of sale) or to draw cash at the ATM. This money is lent to you and has to be paid back. All the major banks in South Africa offer credit cards. There are also independent companies that issue credit cards, such as American Express and Diners Club.

Do you have to earn a specific amount of money to be offered a credit card?

Yes. Depending on the amount that you want to have, also known as your credit limit, the higher the income requirement. The minimum amount is R2 000 per month to get a credit limit of R1 000. There will be a credit check to see if you have a good, stable credit record.