Prepaid Debit Card

When it comes to choosing your credit card, it’s important to select the card that is going to benefit you most. A credit card is a valuable financial resource, and choosing the right one could offer you more freedom and financial flexibility than before.

Credit card users can be classified into different groups, and below, we’ve outlined four common types of credit users in South Africa. Identify the one that best matches your spending style to discover which could be the right credit card for you.

1) The infrequent credit card user

Infrequent credit card users swipe their cards occasionally, usually for the odd large purchase, or during emergencies only (significant and unexpected expenses). For these individuals, a classic personal credit card with flexible repayment terms, a competitive interest rate and a fair-sized credit limit is ideal.

The competitive interest rate will ensure that interest costs don’t skyrocket when large amounts are repaid over several months, and a decent credit limit will enable cardholders to swipe for large amounts. Extra bells and whistles aren’t necessary, as these cardholders seek a straightforward solution that will give them that extra bit of financial flexibility only when they need it.

2) The regular credit card user

Regular credit cards users swipe their cards frequently for a wide variety of goods and services. Often, these cardholders use their credit cards as their primary means of payment, and generally, they settle their balances in full each month.

If this sounds like you, it’s a good idea to choose a rewards credit card that will reward you for frequent spending. These credit cards feature a range of worthwhile rewards, from air miles and cash-backs to entertainment, leisure and retail rewards. Affinity credit cards enable you to donate to your favourite charity each time you swipe. Rewards credit cards tailor their benefits to the personal preferences of credit card users.

3) The credit card user with existing debt

For individuals with existing debt – credit cards, store cards or personal loans – a low-interest credit card with manageable repayment terms is highly recommended. If this sounds like you, it’s wise to opt for a balance transfer credit card.

Balance transfer credit cards enable you to consolidate your debt and repay it in a single monthly amount at a lower interest rate than before. Your repayment term will probably be extended, but the amount you pay each month will be less, thus easing your budget and making it easier to settle your outstanding balance.

4) The credit card user who travels extensively

The most well-known type of credit card reward is air miles, and for credit card users who travel frequently, there’s no better option than a frequent flyer credit card, which enables cardholders to accumulate air miles every time they swipe. These air miles can then be used to pay for local and international flights.

Frequent flyer credit cards are obviously best suited to older or higher-earning cardholders who use their cards frequently enough to reap worthwhile benefits.

Find and apply for a credit card online

Once you’ve identified your spending style, search for the card that offers the best features and benefits, the lowest rates or the most flexible terms within that category.

Use the online credit card comparison tools to find and compare the various South African credit cards available, and then apply online now for the credit card of your choice.

Plastiq enables South Africans to find and compare credit cards online using the handy online credit card tools. Find the personal credit card or business credit card that best matches your needs, and then apply for it via the Plastiq site.
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This entry was posted on Monday, February 8th, 2010 at 6:03 pm and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.