The most anticipated shopping day of the year is fast approaching. Originally a US tradition, most stores — online and off — now offer huge savings and discounts on almost all products ranging from make-up and toiletries to big-ticket items like TVs and fridges.
Millions of people worldwide will be taking advantage of Black Friday deals, either to reward themselves or their loved ones for a tough year, or to improve their lifestyle. But did you know that if you optimise your credit card use during this time, you can reward yourself in a variety of different ways, as well as improve your financial security and shopping convenience?
Depending on your card, you can earn a variety of rewards on everyday purchases. All of Standard Bank’s personal cards offer Rewards points through the UCount Rewards programme that can be redeemed for fuel, airtime, appliances and airline trips at a discount.
Paying with your credit card is as quick as paying with cash, and more convenient. You get access to cash wherever and whenever you need it, have 24/7 access to your account through internet banking, and can shop securely online.
When used correctly, credit cards are an effective financial management tool:
* Credit cards offer lower interest rates than other forms of unsecured lending
* Most banks offer up to 55 days interest-free credit if you pay in full each month
* Your monthly spending is recorded onto your credit card statement, helping you budget
* Many credit card companies offer payment due date reminders and automatic payment orders. Sign up for these to avoid late fees or missed payments
* If you always pay your bills on time, you improve your credit score. With a good credit score, you qualify for lower interest rates on loans.
Standard Bank credit cards are accepted at thousands of merchants worldwide, allowing you to quickly and easily take advantage of Black Friday discounts on popular international online stores, such as Amazon.com and Alibaba.com.
Most credit cards automatically come with basic insurance, which will cover debt on the card in case of your death, retrenchment, permanent disability or critical illness.
Using a credit card is safer than carrying cash:
* Using a credit card to buy online is more secure due to ‘One Time Password’ validation and 3D Secure linked to your cellphone
* If you are affected by credit card fraud, you won’t have to pay for transactions you didn’t make or authorise with your PIN
* Credit cards remove the risk of theft by making cash unnecessary.
