Technology as itself has paved the way for a lot of innovations, and the financial sector definitely is evolving around it. Credit cards remain one of the most advanced technological breakthroughs of all time. Owners of these cards now have access to funds in advance. With Standard bank, account holders can now enjoy the limitless benefits that come with owning a credit card.
Here’s an overview of all there is to know about Standard bank credit card.
Overview of a Standard Bank Credit Card
The standard bank provides financial services with a rich history. They’ve been serving and supporting their clients, employees, and communities for over 156 years now. With a presence in 20 African countries and key global markets, their differentiator is their long-term efficiency and commitment to Africa.
Standard bank in their utmost will to serve, they have included the credit card plan as one of the financial products they offer. Now, holders can now borrow funds with the wish to pay for goods and services with merchants that accept cards for payment. As a result of the simplicity and ease of usage offered by Standard bank credit cards, cardholders can now enjoy these benefits while using the cards.
Standard Bank Credit Card benefit and features.
The convenience that comes with a credit card is just one of many benefits consumers cannot overlook..
Some of these additional benefits and features include;
1. Secure Spending
With a lot of financial threats flying around these days, banking with a financial institution that offers quality security is very important. According to the name, standard banks ensure the financial safety of their citizens at all times.
2. Worldwide Acceptability
Business owners accept their credit cards both at home and abroad. You can always use your MasterCard and Visa credit card to pay for goods and even services in any part of the world. And if it’s super urgent, you can even withdraw cash from ATMs.
3. Build up your credit record
Banks and other credit institutions always examine your credit history when you apply for a loan. Using and paying off a credit card timeously is a simple way to build up a positive credit record. A great credit score ensures quicker approval for loans and possibly even lower interest rates.
4. Easy Payment Solution
The budget facility on a credit card enables holders to pay off enormous expenses. Expenses like an unexpected medical emergency, a new fridge, or a missed flight, in monthly installments.
5. Convenience factor
In addition to the convenience that comes with owning a Standard Bank Credit Card, it is also important to note the benefits. Credit cards give holders instant access to money without them actually having to carry it around.
6. Collect Ucount Rewards Points
With every purchase or payment you make with a Standard Bank Credit Card, you earn Ucount points. You can use these reward points with a retail partner like Caltex.
7. Free Travel Insurance
Payment of overseas flights gives Standard Bank Credit Cardholders access to free basic travel insurance.
Types of Standard Bank Credit Cards
With the utmost will to serve all their customers, irrespective of their financial status, Standard Bank has optimized its credit card system to fit every citizen. With a wide range of credit cards, users can now select the one that best suits their needs. Here’s a look at the different credit cards Standard Bank has to offer;
Interest rate and other fees
Standard bank charges interest on credit cards according to the kind of credit card plan the holder chooses. So the interest rate you’ll be charged depends on the type of credit card you select.
Their fees range from R40 to R264 per month depending on the Credit Card. Interest rates are personalised ranging from a minimum of 7% (prime) to a maximum of 18% (Repo rate + 14%) as per the NCA regulation. Monthly repayment for your Credit Card is a minimum of 3% of your outstanding balance. An upfront, once-off initiation fee of R180 (VAT inclusive) will be required.
How to apply for a Standard Bank Credit Card
There are two application methods employed by Standard bank. These methods are offline application and online application. The offline application process as the name implies requires the applicant to physically visit the nearest financial provider’s branch. This process also involves reaching out to the standard bank stand-by customer representative at 0860 500 000. The line is open between 8 am and 5 pm during the week.
Online application doesn’t require a physical appearance. This application process involves either downloading the financial provider’s app, visiting their websites, and following the instruction.
Standard bank is set to achieve some significant goal. One of these goals being optimizing their service and making banking operations very convenient for their customers. The credit card product is one of the major mechanisms they will use to achieve this purpose.