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 cards.
Overview of a Standard Bank Credit Card
The standard bank provides financial services with a rich history. For over 156 years, they have served and supported their clients, employees, and communities. They are present in 20 African countries and key global markets, which makes them unique because of their long-term efficiency and commitment to Africa.
Standard bank in their utmost will to serve, have included the credit card plan as one of the financial products they offer. Now, holders can borrow funds with the desire to pay for goods and services at merchants who accept credit cards for payment. The ease of use and simplicity of Standard bank credit cards allow cardholders to benefit from these features while using the cards.
Standard Bank Credit Card benefits 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
These days, there are many financial threats flying around, so being able to bank with a financial institution with quality security is important. In accordance with their name, standard banks maintain the financial security of their citizens at all times.
2. Worldwide Acceptability
In addition to accepting credit cards at home, business owners also accept them abroad. In any part of the world, you can always use your MasterCard or Visa credit card to pay for goods and services. Additionally, if it’s really urgent, you can withdraw cash from ATMs.
3. Build up your credit record
When you apply for a loan, banks and other credit institutions always examine your credit history. The quickest way to establish a good credit record is to utilize and pay off credit cards on time. Faster approval for loans and possibly even lower interest rates are assured with a good credit score.
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
Having a Standard Bank Credit Card comes with a number of advantages, in addition to convenience. Holders of credit cards have access to money instantly, without having to carry around cash.
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
Standard Bank has designed its credit card system to fit the needs of all its customers, irrespective of their financial status. There are now several types of credit cards available, allowing users to select the one that matches their needs best. Check out the different credit cards Standard Bank offers;
Interest rate and other fees
Standard banks charge interest on credit cards according to the credit card plan the holder selects. As a result, the interest rate you’ll be charged depends on the type of credit card you choose.
Depending on the Credit Card, they charge between R40 and R264 per month. According to the NCA regulations, interest rates are individualized from a minimum of 7% (prime) to a maximum of 18% (Repo rate + 14%). The minimum monthly repayment on your credit card is 3% of the outstanding balance. R180 (VAT included) will be charged as an upfront, one-time initiation fee.
How does Standard Bank credit card budget work?
Using your budget facility
Credit cards are all about choice – that’s why you have both straight and budget facilities on the same card. When you use your budget for purchases over R 200, you can choose to repay the amount within six months or over 60 months.
How to apply for a Standard Bank Credit Card
Standard bank utilizes two types of application methods. The first is the offline application process and the second is the online application process. The offline application process, as its name implies, requires the applicant to physically visit the branch of a financial institution. The process also requires contacting the standard bank standby customer service at 0860 500 000.
Online application doesn’t require a physical appearance. This application process involves either downloading the financial provider’s app, visiting their websites, or following the instruction.
How can I get instant loan from Standard Bank?
How to get your online loan via Internet Banking:
- Visit online banking. standard bank.co.za on your desktop.
- Click the “Borrow” button.
- Follow the instructions.
- Ka-ching! The money will be deposited into your account.
How do I pay my standard bank credit card?
Paying your debts on time is extremely important to maintain a good credit score, which is important to us as well as to you, our valued customer. Therefore, they continue to introduce new ways for repayments that are as convenient and as effortless as possible
- Sign in to your Internet Banking profile.
- Click on the ‘Make a promise to pay’ button on the product tile.
- A summary of the account status is shown, along with the following information: amount in arrears, minimum payment amount, and outstanding balance.
How can I increase my standard bank credit card limit?
Would you like to increase the credit limit on your credit card so you can make a large purchase? It is possible to request an increase within six months of receiving your card. What can you do with it? You can increase your limit by calling 0860 000 000 or visiting your nearest branch.
Standard bank is set to achieve some significant goals. One of these goals is 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.