If managed responsibly, an entry-level credit card can be a great tool to build up a good credit score to get favourable interest rates on important future financing — like a home or vehicle loan.
Many of South Africa’s major banks offer entry-level credit cards with minimal monthly fees that can help young consumers start building a good credit score.
To avoid your credit card spending spiralling out of control will require discipline when making repayments. Keeping up with your payments will positively impact your credit score, increasing the likelihood of a bank or other financial institution granting a loan at a decent interest rate in the future.Apply for more than one option
Our first observation was that most banks offered personalised interest rates on their credit cards, so it might be a good idea to apply for more than one to see which bank could give you the best deal.
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