Student Credit Cards
If you are a student at an accredited South African university, you may apply for one of the following credit cards. These can be useful as it allows you access to funds should you really need it as well as allowing you to start building a good credit record. Care however must be given to make sure repayments are made timely. All interest rates shown below are per annum rates.
Credit Card Information
|Name of credit card||Absa Student Credit Card||Nedbank Dezign Student Credit Card|
|Qualifying Criteria||You must be a registered full time student with a valid SA ID and earn a monthly income of at least R200||Be a SA citizen between the ages of 18-24 and registered at an accredited SA university (Click here to see which qualify)|
|Free swiping for purchases|
|Cash withdrawal using your own banks ATM||R3,95 + 1,30% of the withdrawal value||R3,50 + 1,25% of the withdrawal value|
|Cash withdrawal at the till||R3,95||R4 / R6|
|Cash withdrawal using another banks ATM||R6,95 + 1,30% of the withdrawal value||R9,50 + 1,25% of the withdrawal value|
|Cash withdrawal at the branch:||R40 + 1,50% of the withdrawal value||R25 + 1,25% of the withdrawal value|
|Cash deposit using your banks ATM:||R3 + 1,30% of the amount deposited||R5 + 1,25% (R17 min fee)|
|Cash deposit at the branch:||R7 + 1,45% of the amount deposited||R5 + 1,25% (R17 min fee)|
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Advice to make your choice easier;
Student credit cards are useful because they allow you to access funds if you ever need them and you can also start to build a good credit rating.
You will need to compare student credit cards to ensure that you are getting the best student accounts and the best student credit cards that are suited to your needs.
You can compare student credit cards from the two banks that offer them, those being ABSA and Nedbank. If you are looking for other types of credit cards you can find them here.
The Wheretobank recommendation
When comparing credit cards, the most important factors to consider in our opinion are the interest rates being charged and the minimum monthly repayments you will be expected to pay. with ABSA showing the more impressive numbers for both the previously mentioned fields as well as boasting a lower monthly fee, we feel that the ABSA student card is the clear winner here.
ABSA Student Credit Cards
The ABSA student credit card has no monthly fee that you need to pay. To qualify for the student credit card from ABSA you should be a registered full time student with a valid South African ID with a monthly income needs to be at least R200.
The ABSA student credit card allows you to swipe for purchases for free. To draw money off your credit card the fee is R3.95 plus 1.15% of the withdrawn amount from an ABSA ATM and R9.95 and the 1.15% from a different banks ATM.
The ABSA credit card limit is R200 with an interest rate of 18%. The monthly minimum repayment is 3% of the outstanding balance. An interest rate of 0.2% is paid to you when you have a positive balance.
Nedbank Student Credit Cards
Nedbank Dezign Student Credit Card requires you to be between 18 and 24 years, a South African citizen and a registered South African university student.
The monthly fee for a Nedbank credit card is R7.50. When you swipe for purchases you will not be charged for this. You can withdraw money from your credit card for R3.50 plus 1.25% of the value of the withdrawal from a Nedbank ATM and R9.50 plus the 1.25% from a non Nedbank ATM.
The Nedbank Dezign Student Credit Card limit is R500 with an interest rate of 21%. The minimum repayment on the outstanding balance is 5%. A student credit card is a great facility for a student because their might be times when you will need emergency money or you have ran out of money and there is something that you want to do. As long as you bear in mind the repayments that you will make you will find a student credit card useful to have.
You need to compare student credit cards so that you are able to get the best student credit cards with the benefits that you need as a student. You will need to know what you have to pay each month and the total interest that you are looking at on your student credit card. You are able to compare student credit cards and all their relevant charges at places like Student credit cards. You can apply for the best student accounts straight from this site making it an easy process to choose your student credit card and to apply for one.
You will just need to ensure that you have all the relevant documentation at hand.