Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Get in touch
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Rewards
- Explore Bank
- Accounts
- Everyday banking
- Youth banking
- Accounts
- Digital wallet
- Private Wealth
- Goal saving
- See all accounts
- Get help choosing
- Family Banking
- Refugees and asylum seekers
- FAQ
- How-to guides
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Discontinued accounts
- Youth banking
- Nedbank4Me
- Digital wallet
- MobiMoney
- Private Wealth
- Private Wealth Bundle
- Goal saving
- MyPocket
- American Express
- Amex Gold
- Amex Platinum
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Send and receive
- Rewards
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- On demand
- Club
- Money Market
- Stokvel
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Explore Borrow
- Personal loans
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Consolidation loan
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Explore home loans
- FAQ
- How to guides
- Track application
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R29,600 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Is your business covered?
- Secure Investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Is your business covered?
- Secure Investments
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Plan
- Guaranteed Income Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
5 reasons you shouldn’t draw cash on your credit card
Sometimes it can be tempting. Here’s why it’s a bad idea.
Desperate times call for desperate measures. Or do they? Have you ever been in a pinch, and knowing full well that you shouldn’t use your credit card to draw cash, done it anyway? If you feel guilty doing this, you should – it seldom makes sense to use your credit card in this way.
Here are 5 reasons you shouldn’t use your credit card to draw cash:
1. It’s more expensive
Although you get free card swipes at retail till points when you use your credit card, this courtesy doesn’t extend to drawing cash. When you use a Nedbank ATM, you’ll be charged R2,20 for every R100 you withdraw, and a fair bit more if you use your Nedbank card at a non-Nedbank ATM.
The second way that drawing cash costs you more is that this transaction doesn’t qualify for the usual 55-day interest-free period. This grace period applies only when you pay by card at the till point and for online purchases. So, you'll be charged interest from the moment that you draw the cash at the machine.
2. You can’t apply this to your budget facility
A great benefit of using a credit card to pay for big-ticket items is that you can request to pay this off over periods from 6 months to 3 years.
It’s best to swipe your card directly for purchases, or use it for online transactions – but don’t treat it like a cash facility
This helps with your budgeting because you’ll be paying a set amount for the period that you’ve chosen. Unfortunately, you cannot apply ATM withdrawals to your budget facility.
3. You lose chargeback rights
One of the benefits of swiping your credit card to pay is that you receive automatic purchase protection by way of chargeback rights. This means that you're able to dispute a payment made on your card if you have a legitimate claim because you’re unhappy with the goods or services you bought. That claim could lead to you receiving a refund on your purchase. When you draw cash at an ATM and spend it, you lose this right, because you’re effectively paying cash.
4. You don’t earn rewards points
You also lose out on earning rewards points when you use your credit card at an ATM, because this transaction doesn’t qualify for points.
5. Carrying cash is dangerous
The final reason you want to avoid using your card at an ATM is that carrying cash is not safe. Withdrawing a wad of cash could make you a tempting target for thieves.
So, it’s best to swipe your card directly for purchases, or use it for online transactions – but don’t treat it like a cash facility.
If your card is stolen, or you suspect it has been cloned, or that any other type of fraud has occurred, you should block your card on the Nedbank Money app and call us immediately on 0800 110 929.
