How to reduce your credit card charges

Extra charges are annoying, and in extreme cases, they can completely blow your budget. Fortunately, the fees on your credit card account are straightforward and predictable if you use your card correctly. The best way to avoid unexpected fees is to understand what you’re paying for, and why extra fees are charged sometimes.

Monthly fees on your credit card

As with any of your bank or store accounts, you’re charged standard fees every month for using your credit card. But a Nedbank Gold credit card costs as little as R40 a month.

Fees differ according to the type of card you have and whether it’s linked to Nedbank Greenbacks or the American Express Membership Rewards Programme. Depending on which accounts you link to either rewards programme, sign-up and monthly fees will vary.

But after that you pay no extra fees when you use the card online, through the Nedbank Money app, or at a Nedbank ATM for basic services, including getting balance enquiries or statements. And you don’t pay any transaction fees when you pay with your credit card.

Avoid in-branch services where possible

A great way to avoid extra charges on your credit card is to use the self-help services offered on digital channels like Online Banking and the Money app.

Making cash withdrawals or deposits, getting your statements and account balances or transferring money between your accounts at a branch are more expensive than using self-service options.

And self-service, digital channels are not only cheaper, but also more convenient. Using these channels to do your banking will help you save on fees.

How to avoid penalty charges

Pay special attention to ‘other charges’ that apply to the credit card you’re interested in.

Penalty charges usually apply in exceptional circumstances, and you can avoid them if you know how to use your card.  For example, don’t try to buy something if you don’t have enough money available on your card.

Also, be sure of your facts before you dispute a transaction. If you’ve forgotten about a transaction you’ve made, you will be charged for disputing it without a valid reason. And you don’t have to worry – if something was charged to card incorrectly, you will get a refund.  

Although it’s not a penalty charge, you will be charged to have your new credit card delivered to you, except for certain accounts. And if you want same-day delivery, you will pay more.

Keeping your credit card costs in check is a question of being wise about how you use your card. All it takes is a few minutes to read and understand the pricing guide for Nedbank, Amex Gold or Amex Platinum or SAA Voyager credit cards.  If you’re unsure, call us on 0860 555 111 so that we can help you with your query.

From only R40 per month you can get a new Nedbank Gold Credit Card and pay zero fees when you tap, dip or swipe to pay.