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Why your credit card interest rate matters
An key consideration about credit cards is the interest rate you’ll be charged.
Several different factors influence the rate you’re offered, you can to some extent control the overall cost of your credit.
Why it pays to have a good credit score
You can improve your chances of getting a lower interest rate if you have a clean credit record. This will result in a better credit score, which tells lenders and banks that you are a lower credit risk.
And when the risk is lower, they will reward you with a lower interest rate. This matters because it means you’ll pay less overall when you buy using your credit card.
Why switch?
One way to get an interest rate that is better than that on your current credit card is to consider switching to Nedbank and taking advantage of our balance transfer special deals. This means is that if you transfer the balance of what you owe on your current card to us, you’ll get a lower interest rate for a specified period.
The timing of your purchase is crucial to get the full 55-day interest-free period
Depending on circumstances, you could be offered an interest rate that is between 5% and 8% lower than usual. This rate will be valid for a certain period only, which could be as long as 12 months.
Find out more about balance transfers.
Up to 55 days interest-free
You can avoid paying any interest on your card by using one of your card’s most useful features: the 55 days’ interest-free credit offered on card swipe transactions.
What this means is that if you buy something with your card, you can avoid paying interest if you settle that amount within 55 days.
The timing of your purchase is crucial for the full 55-day interest-free period to apply, as you need to know when your monthly statement is generated – you will find this date on your statement.
You can get the full 55 days if you buy on the date of your statement, but only after it has been generated. Put more simply, you can avoid interest by paying the full balance on the card before the due date on the latest statement.
Keeping tabs on your credit card interest rate is an important step in managing your finances. Using these tips can help you do just that, as well as help you pay attention to the rate you’re charged when looking for a credit card.
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.
