7 benefits of your cheque or credit card that you may not be aware of
While most people know that their bank cheque and credit cards offer a convenient and secure way to pay for goods and services, there are numerous other, less-well-known, reasons why using these cards for your day-to-day payments makes financial sense.
Chris Wood, Executive: Card Issuing and Payments at Nedbank highlights just seven of the compelling perks and benefits of using a credit or cheque card for your purchases in 2019:
1. Your credit card is like an interest-free loan - “Managed correctly, a credit card effectively gives you access to a cost effective short-term loan. If you repay the full amount owed on your Nedbank card within 50 days, it’s totally interest free,” Wood explains, “and since there are no transaction fees, a credit card can be the cheapest way to pay for goods and services.” He also points to the further benefit that a credit card offers by allowing cardholders to take advantage of special deals now, even if they know they will only have the money to pay for them in full in a few days’ or weeks’ time. “Even if you can only pay the minimum monthly repayments on your credit card, you’ll still save on your interest charges,” he points out, “and any extra funds you put into your card immediately reduces the amount you owe, and the interest you have to pay.”
2. You get extra protection. In addition to the obvious safety benefit of not having to carry cash, Nedbank credit cards add a further layer of security to the shopping experience through a comprehensive purchase protection benefit. “Purchase protection is immediately applied to any buying transaction on a Nedbank card,” Wood explains, “which allows cardholders to make a claim for the reimbursement of eligible spend on items that get damaged, broken or stolen within a specified time after they were bought.”
3. Cards can take you places, literally. Like most credit cards, if you buy an air ticket with a Nedbank credit card, you get free travel insurance. But Nedbank has taken its card-based travel benefits further, miles further, thanks to its partnership with SAA Voyager. The ability to earn Voyager miles with a Nedbank SAA Voyager Credit Card is well known, but the bank recently introduced the first cheque card in the world that also allows users to earn Voyager Miles on qualifying spend. And the SAA Voyager Credit and Cheque Cards also speed up the rate of miles acquisition through a variety of bonuses and special offers, while offering specially negotiated travel offers as well as local or international airport lounge access, which can make a long trip a much more pleasant experience.
4. They’re more than plastic; they’re quick, secure, digital payment solutions. The combination of quick and easy barcode and QR code scanning with high-tech app functionality has taken digital payments to a whole new level of secure conveniences. Apart from being able to use third party payment scanning tools like MasterPass, Zapper, and SnapScan, Nedbank cardholders also have access to the scan to pay function on the NedbankMoney™ App. “The scan to pay function makes it possible for anyone who has the NedbankMoney™ App installed and activated on their mobile phone or tablet to use the app to transact with any physical or online vendors who offer MasterPass, Snapscan. Pay@ or Zapper Quick Response (QR) codes as a payment option,” Wood explains, “and while using the scan to pay functionality doesn’t require a physical card to be swiped or tapped, users still qualify for all the Nedbank rewards that would typically accrue to them as cardholders.”
5. They allow you to change the world, for good. Everyday banking can be a way to help you support a worthy cause close to you heart – at no cost to you. Nedbank clients can link their cheque and credit cards to one of the bank’s four Affinity programmes, namely the Children’s Affinity, Green Affinity, Sport Affinity and Arts Affinity. This means that every time you transact, you will also be supporting vital community development programme.
6. Nedbank cards are lifestyle enhancers. Wood explains that the benefits of using a cheque or credit card extend far beyond their effectiveness as financial management tools and for Nedbank cardholders, in particular, the rewards can be significant thanks to the Nedbank Greenbacks programme. “All Nedbank cardholders can join Nedbank Greenbacks rewards and virtually every purchase made with their Nedbank card will earn them Greenbacks points,” he says, “which can be redeemed for everything from online shopping and entertainment to paying for utilities or airtime, donating to charities or even saving on bank charges. And American Express cardholders earn up to four times more Greenback Rewards points for a wide range of card transactions.”
7. They are great money management and budgeting tools. According to Wood, making most of your payments with a credit or cheque card is an easy way to keep track of all your spending. “As a Nedbank card user, you can access a detailed breakdown of all your card transactions,” he says, “which is an excellent way of balancing your budget, working out what you’re spending most of your money on, and planning your future spending for the future.”
This post and content is sponsored, written and provided by Nedbank.