Posted on March 5, 2010.
Shop around for cheaper credit card and save Cash-strapped South Africans could save hundreds of rands a year to shop for a credit card agreement, cheaper, according to a leading financial comparison website ThinkMoney.co.za. If consumers took the time to look beyond the big banks offer, they will find a variety of other offerings on the market, including Virgin Money, Barclaycard and Woolworths that are much cheaper.
Using the single card charges credit card calculator Thinkmoney.co.za credit cheaper for the average consumer is Virgin Money. Cost The cost of this product is R905.16 per year in fees and interest. The less expensive offer major banks to the consumer even the Gold card which costs R1280.41 ETFs by year. Overall, this card is ranked 15th in the bottom of the list.
This analysis was conducted using the spending pattern of an average user Thinkmoney.co.za *. Based on more than 2,000 current profiles, the average user made nine purchases (value R3180), a cash withdrawal (value R860) and two fuel purchases (value R530) per month. For that person, the four cards cheapest credit are not those offered by suppliers in South Africa for traditional credit. The cheapest 4 are: Virgin Money (R906.37pa) Go Banking (R1040.26pa), Barclaycard (R1063.02pa) and Woolworths Gold (R1066.00pa).
In comparison, major bank credit cards for the same individual would cost between R300 and R500 more: Gold ETFs (R1280.41pa) Standard Bank Blue (R1352.34pa) ABSA Silver (R1389.95pa) and Nedbank Classic (R1570. 80pa).
Mike Kann, CEO Thinkmoney.co.za said that, regardless of what an individual earns or their spending habits, if they shop around, they are almost certain to find a credit card cheaper than that they currently use. "The way banks structure their pricing policy, cost it is difficult for consumers to compare. Thinkmoney.co.za To give us the consumer to make informed financial decisions to our bank charges different calculators are easy to use but sophisticated enough to calculate an answer for every single user. "
Kann appeals to all South Africans to visit ThinkMoney.co.za and run the simulator on their unique profile. "Not only will we be able to calculate the best card for an individual profile, but we will be able to use these data to refine and develop new patterns over time."
* To this credit card cost analysis, the average user ThinkMoney.co.za has been identified as being between 25 and 40 and win R15000 per month. This analysis was based on more than 2000 user profiles.
