Earning Interest on Positive Credit Card Balance from Standard Bank

With a 154-year history in the South African Financial industry, Standard Bank has garnered a reputation as one of the leading banking institutions in the country. The bank has also extended its operations to 29 countries on the African continent- providing more access to quality financial services.

The bank has 15.6 million customers, who are serviced by 48 000 employees. The bank’s 1283 branches in various countries across Africa are run efficiently and smoothly by dedicated staff.

In addition to transactional services, Standard Bank has a range of credit card offers for individuals and businesses.

Most banking institutions say that each customer is treated individually and is given an interest rate and a credit limit based on his or her individual credit profile.

“Debit interest rates are affected by the prime interest rate and decrease as you move from our standard card offering to the premium products,” Vinolan David, the head of card issuing at Standard Bank says.

What you need to know about earning interest on a positive credit card balance:

Owning a credit card also comes with the responsibility of making sure that you use it well. The danger that comes with owning a credit card without the right tools and knowledge is that you could end up overspending and maxing out your limit.

It’s important to make sure that you repay your credit card on time every month.
The Standard Bank Credit Card give you up to 55 days’ interest-free credit when you pay the outstanding balance in full and on time each month.

Some individuals maintain a positive balance on their credit cards, which may lead to interest earned. Interest paid by the bank on a positive balance is nominal, but remember that you do earn UCount points with every swipe, and that means money back in your pocket!

Earning interest on a positive credit card balance from Standard Bank can only be done only after you have settled the straight and budget balances.

For more information, visit www.standardbank.co.za