Cash Loans on Your Credit Card

Credit cards provide a similar means of borrowing to an overdraft facility.  Most people choose credit cards because they can borrow more and they may offer slightly better interest rates, as well as various rewards programmes. 

Getting a credit card can be convenient if you want to borrow a small to medium amount of money, which amounts to no more than a few thousand rands and if you intend to pay it off quite quickly.

If you do decide to get a credit card, aim to get one with an interest rate of around 20%. Avoid store cards as they usually have higher interest rates over a long period of time.

It’s important that you do not use your credit card to settle your debt or to consolidate your debt. You should also avoid having multiple credit cards.

Benefits of cash loans on your credit cards:

Owning a credit card means that you have the freedom of an account at every retail store. You are able to purchase items and pay for them later, so even if you don’t have cash, you can still pay for certain emergencies or big-ticket items.

You have the benefit of cash advances whenever you need it. Most credit cards have a facility that allows cardholders to be able to draw cash at certain ATMs.

Credit cards can be used everywhere in the world. Millions of merchants worldwide accept credit cards as payment.

Your credit card will automatically give you pounds in London and dollars in New York courtesy of MasterCard and Visa.

Virgin Credit Card:

With the Virgin Credit Card you can withdraw cash at any South African ATM and selected ATMs internationally wherever you find the MasterCard Sign.

FNB Credit Card:

Owners of FNB Credit Cards are offered cash withdrawal options.