Taking the time to understand what banks look for when accessing an application for a business credit card or limit increase can help SMEs increase their chances of approval. Valentine Jingura, Head of Pricing for FNB Business says, credit plays an important role in helping SMEs start, run, grow and sustain their businesses. There are common criteria that financial institutions and banks consider before a business credit card/limit increase can be granted: Existing bank account – … [Read more...] about Business Credit Card application checklist
credit card
Common debit card misconceptions demystified
Despite debit cards being the most common form of bank card used by consumers, there are still a number of misconceptions about the card that exist. Ryan Prozesky, FNB Consumer Core Banking CEO, says taking time to get familiar with the overall use and added benefits of a debit card can help consumers realise that it is more than just a tool for withdrawing cash and swiping for purchases. He demystifies some of the common misconceptions about debit cards: A debit card won’t impact my … [Read more...] about Common debit card misconceptions demystified
How to reduce your credit card debt this year
As the New Year begins many consumers will be looking to reduce their credit card debt as part of a resolution to get their finances on track. “Although it may seem like a daunting task given the amount of debt you may owe, reducing or paying off your credit card debt can be achieved with a proper strategy in place,” says Jonathan de Beer, head of collections at FNB Credit Card. He shares simple tips on how consumers can reduce their debt. How much do you owe – the first step is to … [Read more...] about How to reduce your credit card debt this year
Being informed can help you overcome credit card myths
Throughout the world, credit cards have gained prominence as a purchase enabler that empowers consumers to conveniently spend while also having access to a credit facility 24/7. Yet, very few consumers really know all there is to be known about how a credit card works and how it can be used effectively. Instead, some consumers continue to grapple with misleading perceptions that are widely spread about this product. Jonathan De Beer, Head of Collections at FNB, clarifies some of these … [Read more...] about Being informed can help you overcome credit card myths
I Always Thought That ‘No Funds’ Message was a Sure Sign of Credit Card Abuse
Apparently there are other signs you are misusing your credit card which I missed! If you constantly find yourself impulsively spending on your credit card, yet dreading to check how much you owe on your statement at the end of the month, there is a high likelihood you are misusing your credit card. Jonathan de Beer, head of collections at FNB Credit Card, says a credit card can be quite convenient and rewarding if you need safe and instant access to cash. However, you can easily find … [Read more...] about I Always Thought That ‘No Funds’ Message was a Sure Sign of Credit Card Abuse
How to stop working for your credit card
Your credit card has the potential to be a cool companion if you maximise its effectiveness and make it work for you. In an online survey conducted by FNB, 39% of respondents said they only use their credit cards in emergencies, 36% said they swipe for everything, big and small, 17% use it solely for online shopping and only 8% said they use it to buy big purchases. "Credit card users that swipe for all their purchases have the right idea," says Chris Labuschagne, CEO of FNB Credit Card. … [Read more...] about How to stop working for your credit card
Keep your identity and prevent credit card fraud
Having your identity stolen can impact your credit profile negatively - including your ability to buy a car. Fortunately, there are a number of steps you can take to ensure that you minimise the risk of having your identity stolen. By protecting your identity you keep your credit profile healthy, which will improve the chances of having credit approved in the future. Much like accountants and architects are professionals in their field, scammers are also professionals in their field. It … [Read more...] about Keep your identity and prevent credit card fraud
Use your card to protect your money
There is a lot of talk about fraud and scammers out there finding ways to get your card details, but in fact, your card is one of the safest ways to transact. "Fraud makes up less than 0.02% of all our credit card payments. To make sure that you don't find yourself in that small percentage and to ensure that we will refund you if there is fraud on your card, customers should be aware that they are responsible for protecting their card details," says Henk Vermeulen, Fraud Specialist at FNB … [Read more...] about Use your card to protect your money
Credit Card Fraud down by 39%
FNB and Visa kicked off the 11th Annual Card Security Week and announced that anti-fraud measures have reduced FNB Credit Card fraud by 39%. However, research shows that there is still a need for consumer education and awareness when it comes to customers protecting their cards. "We are seeing positive trends in the reduction of credit card fraud and we are confident that we can protect our customers. As long as they haven't been negligent with their card information, they will not be held … [Read more...] about Credit Card Fraud down by 39%
To Link or not to Link
While taking on the responsibility of assisting your partner with paying off their debt should be carefully considered, having an additional linked card* when you move in together or get married can actually prove to be a handy tool in managing household and shared finances. "We have seen continued growth in the number of linked credit card applications. We currently have a quarter of our customers who have linked an additional card to their account. This suggests that more households see … [Read more...] about To Link or not to Link
Online credit card spend increases 7%
January 2015 statistics reveal that online shopping now accounts for 12% of total credit card purchases, a 7% increase from the same period in 2014 says FNB who is seeing continuous growth in online shopping spending by its credit card holders. The majority of these online transactions, 36%, were done on online retail and entertainment websites followed closely by professional services such as school fees, university fees, and professional-membership subscriptions. "An increasing shift … [Read more...] about Online credit card spend increases 7%
The 3 most common forms of credit card fraud
FNB and Visa once again joined forces to launch their 10th Annual Card Security Week (CSW) and announced a 15% reduction in credit card fraud. Columinate, an independent research company, was commissioned to research fraud awareness and card fraud trends in South Africa. "We found that while the overall awareness of card fraud is very high, 42% of South Africans still admit that their PINs are not kept secret and that they share their PINs (mostly with their spouses, 85%). These numbers … [Read more...] about The 3 most common forms of credit card fraud
