Comparisonsmaster
Best 2022 Credit Cards For People With Bad Credit
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Many banks and institutions provide Credit Card offers that may assist you in repairing your credit score if it has been hurt in the past by late or missed payments, or if you simply haven’t created a credit history and aren’t classed as a low or high risk factor on credit bureaus’ records.
Your credit score is a representation of your credit history, and it reflects the complexities of your financial past. It pays to maintain it in good condition in order to show your creditworthiness to lenders and keep alternatives open for future borrowing requirements. To make a credit builder card work, you must handle it correctly, which includes repaying the debt on each monthly instalment on or before the due date.
Check out these wonderful South African deals for restoring your credit history with some terrific entry level Credit Cards.
Many banks and institutions provide Credit Card offers that may assist you in repairing your credit score if it has been hurt in the past by late or missed payments, or if you simply haven’t created a credit history and aren’t classed as a low or high risk factor on credit bureaus’ records.
Your credit score is a representation of your credit history, and it reflects the complexities of your financial past. It pays to maintain it in good condition in order to show your creditworthiness to lenders and keep alternatives open for future borrowing requirements. To make a credit builder card work, you must handle it correctly, which includes repaying the debt on each monthly instalment on or before the due date.
Check out these wonderful South African deals for restoring your credit history with some terrific entry level Credit Cards.
Capitec Global One Credit Card – Cashless Payments with Zero Fees
Capital Global One Credit Card is the card to have if you are serious about repairing and building your credit. Make your payments on time and take advantage of the 55 day interest free period to develop a respectable credit rating within the first 6 months.
Initiation fee: R100
Monthly fee: R40
Maximum credit facility: R250,000
Minimum income: R5,000 per month
Interest rate: 7% to 17.5%, based on credit profile
Benefits
• Earnings of 2.25% per year on a positive balance
• Up to 55 days interest-free period
• Cashless payments, with zero fees
worldwide
• No currency conversion fees for card purchases overseas
• Useful app to manage your card
FNB Gold Credit Card – A Credit Card with up to 15% Cash Back!
This fantastic offer from FNB gives you a credit card that you can not only use to build your credit rating, but it also affords you a bunch of benefits as well. These include money back on Fuel, Uber rides and eBucks Online to name just a few.
Initiation fee: R175
Monthly fee: From R89
Maximum credit facility: Between R10,000 and R60,000
Minimum income: Between R84,000 and R359,000 per annum
Interest rate: Personalised and competitive
Benefits
• Unlimited free card swipes
• Earning of eBucks Rewards on card purchases (up to 1.5% back in eBucks on local shopping, up to 3% back when shopping online or internationally, and up to 15% back on fuel, airtime, and
Checkers/Shoprite and domestic Uber spend)
• Free comprehensive global travel insurance
• Free automatic debt protection
• Easy-to-use app
• 55 days interest-free
Absa Premium Banking Credit Card – The Credit Building Card for Frequent Travellers
This card is especially good for frequent flyers, offering you the prestige of Airport Lounge access together with international cash back rewards on purchases and goods.
Initiation fee: R166.45
Monthly fee: R59
Maximum credit facility: R138,000
Minimum income: 25,000
Interest rate: 17.5%
Benefits
• Minimum payment of 3% on outstanding balances
• 57 days interest-free period
• Tap and pay technology
• R3 million automatic basic cover for international travel
• Free access to the Bidvest Airport Lounge for four domestic and two international visits per month
• Dedicated 24/7 Premium Line
• Cashback rewards when you pay with your card locally and internationally
Nedbank Greenbacks Credit Card – 12 Airport Lounge Access Passes Yearly!
The Gold and Platinum Nedbank Credit Cards are for those that already benefit from a good credit rating, but want to improve it even further with minimum risk. It also offers a 55 day interest free payment period. Though it is always a good idea when building credit to pay early.
Initiation fee: R189.65
Monthly fee: R20 to R26 (depending on whether a Gold or Platinum card is selected)
Maximum credit facility: Personalised
Minimum income: R100,000 (Gold) or R350,000 (Platinum)
Interest rate: Preferential
Benefits
• Earn Greenbacks and other Membership Rewards
• Up to 55 days interest-free period
• Secure online purchases
• App uses very little data
• Automatic basic travel insurance of R2-million (Gold) or R3-million (Platinum)
• Free access to Bidvest Premier airport lounges for 12 domestic flights each year (Platinum card holders only)
Standard Bank Titanium Credit Card – Fantastic Rewards Card for Credit Building!
This is the best card on this list when it comes to rewards, with cash back, discounts and free Basic Travel Insurance thrown in.
Initiation fee: R180
Monthly fee: R74
Maximum credit facility: R250,000
Minimum income: R25,000 or have a post-grad degree
Interest rate: Personalised – ranging from a minimum of 7.25% (prime) to a maximum of 17.75% (repo rate + 14%)
Benefits
• Free basic travel insurance when purchasing a flight ticket with your credit card
• 10% off spa treatments at health spa retailers
• 15% off your AA subscription
• 10% discount on appliances at Hirsch’s
• Up to 33% off Wine-of-the-Month Club online purchases
• 15% off car rental at Avis
