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Finance options in SA

Prepaid Credit Cards

Prepaid credit cards are available for those who are interested and a card can be loaded with a pre-paid spending limit. These types of credit cards are use-able at shops, petrol stations, restaurants, cinema’s and for buying goods online, in fact just about anywhere a Visa or MasterCard is accepted. These types of credit card can also be used to withdraw cash at ATM cash points everywhere.


Every purchase that gets made on a prepaid credit card gets deducted from a pre-paid balance which makes this buying option different from a normal credit card and gives people a little more control. There are no late payment fees, no accumulation of debt and no finance charges associated with this type of card. Funds are loaded onto a prepaid creditcard which is then used to make purchases so you are not borrowing money from the bank, you are in fact using your own cash when spending on these cards.

A few more advantages to having a pre-paid creditcard are, they are efficient as there is no interest charges. They are convenient as you can pay for goods just like you would with a visa or mastercard. It is much safer than carrying the cash around with you.

You are responsible for setting spending limits on this type of credit card and load your own pre-paid amount allowing you to spend wisely and keep your shopping habits under control. These cards can also be used in helping young adults become financially responsible and learn how to use a credit card correctly. Parents can load the card with a cash limit and then monitor when and where their children are spending it aiding them to handle money and spending responsibly.

This kind of card and way of spending is becoming more popular these days as people become more aware of and experiencing the dangers and frustrations of easily getting into debt with normal credit cards. Modern consumers seem to be more “debt aware” and a good alternative option to the usual way of spending your money is definitely the prepaid credit cards.



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