By Business Reporter
FNB Namibia launched the ‘Did you know’ credit card campaign which aims at educating the customer about the many advantages of credit cards if used properly.
Madri Frewer, FNB marketing manager explained that many customers were under the impression that credit cards were costly and only for wealthy people. “Credit cards, nowadays, can be used to pay for almost everything and if the credit card is managed correctly, customers do not pay a cent in service fees.
“Now that cheques are phasing out, the credit card can be used as means of payment, and unlike costly cheques, credit card swipes are free, customers can set up automatic payments on their credit cards, the FNB App can be used to keep track of spending and if everything is re-paid within 55 days, no interest is charged. These are but some of the great benefits that our credit card offers”.
More advantages are also the fact that customers receive free global travel insurance if flights are paid for with the credit card.
Personal credit cards are a crucial payment method for consumers. Worldwide, personal credit card transactions comprise over one-third of all non-commercial card payments and have seen strong growth in recent years. Credit cards are expected to continue to gain share over the next five years, reaping additional market share from the ongoing transition away from paper payments.
Global personal credit card transactions totalled US$8.5 trillion in 2016. Global spend was led by the Asia Pacific and North America regions, which together combined for 85 percent of all personal credit card transaction value worldwide.
Frewer: “The best credit cards generally offer low interest rates, great perks, and no hidden fees. However, that doesn’t mean the right card is the same for each person. Because each credit card offer is different, the best card for your needs depends on your spending habits, credit score, and personal credit goals. We encourage our customers to enquire with their personal banker about qualifying for a credit card and the various advantages thereof which include convenience, record keeping, instant cash, purchase protection and building of positive credit.
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