Apart from taking advantage of the standard benefits of using a credit card (including up to 55-days interest free credit), ETHEL NYEMBE, Head of Card Issuing at Standard Bank, says there are numerous other advantages of signing up for one.
As with many inventions in modern society, credit cards are evolving rapidly. Once deemed an emergency tool only, the credit card has become so much more than that; used wisely, credit cards can be secure and convenient methods of payment that offer valuable rewards to the consumer.
“The credit card industry is one of the most competitive in the world, and card issuers go to great lengths to retain existing customers while convincing new customers to join and experience the convenience of a credit card – so much so that they are forever looking for new and unique ways to increase their value offering. So, apart from taking advantage of the standard benefits of using a credit card (including up to 55-days interest free credit) there has never been a better time to acquire this type of revolving credit,” says Ethel Nyembe, Head of Card Issuing at Standard Bank.
Below are just a few current trends that were designed to work in the consumer’s favour:
New ‘cash back’ card innovations
Cardholders who use reward cards earn valuable points, frequent-flyer miles at some banks, or cash back for the purchases they would have made anyway. Those who earn cash back – or in the case of Standard Bank, Ucount Rewards points – are realising helpful discounts on purchases, whether in the form of actual cash, or in points that can be exchanged for discounts, flight miles and other rewards.
Competition is tight among financial institutions to offer their customers the very best in rewards and loyalty benefits, and credit card holders are urged to do their homework, keep abreast of changes to their bank’s rewards programme, and make sure they are optimising all the benefits available to them.
Increase of secure mobile payment solutions
Standard Bank’s SnapScan and Snap Beacons are two such innovations. With more consumers and vendors making and receiving payments using their cellphones, the SnapScan series of payment solutions allow customers to pay at SnapScan-enabled merchants by simply scanning a payment code. SnapBeacon lets customers do the same, but in a more convenient way, as no codes need to be scanned. By using Bluetooth technology, merchant beacons detect where customers are and invite them to “pay here” for goods or services.
Innovative chip card communications and security features
To avoid long queues, all cheque and credit card account holders can use Standard Bank’s Tap to Pay payment solution. All that is required is a simple tap of their credit card within 5cm of the terminal at the point-of-sale (POS). Easy and secure, your card never leaves your hand, making it the ultimate in safe payment solutions. And if your card is stolen, the holder cannot tap for any amount over R500 without your PIN, giving you time to cancel your card with minimal risk of financial loss. “In addition, to mitigate the risk of any transactions on your account without your knowledge, Standard Bank offers MyUpdates – a free service that alerts you via SMS and emails of all activities on your account, enabling you to identify and report any transactions that may be suspicious or that you didn’t authorise,” says Nyembe.
Newly designed websites, apps and services
Banking customers are among some of the most tech-savvy, and, as such, are ever in search of new, fast and convenient ways to conduct their day-to-day banking. Standard Bank recognises this, and – as one example among many – offers the latest in credit card functionality on its web and mobile banking app. The update has reimagined the way customers use credit cards and aims to convert the app into a remote control for cards. Via the mobile banking app, clients can now activate their bank cards for use during international travel, toggle cards on or off, stop cards in case of loss or theft, order new cards, and manage ATM limits.
Peace of mind
One of the less appreciated benefits of a credit card is that consumers are protected when a merchant fails to deliver goods or services paid for, or if what you received was not what was promised. To get your money back, you simply have to contact your credit card issuer and request a chargeback. A temporary credit for the amount in dispute is immediately received, and it becomes permanent once the card issuer has researched and substantiated your claim.
For example, if you paid for a product that never arrived by mail, you would receive a full refund. Or, if you purchase a service for one year, and the service provider goes out of business after a few months, you would receive a pro-rated refund for the service you didn’t receive.
“Not too long ago, credit cards were seen as a dangerous, but at times ‘necessary evil’ whose overuse could lead their owners down the road to over-indebtedness and financial ruin. This inaccurate view is fast being dispelled as it becomes obvious that credit cards are not only a fast, convenient, and secure, payment method, but also an effective financial management tool,” says Nyembe.
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.