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.
AppDate: DStv taps Xbox, Hisense
DStv Now for Xbox and Hisense
Usage of DStv Now, the online DStv service available free to DStv customers, is increasing rapidly with more than two million plays of live and Catch Up content per week. In addition to using DStv Now to watch TV on tablets and smartphones, an increasing number of DStv customers are also opting to use it as their primary method of getting DStv on additional TVs in the house. This is set to increase with the release of two new big-screen TV apps, one for Xbox gaming consoles (Xbox One, Xbox One S, Xbox One X) and another for Hisense smart TVs (2018 and newer models).
Expect to pay: A free download.
Platform: Any of the Xbox One range of gaming consoles and 2018 or later Hisense smart TVs.
Stockists: Visit the store linked to your Xbox console or HiSense smart TV.
Santam Safety Ideas
Start-up businesses that have a FinTech or InsurTech business venture brewing are called to enter the third annual Santam Safety Ideas competition. Safety solutions or InsurTech ventures that are ready for piloting could win up to R150 000 worth of incubation support and R200 000 in seed funding.
The Safety Ideas competition was launched two years ago in partnership with LaunchLab, Stellenbosch University’s startup incubator that facilitates valuable connections for corporates and startups sourced from the startup ecosystem and partner universities in South Africa. The previous winners are Herman Bester and Anton Swanevelder, co-founders of MyLifeLine – a wearable panic device that won the competition last year; and Ntsako Mgiba and Ntandoyenkosi Shezi, co-founders of Jonga – a cost-effective security system for low income families, which won the competition in 2017.
Entries close on 28 February 2019. For more information on how to enter, visit: www.santam.co.za/safetyideas/
Click here to read about the FNB Snapchat lens, Spotify Free with data saver, and 00:37.
Fortnite fixes hackers’ hole
Epic Games has repaired a vulnerability that exposed Fortnite, the world’s most popular game of the moment, to hackers. The hole, which was left in Epic’s web infrastructure, allowed hackers to target players with email that appeared to come from Epic Games, but would have led them to a phishing site, where their log-in details would have been stolen.
Researchers at cyber security solutions provider Check Point Software alerted Epic to vulnerabilities that could have affected any player of the hugely popular online battle game.
Fortnite has nearly 80 million players worldwide. The game is popular on all gaming platforms, including Android, iOS, PC via Microsoft Windows and consoles such as Xbox One and PlayStation 4. In addition to casual players, Fortnite is used by professional gamers who stream their sessions online, and is popular with e-sports enthusiasts.
If exploited, the vulnerability would have given an attacker full access to a user’s account and their personal information as well as enabling them to purchase virtual in-game currency using the victim’s payment card details. The vulnerability would also have allowed for a massive invasion of privacy, as an attacker could listen to in-game chatter as well as surrounding sounds and conversations within the victim’s home or other location of play.
While Fortnite players had previously been targeted by scams that deceived them into logging into fake websites that promised to generate Fortnite’s ‘V-Buck’ in-game currency, these new vulnerabilities could have been exploited without the player handing over any login details.
Click here to read how the Fortnite hack would have worked.