Johannesburg- A study by TymeBank has given insight into how South Africans use their credit cards. The fledgling bank conducted an online survey that zoomed in on 1 000 consumers to gauge how they use their credit cards.
The study found that 74% of respondents were using their cards to shop online. Some of the key findings of the study include:
• Sixty-three percent of the respondents use credit cards for big purchases like appliances, furniture and renovations.
• This is compared to 46% who pay for special occasions such as weddings, birthdays and funerals.
• Forty-one percent said they used their cards to pay for holidays and to travel, although this is far more likely among those earning over R30 000 a month and older than 50. Credit card ownership among respondents in the 18-24 age group was high at 46%. The younger consumer tends to pay for their entertainment needs, while the majority buys clothes.
TymeBank CEO Tauriq Keraan said when choosing a credit card, low fees were the most important feature for 77% of the sample, while 61% looked for a good loyalty programme.
“Interestingly, the card’s design is an influencing factor for 16%, while 6% said they liked the status that comes with having a credit card,” he said.
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