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Credit Card

First the Basics

A bank card takes care of so many things. You can shop at any retail store without using cash. You can use it for ATM cash withdrawals. You can shop online with your bank card.

Different types of cards have different uses. Sometimes the banks automatically debit cards. And sometimes the holder needs to do the balancing themselves.Some cards provide for partial payments.

Consumers can opt for one with an annual fee or one without. Pricier premium cards offer a wider range of services like car rentals, travel, and travel insurance internationally.

Use CheckNow to compare credit cards and apply for one that you like.

How Credit Cards Work

A credit card is a payment tool that lets you shop without cash and make ATM withdrawals. Credit cards also facilitate online shopping. Each type of credit card has its own set of features. Many credit cards give the cardholder a creditline. Credit cards and charge cards do this. Prepaid cards require users to add credit before they can make payments using them.

Banks collect on cardholder expenses over a set billing period. This is usually one month. The bank will settle the whole amount incurred from your account balance or credit line. Some models require card holders to transfer the amount they are getting billed. But it is usually automatic.
Sometimes card holders will have the option of making partial repayments. This means that they will refund the total amount in instalments instead of one payment.
If the card holder does not settle the full amount owed, it may incur an interest. The bank probably will not charge interest for any payment during the credit card’s billing period.

Some current accounts will come with a credit card. Customers can treat this like a clearing account.

Benefits of a Credit Card

Because it comes with a credit line, a credit card essentially means access to free credit. Make payments cash-free, easy online shopping and travel booking with a credit card. Some cards allow free cash withdrawals worldwide. Credit cards open up a whole world of convenience. Now for an outline of just how credit cards will give you an edge:

Interest-free Credit

A credit line is basically a small loan. For a 30-day duration at least, you don’t have to pay any interest on your credit card expenditure. This allows you to take care of emergency repairs or any emergency that comes up in a timely manner. But you can only take advantage of this if you pay within the deadline of 30 days. After that, your credit will begin to earn interest. If your credit card allows payment by instalments, you can enjoy a longer repayment period than 30 days. Sometimes this might come at a cost, though.

Online Shopping and Travel Booking

A credit card lets consumers shop online easily. A bank card number and security code is enough to make the purchase. Pay for hotels and flights online just as easily. A credit card is all one needs to make the payment and reserve a room or seat.

Free Withdrawals and Payments Worldwide

Depending on the bank involved, consumers can make card payments and cash withdrawals abroad without incurring fees for foreign transactions.This service allows international travellers to enjoy the same convenience they would have at home. For cash deposits, the only potential cost would be the ATM operator fees. Often, it would be completely free.

Discounts, Insurance Services, and other Extras

Premium credit cards offer users an extra layer of convenience and comfort. These comforts are even more pronounced while the user is travelling.Some of the services available for travellers include document services allowing travellers to recover important documents and block them. Some credit/bank cards come with foreign health insurance, rental car insurance, and travel cancellations. Some credit cards offer bonus points every time consumers shop with them. Card holders can access discounts with partner retailers and sometimes freebies. Some premium credit cards like platinum credit cards have much higher fees.

Contactless payment

Credit cards allow contactless payment. With NFC (near-field communication), credit card holders can make payments of 25 euros or more depending on the bank. Some banks worldwide allow this POS payment for up to 50 euros.

Mobile Payment for Smartphone Users

Rwandan banks and financial service institutions provide mobile money services. So do users of Google, Apple. These services allow credit card users to leverage credit card data to make transactions. They can make checkout payments just by holding up their phones to payment terminals as long as the app is opened.

A Comparison of Google Pay and Apple Pay

Rwandan consumers have been paying with their phones. They are familiar with contactless payment via Android smartphone and iPhone. Google Pay and Apple Pay services have made this possible .These crossbank services have collaborated with Rwandan banks to allow customers to store credit card information within the app so that they can shop on the smartphones. Use our credit comparison tool to check which banks have Google Pay or Apple Pay integration available.

Every card that is compatible with mobile payment comes with its own corresponding note in the Google Pay and Apple Pay logo. Use our comparison tool to find the best card for you and apply for it.

How do I Qualify for a Credit Card

Your bank will set the requirements based on the type of credit cards used. Here is what your bank might require from you:

18 years old
A permanent resident of Rwanda
Demonstrable creditworthiness
Credit information suitable for the type of credit card

Exception Prepaid Bank Card:

A prepaid card has fewer requirements when you compare it to other cards. It is exclusively prepaid. The bank incurs no risk because it is not granting the customer loan
With a prepaid card, there are fewer requirements than with other credit card types, as this card works exclusively on a prepaid basis. Since the bank does not grant a loan, it also has no risk.
With a prepaid credit card, the age of majority is not a prerequisite
With this type of credit card, the bank does not obtain any information from the credit bureau

Which Credit Card is the Best for me?

We have different types of credit cards depending on how the billing is done and whether there is a credit line available for the customer.This is an overview:

Charge Cards

Banks give cardholders their own individual credit limit. This is how credit cards work. The bank then collects on the cardholder’s expenses every month. The customer transfers the money or the bank recovers it from the reference account.

Revolving Card/Credit Card

Credit cards and charge cards both have credit lines. This type of card allows customers the option of partial repayment. It means that customers can choose between settling their entire debts once a month in a single payment or paying in instalments. The instalment option may come with additional interest rates. Customers should take note of the preset billing mode before they choose a credit card.

Debit Card

Debit cards do not have credit limits. Cardholders can do cashless shopping, spend money online, and do ATM cash withdrawals.The bank will debit the money from your current account directly.

Prepaid Card

Consumers have to first load a prepaid card with money before they can use it. A prepaid card has no credit line. Prepaid card holders cannot make payments beyond the amount they have topped up the card with. So a prepaid card may have all the features of a credit card but without the credit line. It is not possible to go into a negative balance. This makes a prepaid card ideal for students, children, and low income consumers.

Daily Charge Bank Card

If you put together a charge card and a debit card, you end up with a Daily Charge card. A cardholder who has already exhausted their credit line and can no longer use it for payments, they can rely on the Daily Charge Card. The bank will recover the money from the cardholder’s current account every month.

Which Bank Card Company do I Choose?

When choosing a credit card, you want to look at the company providing the card and not just the card itself. Every card provider offers its own kind of card. Some companies will offer you a larger network of acceptance points. You can use Visa credit cards or Mastercard everywhere in Rwanda and internationally. But the Diners Club or American Express is not so widely accepted in Rwanda.

What is the Cost of a Credit Card?

How much you pay for your credit card will depend on the company or the financial institutions providing it. A free credit card will not cost you an annual fee, but you will have to pay additional costs. These include fees for cash withdrawals while abroad.
Customers can look at the issuer’s conditions to see which costs will be invoiced. Use the CheckNow credit card comparison. Here are some of the fees you should look out for as you compare credit cards:

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Annual fees

Annual fees are paid one time the whole year through a clearing account. The clearing account might be a current account that is affiliated. Some institutions will provide free credit cards without annual fees. Other card providers will give you a card that is free the first year but not for subsequent years. Sometimes the annual fee is waived when certain conditions are met, like a minimum turnover for the year.

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ATM Withdrawal Fees

Depending on the card provider you are working with, you might have to pay withdrawal fees when you withdraw your cash from an ATM. The cost of the cash withdrawal will be higher or lower depending on how much money you are withdrawing. The fee ranges from 1-4% of the amount withdrawn. This might come to four to six euros at the minimum. WE do have credit institutions that issue cards that allow users free ATM withdrawals worldwide. This may not save you from some ATM operators who attach additional fees or surcharges. Your card provider will not be in a position to refund these charges. Cardholders will see the surcharge amount displayed on the ATM machine before they complete the withdrawal. They can cancel the process before the transaction is complete.

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Fees for Overseas Payments

Banks will charge card users a fee for foreign transactions. These are transactions that take place outside of a certain geographical zone. For example, you may pay extra fees outside the eurozone. This fee covers converting currencies.
Once you go beyond the eurozone, different ATMs will convert money directly into euros. Banks charge this fee because they have to pay to convert currency. Direct conversions from other currencies to euros are more expensive.

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Interest on Credit cards

Credit card bills will accrue interest based on the amount that is not yet paid. It will come to an APR of between 6-22%. The exact rate depends on the bank.

A Quick Look at Credit Card Costs

Annual Fees – 0-50,000 50,000 RwFr (depending on the bank and card type)
Vending Machine Withdrawal – 0-4% of sum withdrawn. Minimum 4000-6000 RwFr
Foreign transaction fee/ vending machine fee abroad: 0-2%. A possible surcharge for cash withdrawal (This depends on your bank)
Interest: 5.50-23.00% eff. p.a. (only for credit cards – This depends on your bank)

Why do I need credit card comparison?

Rwanda alone has at least 100 credit cards on the market. Choosing the right one from such a wide range of options is not easy. Each credit card has its own range of services and charges a different set of fees.
Use the CheckNow service to compare credit cards. It lists all the services, their conditions, and the costs involved in each credit card.

The first step is to think about why the card. What do you want to do with it? While some cards are perfect for frequent travellers, others are better for people who want more flexibility in shopping.

 

Travel by Credit Card: Prepare for your Trip

 

How to Unlock your Bank Card for International Travel

A holiday needs to be a time to relax without nasty surprises. Before heading out on your trip, first call your bank. Your card might not work in some countries for security reasons. Call to let them know you will be using their card in a certain country. This will allow them to unblock your account, allowing you to use it on vacation. When you suddenly start making transactions from different locations, it may seem suspicious. This suspicious activity will trigger them to block the card and inconvenience you while you travel.

 

Confirm your Credit Limits

Do check with the bank to be sure of your credit limits. If you are creditworthy enough, you can increase the credit card limits. You should definitely look into this if your bank allows it. Things like booking a car rental can get tricky when your credit line is short.

 

Make Cash Withdrawals at Destination or Buy Foreign Currency?

You might have thought about visiting your bank before travelling to get some foreign currency. But that might not be the best thing to do. You can get a better rate on your money by using your credit card to withdraw cash. Do this at your destination airport. You will get a better exchange rate. Local banks will be more expensive because of exchange fees. Your credit card can give you free cash withdrawals worldwide.

Is my Money Secure

Fraudsters will target credit cards just like they target anything else. But card providers implement security features that keep cardholders money protected from any unauthorised success. Your money should be secure when you make a cash withdrawal, shop at a retailer, or buy things online. Credit card providers use the most sophisticated technology to make sure that your money is secure. Here are some of the security features deployed:

Bank Card Rwanda
Bank Card Rwanda

EMC Chips

EMC Chips are difficult to read or copy. The chip is designed to protect data from being copied or counterfeited. EMV Chips have been mandatory for all European credit cards since 2011.

Security Signs

These signs are visible under ultraviolet light. The security signs are different for each type of credit card. The signs for Mastercard are C and M.

Hologram

Holograms make good security features because they are difficult to forge. Visa uses a form of a dove for a hologram, but MasterCard uses the brand logo and a pair of interlocking globes.

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Card Verification Codes

When you look at the signature strip behind a credit card, there are three digits on the right side. These three last digits are the card verification codes or card check digit. The acronym is CVC2 or CVV2.
When you shop online, this number will show that you have the card.

Credit Card FAQs

We have credit cards, ATM cards, and debit cards. These are all bank cards.

You can get ATM cards, debit cards, and credit cards are all considered types of bank cards.

What is a bank card?

A bank card is any card that you are issued against your depository account. This card could be a debit card or an ATM card. VisaCards and MasterCards are not necessarily linked to a depository account, but they are often referred to as bank cards too because they are issued by the bank.

Where do I find the best bank cards?

As of March 2022, these were the best Cards:
● Citi® Double Cash Card – for Zero annual Fees
● Chase Sapphire Preferred Card – for the Best Welcome Bonus
● American Express Gold Card – for convenient Travel
● American Express Gold Card – for the best reward program
● Chase Freedom Unlimited Card – Best Cash-back program

How do bank card work?

When you open a checking account with a credit union or bank, you will probably be issued with a debit card. Debit cards allow you to spend the money in your account without having to withdraw cash or write a check. Paying with a debit card takes money from your account and uses it to pay for your purchases. You do not incurr any debt.

What makes a Debit card different from a Bank Card?

Debit cards allow you to spend the money in your account and nothing more. Credit cards let you borrow from the issuer for your purchases or cash withdrawals.

What kinds of Credit Cards can I Get?

● Charge Cards
● Reward Cards.
● Premium Reward Cards.
● Credit Cards for Larger Purchases or Debt Transfer
● Credit Cards for Teens, Students, Building Credit, or Bad Credit.
● Retail Credit Cards.
● Business Credit Cards.
● Others.

Is a Credit Card Good for me?

A credit card can help you to build a better credit score. To do this successfully, you must be responsible with your card. Your credit score will steadily improve as you borrow and repay. If you already have really poor credit history, choose a secured credit card.

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What are the advantages of a credit card?

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Credit card without credit bureau

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Why is a credit card comparison worthwhile?

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What are the advantages of credit cards abroad?

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Credit card security in everyday life

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Further information

Advisor

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Lexicon

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Frequently asked questions

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Updates

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Perticipating provider

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