Six Ways to Use a Credit Card Responsibly

A credit card has many benefits. But, we must ensure that we use them responsibly in order not to incur additional fees and interest. Here are some ways to use your credit card responsibly.

• Do not spend more than you can afford. Keep your credit card utilisation between 20 and 30 per cent each month. Whatever you spend, must be money that you can pay off in full when the due date comes. When you pay your bill in full, you don’t incur interest. If for one reason or another, you are not able to pay your credit card bill in full, ensure that, at the very least, you make the minimum payment. Now, the minimum payment is the least amount you are able to pay in order to remain in good standing with the bank. You will see that amount on your credit card bill. However, it is best to pay an amount greater than the minimum payment
• Avoid spending frivolously when using your credit card. Simply put, if you wouldn’t buy it if you had the cash, then don’t use your credit card to make that purchase. Use it as a temporary loan to yourself or to pay for necessities and strive to pay it off by the due date.
• Never skip a credit card payment. Missing payments could result in delinquency that affects your credit rating and late fees
• Try to schedule large transactions immediately after your next statement date where possible to provide you with more time to reduce or clear said transaction as this transaction would appear on the next months statement  providing you with additional time to clear same
• Do not take a cash advanceunless it’s extremely necessary. A cash advance is withdrawing money from the ATM using your credit card. It attracts a high penalty fee.
• Our JN Bank VISA credit cards have chip and PIN technology which makes it harder to defraud. However, never share your credit card PIN with anyone.
• Be careful when shopping online. Ensure you only use your credit card on secure and trusted websites.
• Do not allow merchants or their employees to take your credit card out of your sight tap cards or dip cards yourself at the POS terminal at a fixed location. If the POS is mobile ask that the mobile POS be brought to you
• Avoid giving anyone your card or 16 digit card number when conducting transactions or making payments. When referencing your account, use the 10–digit account number reflected on your last statement.

Take advantage of rewards. Use cards at JN Rewards participating merchants to access discounts. Our credit cards also come with a range of other benefits through our expanded JN Rewards programme. Be sure to take advantage of them to get the most from your card.