Standard Bank has reported a 52% year-on-year increase in new credit card users by the end August 2024. Standard Bank head of credit Tumelo Ramugondo noted that while rising living costs might suggest greater reliance on credit cards, many consumers are increasingly using them as transactional accounts to earn more UCount reward points. Ramugondo added that consumers are also employing credit cards as budgeting tools, taking advantage of up to 55 days of interest-free periods on purchases to manage their finances more effectively.
