Credit cards around the world: South Africa

By Matt Schulz

This is the first in an ongoing series of reports looking at credit card use around the world. First up is South Africa, but we'll spanning the globe in coming weeks and months to feature other nations.

Back to world map

Credit reportCredit card penetration
Debit cards dominate South Africa's payment card market. In 2011, there were 35.2 million debit cards in circulation and 8 million credit cards. (Euromonitor International)At last! Credit for petrol
Regulations in South Africa had prevented motorists from paying for gasoline by credit card in South Africa until 2009. Not wanting to inconvenience a flood of 2010 World Cup tourists, the law changed to lift the ban. Source: South African government Deep in debt
South Africa has been hit hard by recession. One indicator: "The number of debt counselors has shot up by a third in one year, with more than 12000 companies and individuals now offering their services to embattled consumers across the country." (The Times)
Cards and crimeID theft just "so easy"
Identity theft can cost South Africans more than 1 billion rand every year, experts say. Officials with the Consumer Profile Bureau -- the nation's most comprehensive source of credit information -- were quoted in June as saying that ID theft had become "the white collar crime of choice" because it was "so easy."Standing up for the consumer
In June 2007, the National Credit Act was introduced to boost transparency and consumer protection in the credit industry. The act also aims to prevent "reckless lending, over-indebtedness and unfavourable lending practices."Combatting ID theft
Retailers generally swipe a card's magnetic strip through a reader and then require a cardholder signature to complete a purchase. However, skimming and fraud is becoming such a huge problem, banks are starting to implement microchip technology.Local voicesOfficial tourism site
- SouthAfrica.infoTop financial news publications
- Business Report
- Business DaySouth African financial blogs
- TheRandToday.com Country infoLocation: Southern tip of Africa (map)Population: 43,997,828 (2007 estimate)Area: 745,000 sq m or 1.2 million sq km (roughly twice the size of Texas)GDP: US$467.1 billion, world's 25th largest (2007 estimate)Key exports: Gold, diamonds, platinumFamous South Africans: President and activist Nelson Mandela, Archbishop Desmond Tutu, actress Charlize Theron, surgeon Chris Barnard

Updated: May 3, 2012


	Three most recent Research, statistics stories: Equifax report: Credit landscape looking up – Things are looking up within the credit landscape, says a report from the Equifax credit bureau. The second quarter of 2012 shows promising numbers -- with the exception of home finance ... How the CreditCards.com Weekly Credit Card Rate Report is made – CreditCards.com's Weekly Credit Card Rate Report features the national average annual percentage rate (APR) for new credit card offers, as well as national averages for offers of new cards in nine separate categories. Here's how we do it ... Child identity theft rising quickly, report says – According to an identity protection company based in Austin, child identity theft is on the rise and moving fast. Very fast ...


	CreditCards.com's newsletter Did you like this story? Then sign up for CreditCards.com’s weekly e-newsletter for the latest news, advice, articles and tips. It's FREE. Once a week you will receive the top credit card industry news in your inbox. Sign up now!

Share This Story

Follow Us!

Credit Card Rate Report

Updated: 05-22-2012

National Average	14.91%
Low Interest	10.40%
Balance Transfer	12.43%
Business	12.67%
Student	13.77%
Cash Back	14.24%
Airline	14.63%
Reward	14.70%
Instant Approval	15.49%
Bad Credit	23.64%

Comments/Questions?

Corrections Policy


	Weekly newsletter Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.


	Quick Links Credit Card Videos Credit Card Help Credit Card Glossary Credit Card Statistics

		Tuesday, May 22nd 2012