MasterCard

MasterCard, in partnership with a select group of financial institutions, has provided world-class credit to South Africans for over 50 years.

As one of the most accessible payment networks in the world, they’ve helped revolutionise the payment process.

What you get out of your bank's partnership with Mastercard

Your credit card agreement is a loan between you and your bank. They’ll process your application, provide funds, and receive payments. However, as a MasterCard holder, you gain additional benefits depending on whether you choose the Standard, World, or World Elite benefits package.

Standard offers you the basics that all MasterCard credit card holders can enjoy. Namely the zero fraud liability policy, emergency card replacement, and identity theft protection.

The World and World Elite packages include cell phone insurance, travel and lifestyle benefits, and amazing discounts and promotions. However, even these will depend entirely on your region and bank.

The MasterCard brand and how it got started

Their roots can be traced back to the 1940s when a selection of US banks decided to work together and develop a more convenient payment method. They would offer account holders a slip of paper that could be presented to merchants as payment for goods and services. Businesses could then return these slips to the bank to receive compensation.

As the process evolved, a group of banks split off to form the Interbank Card Association. The goal was to make their services available to the international market. By the late 19 80s, not only had the ICA branched out as far as Africa, Australia, and China, but they’d rebranded to MasterCard International.

The heart of Mastercard beats for the communities who built it

They provide products and services to businesses, banks, and governments, but the communities they serve are what stokes their passion. To this end, they set up the MasterCard foundation with an independent board of directors that helps by offering scholarships and supporting entrepreneurs across Africa.

As a global company operating in over 210 countries, they understand that the diversity of language, culture, and belief makes this world beautiful. In turn, this drives them to promote and celebrate inclusivity.

As more and more consumers, businesses, and banks turn to online transactions, MasterCard is increasing its focus on developing and improving the way you pay.

Whether you use your credit card in-store or online, you can rest assured that your transaction will be effortless.

3 ways to zoom through pay points with your credit card

• Contactless payment methods have become more popular than ever. You can fly through checkout without your card ever leaving your hand by enabling the tap-to-pay feature on your debit or credit card.
• Forget your wallet at home? Thanks to the collaboration between MasterCard and Google Pay, you can now pay for your groceries by tapping your phone in a participating store.
• By downloading the MasterPass app and creating an account connected to your credit card, you get access to the scan-to-pay feature. Whether shopping online or in-store, simply scan the QR code at the till and safely pay in seconds.

The up-side to being a credit card holder

If you earn a minimum of R5,000 per month, have a healthy credit score, and are looking for a financing option you can rely on in case of emergency; then a credit card is just the ticket. It’s a convenient form of personal financing with additional benefits and can be an asset when used responsibly.

Generally, a credit card doesn’t require collateral. But, a secured option is available if you have no credit history or your score needs some rehabilitation. In this case, your savings account will be used as collateral; what you have in that account will determine your credit limit.

How the zero liability policy works

As cards with a magnetic strip are slowly being phased out by more convenient microchip technology, protecting your credit card from fraudsters is becoming easier. These chips also make contactless payment possible and add layers of security software between your private information and the card reader.

MasterCard takes security seriously, and as an added benefit of using their network, they offer you a zero-liability policy. This means you won’t be expected to foot the bill if your card is used fraudulently. However, this policy only stands if you take every precaution to keep your card safe and report loss or theft immediately.