While South Africans are still using credit cards, they have changed their attitude towards them.
The main difference is that they are swiping their cards for lower amounts than they used to and making sure that they keep their balances low.
Latest figures from Standard Bank Group shows Standard Bank South Africa credit cards are being used to pay mostly for groceries. Entertainment and other lifestyle purchases are still in the top five things that go onto their plastic.
Even corporates are putting lower amounts onto their credit cards. This means that they’re spending less on things like business travel and entertainment.
All makes sense considering the worldwide economic situation of the past few years.