Banking card/account queries

[tsume]

From the savings/cheque thread which was started some days ago I learnt something new.
Cheque account: It's a transaction account, no interest but cheaper charges on transactions, can overdraft.
Savings account: Account to keep money in, interest accumulates but transactions are more costly than cheque account, no overdraft.

I've had a savings account opened when I was 13 and I never really bothered finding out anything else as long as I had money. Given the revelations I just found out about the cheque accounts I was thinking of opening one or is just walking into the bank and activating my cheque the account. Looking at the Absa site (my current bank), I actually could go for the Absa student credit card. I can at least buy stuff online with that card.

The only thing which is steering me away from getting this account is that I have no full understanding on how credit cards work. I mean I hear people say 'straight', 'budget 6/12 months'. But I don't know what this means. Can someone explain how credit card work, what I should beware of when using them. I don't want to get something and find out it will screw up the rest of my finances, that's the reason why I never bothered to get some other type of account.

Oh yes, this maybe my final year of studies (still have not decided if I should commit to doing my masters), how long does the student account last? If I start working next year will they (Absa) force me to get another account?

 

[MightyMuffinMan]

From the savings/cheque thread which was started some days ago I learnt something new.
Cheque account: It's a transaction account, no interest but cheaper charges on transactions, can overdraft.
Savings account: Account to keep money in, interest accumulates but transactions are more costly than cheque account, no overdraft.

I've had a savings account opened when I was 13 and I never really bothered finding out anything else as long as I had money. Given the revelations I just found out about the cheque accounts I was thinking of opening one or is just walking into the bank and activating my cheque the account. Looking at the Absa site (my current bank), I actually could go for the Absa student credit card. I can at least buy stuff online with that card.

The only thing which is steering me away from getting this account is that I have no full understanding on how credit cards work. I mean I hear people say 'straight', 'budget 6/12 months'. But I don't know what this means. Can someone explain how credit card work, what I should beware of when using them. I don't want to get something and find out it will screw up the rest of my finances, that's the reason why I never bothered to get some other type of account.

Oh yes, this maybe my final year of studies (still have not decided if I should commit to doing my masters), how long does the student account last? If I start working next year will they (Absa) force me to get another account?

DO NOT get a credit card while you are a student. Get a job first befoer commiting your self to credit.

Get a student account for general transactions and a savings for more longer term saings however savings gives you easy access but with lower interest rates. Best option is a moneymarket account (best one is Standard Bank money market unit trust via Stanlib, but requires a min deposit of R10 000 and can only get money out after 3 days)

Best bank IMO is FNB for daily transactions and usability. Standard BAnk for savings and investments. and Absa for home loans (they not good for anything else). Capitec currently beats all banks with their service and fees so well worth a look.

My account:
Standard bank current (Im a private banking client)
Standard Bank Money market via Stanlib (i did away with savings accounts entirely)

whatever you do when you get your first job than choose your bank wisely as they will probable be your bank for life.