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The bank has given you a credit card, and you feel like you’re a step closer to achieving your dreams. But what are your rights and responsibilities?
7 March 2024 · Helen Ueckermann
When you accept a credit card, or any credit agreement, you enter a legal contract laden with rights and responsibilities for both parties.
A spokesperson at Experian, a leading credit bureau, explains the importance of understanding the finer details of this contract, and knowing your rights as a borrower.
Tip: How you handle your credit card repayments affects your credit health. Check your credit score to see where you stand.
It’s up to you as a borrower to fully understand the contractual specifics of any credit agreement you enter. This applies to credit cards as much as it does to any other form of borrowing.
“You can find [much of the finer detail] in your credit card’s terms and conditions, or your [bank] cardholder agreement,” the Experian spokesperson explains.
The National Credit Act (NCA) gives credit card users, and other debtors, certain rights.
“When consumer rights are breached, it’s an offence in terms of credit law, which gives a consumer legal recourse through established dispute channels,” says the Experian spokesperson.
Specifically, the NCA protects your right:
“Your signature on a credit agreement confirms that you agree to meet your obligations by repaying your debt according to the contract,” says the spokesperson.
“By implication, you confirm understanding of your rights and responsibilities.”
Tip: Feeling the financial pressure of increasing interest rates? Consider debt consolidation.
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