The rise of plastic money

What is plastic money?
‘Plastic money’ is a term used to refer to credit or debit cards that enable you to make purchases without using cash or cheques. Credit cards are provided after an application process. If you are accepted, the credit card provider will give you a card and a credit limit, which restricts the amount of money that you can spend. Debit cards are linked to your Bank account and allow you to make electronic payment.

How do I use plastic money?
Credit and Debit cards can be used to make purchases either on-line, by phone or face to face, anywhere that card payments are accepted.

ZimSelector is a great example of a new way of buying using plastic money. Using this online service you can now compare and buy a wide range of financial services products medical aid, funeral, home, motor, life, travel, banking and investment products from Zimbabwe’s leading and most trusted financial services brands.

If you make payment with a debit card, the funds are immediately transferred from your bank account. If you use a credit card, the provider will total the amount spent and send you a statement each month. You can then either clear the balance in full, effectively receiving free credit OR make a smaller payment and clear the outstanding balance over a number of months to fit your budget.

WARNING: The interest that you pay on outstanding credit may be high and you need to be aware of the consequences of not clearing the balance in full.

What are the advantages of plastic money?

1. Convenience – You can use your card anytime/anywhere and avoid the need to access cash. This is especially useful as the current currency pressures in Zimbabwe have resulted in long queues for cash with no guarantee of success.
2. Security – Reduces the need to carry cash when you risk loss or theft. If you lose your debit or credit card you can report the matter to the bank and block the card to avoid misuse.
3. Access to credit – When you application for a credit card is accepted, you are given a maximum credit balance and that gives you have the option of buying on credit up to your limit or paying later. Although the charges are high, the credit can help your cash flow or in case of emergencies.
4. Online and telephone Payments: You can use cards to make purchases online and over the phone – it also enables you to make electronic fund transfers.
5. Protection: If you make a purchase with a credit card, you are protected for anything you buy costing over $100. So, if the company that’s sold you something goes bust before the item is delivered, or if it’s broken and the supplier won’t sort things out, you can still get a refund.

Technology has certainly revolutionised the way we can shop and ‘plastic money’ now offers great flexibility, convenience and security.

Providing financial security for you and your family can never be over emphasised, especially in these tough times. You will find all the information and products you need on www.ZimSelector.com. A friendly customer services team is always available on email : customerservices@zimsselector.com, Tel – +263 (04) 480417, +263-77-571-3867, or visit us at 14 Steven Drive, Msasa, Harare, Zimbabwe.

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