Gold may no longer be an attractive investment option, but gold or prestige credit cards are still a sign of wealth.
Although prestige cards are only for those who have assets worth about R200 000 or more, or those who earn high salaries, those who qualify get a range of attractive benefits.
To qualify for a prestige card on the basis of your salary, you need to earn R80 000 a year for First National Bank's Status card and R120 000 a year for its Premier card; you need to earn R120 000 a year if you want a gold card from Standard Bank, Absa or Boland Bank; and a cool R150 000 a year if you'd like a Nedbank or Perm gold card.
Graduates and professionals earning at least R120 000 a year qualify for Nedcor's American Express gold card. If you fall outside this category and apply for an American Express gold card through Nedbank, you'll have to boast an annual income of at least R180 000 a year.
Standard Bank says at the top of your benefits are lower debit interest rates than those which apply to ordinary credit cards, superior travel insurance benefits and the bank's card division pays the 20 cent government duty on each purchase for you.
Then there's free lost card protection, higher credit limits and interest-free periods of up to 55 days before repayment.
This benefit, according to Ann Bramhill of First National Bank, can prove very useful.
"If, for instance, you budget R1 000 a month for housekeeping, then keep the R1000 in a savings or cheque account where it will gain interest, spend the housekeeping money during the month using your credit card and pay the bill using the R1 000 by the due date.
"You will have received interest on your money in the bank and received interest-free credit from the card company."
Among the best interest rates are those offered by Boland Bank, which charges 23,5 percent interest on debit balances on Gold Visa credit cards and pays 12,5 percent interest on credit balances.
FNB's Status and Premier cards offer other benefits such as reduced home loan rates and special rates with its associates and divisions such as GuardBank, WesBank, First Bowring and First National Trust.
As with other credit cards, one of the best ways to control your spending, is to consolidate all your spending on your gold card and not to hold a number of different bank and retail cards.
Card fees on gold cards are often higher than on ordinary credit cards and credit interest rates are similar to that on ordinary credit cards.
Yet benefits, such as lower debit interest rates, improved travel insurance, reduced home loan rates in some cases, interest-free periods before repayment and higher credit limits can make prestige cards attractive.