Well done, you’ve recently navigated the credit application process and are now the proud new owner of a shiny credit facility. Playing off some famous words of wisdom, “with great financial power comes great responsibility”. Managing your credit effectively is essential not only to maintain your creditworthiness, but also to build a strong financial future. By adopting disciplined habits and leveraging the tools provided by RCS, you can ensure your financial journey is smooth and rewarding.
This guide covers everything you need to know about paying on time, staying informed, and safeguarding your account, while growing your credit profile.
- Pay Regularly and Efficiently
Timely repayments are the cornerstone of creditworthiness. Consistent payments not only avoid penalties but also improve your credit profile over time.
How to Make Payments
If you have an RCS credit facility, you will have a number of convenient payment methods to ensure you never miss a due date:
- Debit order: Easily the most effective way to pay, as your debit orders will be collected monthly, directly from your bank account – ensuring that, as long as you have the required finances in the bank, your account will never fall behind.
- RCS Mobile App: Make quick and secure payments from anywhere.
- RCS Self-Service Portal: Log in to your account online to make payments and view your balance.
- Electronic Funds Transfer (EFT): Transfer directly from your bank account. Use your RCS card number as the reference.
- In-Store Payments: Pay at participating retail outlets using your RCS Card or via Easy Pay and get unique references from your statements.
When to Pay
- Always aim to pay before your due date to avoid late fees.
- Set up payment reminders or automatic payments through your bank to stay on track.
Why It Matters
Timely payments signal to lenders that you are reliable, which is essential for building trust and qualifying for higher credit limits in the future.
- Build a Reliable Credit Profile
A strong credit profile opens the door to better financial opportunities, such as higher credit limits and more favourable loan terms. Here’s how to grow your creditworthiness:
- Borrow Responsibly: Only use credit for necessary expenses and ensure it is within your budget to repay.
- Maintain Low Utilisation: Aim to use less. Maxing out your credit is never a positive move, so as best possible try and keep under a usage of 50% of your total available credit.
- Stay Consistent: A long history of responsible credit usage demonstrates reliability to lenders and improves your credit score.
- Stay Informed on Account Status
Keeping track of your credit status helps you avoid surprises and maintain control over your finances.
Key Tools to Monitor Your Account
- Monthly Statements: Review your statements for a clear picture of your spending and repayments.
- Available Balance: Use the RCS App or self-service portal to check your outstanding balance and available credit.
- Account Alerts: Enable notifications for payment due dates and transactions for real-time updates.
Why Staying Informed Matters
Regularly monitoring your account helps you spot errors, detect unauthorised transactions, and stay ahead of your repayment schedule.
- Check Your Credit Score Regularly
Knowing your credit score is crucial for understanding your financial health and identifying areas for improvement. RCS helps customers keep track of their credit score for free by partnering with Credit Gateway.
Why Use the Credit Gateway?
- Track Your Score: Regular updates help you see how your financial habits affect your creditworthiness.
- Dispute Errors: Detect inaccuracies in your credit report and take steps to correct them.
Visit the Credit Gateway to access your report and tips for improvement.
- Keep Your Account Details Safe
In today’s digital world, protecting your financial information is more critical than ever.
Best Practices for Security
- Use Strong Passwords: Combine letters, numbers, and symbols to create secure passwords for your accounts.
- Avoid Public Wi-Fi: When accessing your account, ensure you’re using a secure internet connection.
- Enable Two-Factor Authentication: Add an extra layer of security to your account login.
- Monitor for Fraud: Check your account regularly for unauthorised transactions and report any suspicious activity immediately.
Why It’s Important
Keeping your account secure protects you from identity theft and fraud, ensuring your credit profile remains intact.
- Master Financial Literacy
Understanding personal finance is essential for long-term success. RCS offers a wealth of resources to help you improve your financial skills:
- Financial Habits for Wellbeing: Tips for creating budgets and setting financial goals.
- 6 Financial Life Skills: Practical advice for managing income, expenses, and savings.
- Smart Payment Methods: Learn how to make efficient and secure payments with RCS tools.
Mastering money management is the key to staying creditworthy and unlocking greater financial opportunities. By paying on time, monitoring your account, and safeguarding your details, you can build a strong credit profile that sets you up for future success.
RCS is here to support you every step of the way with tools like the RCS App, Credit Gateway, and educational resources. Remember, responsible credit use today paves the way for a secure and prosperous financial future.
