The responsible use of your credit card account including the budget facility certainly can improve your credit rating over time. By enabling an automated minimum repayment and managing your balance within the limit you are building a track record as a low risk borrower that will assist you throughout your life, from buying that first home or car to starting a business. The budget facility is used for purchases and cash advances that can be repaid over six to 60 months. Credit card users can buy as many items as they wish on their budget facility as long as they have credit available in their account. However, there are transactions that cannot be made using the budget facility such as bond instalments, petrol payments and electronic account payments. Budget purchases are subject to interest rates from the date of the purchase and instalments must be made in full every month while the straight facility provides you with up to 55 days interest free credit when paying the outstanding balance in full and on time each month.
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