For South Africans deciding whether to open a store card, choosing between retailers, or trying to keep the cost of one they already have under control.
In short: A store card is a revolving credit account you use at one retail group. By law, store cards and credit cards fall under the same interest cap for credit facilities: the repo rate plus 14%, which is 21.25% a year at the current 7.25% repo rate. On top of interest you can pay a monthly service fee of up to R60, an initiation fee and, at some retailers, compulsory credit insurance. Several retailers offer interest-free plans if you pay on time, so the real cost depends on how you use the card. Check your pre-agreement quote before you sign.
How store cards work
A store card gives you a credit limit you can spend at the issuing retailer and its sister brands, in store and often online. Each month you get a statement and pay at least the minimum instalment. Whatever you do not pay off is carried over and, unless you are on an interest-free plan, earns interest.
The retailer (or a finance partner) must check your credit record and assess whether you can afford the repayments before approving you, as the National Credit Act requires. That is why every retailer asks for proof of income, usually your latest three months of payslips or bank statements.
The main store cards compared
Most South African clothing and homeware groups now run one account across all their brands. Here is where each card works and what the retailer says about payment plans and rewards.
| Account | Where you can use it | Payment plans and extras |
|---|---|---|
| Woolworths Store Card | Woolworths stores, Woolies Dash and selected Woolworths Foodstops at Engen | Earns cashback through the MyDifference PLUS programme, subject to its terms |
| TFG Money Account | More than 20 TFG brands, including Foschini, Jet, Markham, Sportscene, Totalsports, American Swiss, @home, Coricraft and bash.com | 6 months interest-free (service fees may apply) and automatic TFG Rewards membership |
| Truworths account | Truworths group brands, including Truworths, Identity, Office London, Uzzi, Earthchild and Loads of Living | 6, 9 or 12 month terms; on the 6-month interest-free plan, interest is only charged if you fall into arrears |
| Edgars Account | Edgars in store and online, plus Pick n Pay, Checkers, Game, Shoprite, Makro and Builders | 3 and 6 months interest-free at Edgars, or revolving, 24 and 36 month plans; account protection insurance is required |
| Mr Price Money | Mr Price, Mr Price Home, Mr Price Sport, Mr Price Cellular, Sheet Street and Miladys | 6 or 12 month interest-bearing plans; credit balance protection is compulsory on newer accounts |
| PEP and Ackermans accounts | PEP, Ackermans, Tekkie Town, Refinery, Dunns and other Pepkor clothing brands | Up to five free extra cards for family on Ackermans; a hardship benefit on death, retrenchment or temporary disability |
Sources: Woolworths, TFG Money Account and TFG account FAQs, Truworths account management, Edgars Account, Mr Price Money FAQs, Ackermans account and PEP account. Retailers change their offers often, so confirm the plan on the application page before you apply.
Two changes catch out people working from older lists. Jet now belongs to TFG, so Jet shoppers use a TFG Money Account. Edgars is now owned by Retailability, and its card is administered by RCS, which is why it also works at grocery and hardware stores. Our Edgars account guide covers that card in more detail, and our guide to the PEP credit account explains how the Pepkor cards work.
What a store card really costs
The National Credit Act regulations set the maximum interest rate for credit facilities, a group that includes store cards, credit cards and overdrafts, at the repo rate plus 14% a year. The South African Reserve Bank raised the repo rate to 7.25% from 25 September 2026, so the cap is now 21.25%. Retailers may charge up to the cap, and some, such as Mr Price Money, charge the maximum. When the repo rate moves, a rate linked to it moves too.
| Cost | Legal maximum for credit facilities | Where to find your figure |
|---|---|---|
| Interest | Repo rate plus 14% (21.25% a year at a 7.25% repo rate) | Pre-agreement quote and monthly statement |
| Monthly service fee | R60 a month | Pre-agreement quote; some retailers charge less |
| Initiation fee | R165 plus 10% of the amount above R1,000, never more than R1,050 | Pre-agreement quote |
| Credit insurance | You may replace the retailer’s cover with your own policy that gives the same cover | Insurance schedule with your agreement |
To see how this adds up, take a R3,000 purchase repaid over 12 months at 21.25%. The interest comes to roughly R356. If the account also charges the maximum R60 monthly service fee, that is another R720 over the year, so the R3,000 purchase costs you over R4,000 before any insurance or initiation fee. The same purchase on a 6-month interest-free plan, paid on time, costs only the service fees.
How to apply
You can apply in store, online, by WhatsApp or, at some retailers, by SMS. You will usually need:
- to be 18 or older
- a South African ID (some retailers accept other ID in store only)
- your latest three months of payslips or bank statements
- a cellphone number and your employer’s contact details
- your spouse’s written consent if you are married in community of property
Some retailers ask for a deposit on your first purchase. TFG, for example, says you may have to pay a 15% deposit before your first instalment is paid in full.
When a store card makes sense
- You will use an interest-free plan and pay every instalment on time
- You need a planned, essential purchase, such as school uniforms or work clothes, and can repay it within the term
- You are starting to build a credit record and will keep the limit low and the balance paid
- You already shop at the group regularly and will use the rewards or cashback
When to avoid one
- You are already struggling to pay other debts
- You would only pay the minimum each month, which keeps a small balance alive for years
- You are tempted by a high limit you do not need. Ask for a lower limit instead
- You can use lay-by instead. Mr Price, Truworths and TFG all offer lay-by, where you pay the item off before you take it home, and Mr Price says its lay-by needs no credit check and charges no interest
If you already have a store card
- Pay more than the minimum, and pay by the due date to stay on any interest-free plan
- Check each statement for insurance premiums and add-ons you did not ask for
- Close accounts you no longer use once they are settled, so the limits do not tempt you
- If you are falling behind, call the retailer early to arrange a payment plan before the account goes to collections
If several debts are piling up, a registered debt counsellor can help you restructure them. Our debt review guide explains how the process works.
Frequently asked questions
What is the interest rate on store cards in South Africa?
The legal maximum for store cards is the repo rate plus 14%. With the repo rate at 7.25% since 25 September 2026, that is 21.25% a year. Your own rate is on your pre-agreement quote and monthly statement.
Are store cards more expensive than credit cards?
Not by law: both fall under the same 21.25% cap for credit facilities. In practice a bank may offer you a lower rate if your credit record is strong, and a credit card works at almost any shop. A store card can be cheaper if you use an interest-free plan and pay on time.
Can I use one store card at several shops?
Yes, within the same group. A TFG Money Account works at more than 20 TFG brands, a Mr Price Money account at six Mr Price Group brands, and an Edgars Account at Edgars and some grocery and hardware stores.
Does a store card help my credit score?
It can. Paying on time builds a positive record with the credit bureaus, while missed payments are reported and make it harder to get credit later.
Do I have to take the retailer’s insurance?
Some retailers require credit insurance on new accounts, but the National Credit Act lets you replace it with your own policy that gives the same cover. Ask the retailer how to cede your existing policy.
Before you sign
Read the pre-agreement statement and quotation. It shows your interest rate, monthly service fee, initiation fee, insurance and total cost of credit. If any of those figures surprise you, you do not have to sign.
Last checked: 29 October 2026, against the South African Reserve Bank, the National Credit Act regulations and the account pages of Woolworths, TFG, Truworths, Edgars, Mr Price Money, PEP and Ackermans.
Disclaimer: This article is general information, not financial advice. Code Cash is not affiliated with any of the retailers mentioned. Speak to a registered financial adviser about your own circumstances before taking on credit.