At times, life can surprise you with critical expenses that can creep on you when you least expect it. Having a credit card not only ensures you are prepared but it also helps you make purchases with ease. The African Bank is a household name in the South African financial sector. They offer Silver and Gold credit cards.
With these cards, you are getting an opportunity to access your funds at the time of need. However, the credit limit is influenced by your qualifications. Before you get a card, it is important to compare them and decide which offers the best value.
How to apply
Applying for African bank credit cards is relatively easy since you just have to visit their website and submit your personal details on the application form. After a successful submission, the bank will contact you via SMS to notify you about the status of the application.
Depending on the information you have provided, they will process the request and offer you the recommended card. However, if you can’t access the internet, you might want to walk in one of their branches and apply in person.
African Bank Credit Card interest rates and fees
One of the outstanding benefits of African bank credit cards is that you won’t be charged anything when you make purchases in stores within South Africa. The APR for the Silver card can go up to 20.5% while you will pay 15% to 27.75% for the Gold card. For both cards, the monthly service fee is R69. In case your card is lost, a replacement will cost you R115.
Nevertheless, the bank offers 2% and 3% credit interest rates for Silver and Gold cards respectively. To benefit from this reward, you need to make prompt payments on your balances.
African Bank Silver credit cardThe bank does this in a bid to make sure you are well equipped to live life without unnecessary restrictions. As a holder, you have the propensity to meet your financial demands as they come.
If your card is older than four months, you are eligible to apply for a credit limit increase. If the request is approved, the funds will be available instantly but you have to pass the credit affordability assessment.
* Instant card issuance
* Get 2% interest on your positive balance
* Interest-free credit for up to 60 days
* Accepted by merchants with a VISA logo
* Global emergency assistance
* Credit life insurance
* Free SMS update after transactions
* A minimum monthly income of R 2500
* Be at least 18 years at the time of application
* Provide proof of income for the last three months
* Your account should reflect at least three salary deposits
* Monthly fees per month: R69
* Card replacement fee: R115
African Bank Gold credit cardThe benefits are tailored to fulfill your financial needs. After application, it takes about one business day to get an approval. Purchases made via this card are not charged as long as the store is in South Africa. You can also register for the online banking service and make transactions from anywhere.
* Enjoy up to 60 days of interest-free credit
* Get 3% interest on your positive balances
* After application, cards are issued instantly
* Accepted at thousands of POS
* Global emergency assistance in case you lose the card
* Qualify for online transactions and other services
* No minimum income required
* Be 18 years old or above
* Have a valid proof income not older than three months
* Monthly fees: R69
* Card replacement fee: R115