Capitec Credit Card

UP TO R150 000 CREDIT WITH 55 DAYS INTEREST-FREE

Capitec is the third largest bank in the South African financial industry and it offers various credit services including a credit card. Initially, the bank focused on a market segment with low income but as time went by, they became an attractive option for the middle class. This can be attributed to their competitive rates and simplified products.

How to apply

Basically, the credit card services are linked to the Global One account and therefore it follows the same policies. As such, prospective clients need to apply in a Capitec Bank branch. However, you will save a lot of time when you use an online estimation tool that helps you see how much you can get.

In order to become eligible, you have to prove that you are over 18 years of age and this can be done by producing your ID card.

A valid proof of residence is necessary and it should be recent. To show that you have a job, you are required to submit a recent payslip as well as bank records showing your most recent salary deposits. At the moment, you are required to have a minimum income of R3000 but you will also be assessed for credit affordability.

Capitec Credit Card Interest rates and fees

This credit card comes with a one-time initiation fee of R100 and the monthly account maintenance fee is R50. However, you can get up to R150 000 in credit limit depending on your affordability and credit profile. Despite the charges, the card comes with several features that make it a great option for people seeking credit services.

The bank offers up to 55 days of interest-free credit on eligible purchases. The minimum amount you are required to pay in a month is only 5% of your outstanding balance. The interest rates are dependent on the credit profile which is assessed individually and the range is 15% to 20.5%.

To enjoy the interest-free functionality, you have to pay the entire outstanding balance before the due date. If you are operating on a strict budget, it is possible to make a purchase and pay the amount slowly over 48 months. This means you will have ample time to rearrange your finances without straining too much.

Capitec Credit Card: Overview

The Capitec GlobalOne Credit Card is one the best credit cards available in South Africa in 2018.

The bank offers an account known as Global one and their credit card is linked to this account. As such, you can access all your accounts using the credit card. It is an ideal way for clients to get the things they need without having to carry loads of cash.

Before using this card, it is quite important that you understand the terms and conditions as stipulated in the agreement.

If you are not aware of the credit limit, the tendency to overspend is really high. Therefore, it is prudent to know the credit ceiling so that you can keep your credit utilization ratio within safe levels. When you maintain a positive balance, the interests earned will be higher.

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BENEFITS

• Get access to all your accounts
• The credit limit is based on your affordability and financial profile
• Enjoy a 55-day interest-free period on purchases
• You can utilize up to R150,000 in credit
• International transactions don’t accrue currency conversion fees
• Credit card management app
• Get travel insurance for free

REQUIREMENTS

• Have a monthly income of R3000
• Provide valid proof of residence through a document indicating municipal taxes and rates bearing your name and address
• A valid bank statement to show your salary has been deposited in your account for the last three months
• Proof that you have attained the legal age which is 18 years

FEES

• Initiation fee: R100
• Credit card monthly fee: R35