If you’re looking for a reliable and affordable credit card in South Africa, Capitec Bank offers an excellent option.
The Capitec Credit Card, also known as the Capitec Black Card, provides competitive rates, flexible repayment options, and numerous benefits typically associated with more expensive cards.
Applying for a Capitec Credit Card is a straightforward process, and this article will guide you through the steps.
Features and Credit Card Benefits
Before we unpack the application process, let’s explore some of the features and benefits of the Capitec Credit Card:
1. Generous Credit Limit: The Capitec Credit Card offers a credit limit of up to R500,000, providing you with the purchasing power you need.
2. Interest-Free Period: Cardholders can enjoy an interest-free period of up to 55 days on their purchases, allowing them to manage their finances effectively.
3. Interest on Positive Balance: Unlike many credit cards, Capitec offers cardholders 2.25% interest per year on any positive balance, allowing you to earn while you save.
4. Global Acceptance: Use your Capitec Credit Card for cashless payments and enjoy zero fees on currency conversion when making purchases worldwide or withdrawing cash from card machines.
5. Convenient Mobile App: Capitec’s exclusive mobile app enables you to manage your banking and credit card transactions with ease. You can set daily limits for purchases and withdrawals, view transaction history, choose repayment options, and settle your balance.
6. Chargeback Protection: In the event of a transaction dispute with a merchant, you can enjoy chargeback protection, ensuring your interests are safeguarded.
7. Card Loss Protection: If your Capitec Credit Card is lost or stolen, promptly report the incident to Capitec, and they will activate card loss protection. This feature helps protect you from fraudulent transactions.
8. Credit Insurance: Capitec offers credit insurance that covers retrenchment, temporary or permanent disability, unemployment, and even death, providing additional peace of mind.
9. Travel Insurance: When you purchase an international flight ticket using your Capitec Global One Credit Card, you and your immediate family members receive free travel insurance. Please note that this benefit applies to individuals below 75 years of age and trips shorter than 90 days. You can also choose to top up the basic coverage for extended trips.
10 Exclusive Offers: As a Capitec Credit Cardholder, you gain access to exclusive offers and special promotions from Mastercard.
Capitec Black Card Requirements and Eligibility
Now that you’re familiar with the features and benefits, let’s discuss the requirements and eligibility criteria for obtaining a Capitec Credit Card:
- Age Requirement: You must be at least 18 years old to apply for a Capitec Credit Card.
- Minimum Monthly Salary: Capitec requires a minimum monthly salary of R5,000 for employed individuals or a monthly salary of R10,000 for self-employed applicants.
Application Process
Once you meet the requirements mentioned above, you can begin the application process. Before visiting a Capitec branch, ensure you have the following documents with you:
- Original ID Document
- Latest Payslips
- Stamped Income Statements
- Proof of Residence:
During the application process, Capitec will assess your financial status and spending profile by reviewing your credit score and credit history. This information helps personalise your credit card and determines the credit limit you can afford.
Once you submit your application, Capitec aims to provide you with a ready-to-use credit card on the same day, granting you access to its various features and benefits.
Also Read: Capitec Bank Loans | Personalised Credit With Global One
If Your Capitec Credit Card Application Is Declined
In the unfortunate event that your application is declined due to a bad credit record or credit score, there are steps you can take to improve your chances in the future. Consider paying off any outstanding debt before reapplying and ensure you make all future payments on time.
It may also be beneficial to view your free credit report using a credit bureau check before applying. This way, you can be aware of your creditworthiness and take the necessary steps to address any issues.
Interest, Fees, Charges, and Repayment Information
Before making your final decision, it’s important to understand the interest rates, fees, charges, and repayment options associated with the Capitec Credit Card:
- Initiation Fee: There is an initiation fee of R100 when opening your Capitec Credit Card.
- Monthly Service Fee: As long as you don’t have any arrears, the monthly service fee is R50. However, if you have arrears, an additional monthly fee of R69 will apply on top of interest rates and other fees.
- Personalised Interest Rate: Capitec recently restructured its fees and rates. The interest rate you pay will be personalised based on the assessment of your credit profile. Rates can range from 11.5% to 22.25% per year.
- Repayment Options: Capitec offers two repayment options:
- Straight Option: With the “Straight” option, you pay the full outstanding balance before the next payment due date. As a reward, you can enjoy interest-free purchases for the next 55 days. The minimum repayment amount is 5% of your total outstanding balance or the higher amount as stipulated in the contract.
- Budget Option: The “Budget” option allows you to stretch your repayment terms up to 48 months. Although you won’t have interest-free purchases, this option helps you budget your daily expenses and allocate a portion for balance repayment.
The Capitec Credit Card provides an accessible and affordable option for South Africans seeking a reliable credit card with competitive rates and numerous benefits. By meeting the eligibility criteria and providing the necessary documentation, you can start the application process and enjoy the convenience and flexibility offered by Capitec Bank.
Remember to consider your financial situation and choose the repayment option that best suits your needs. Whether you opt for the “Straight” option with interest-free purchases or the “Budget” option for more extended repayment terms, the Capitec Credit Card offers the flexibility you need to manage your finances effectively.
Take advantage of the benefits and features, such as global acceptance, chargeback protection, card loss protection, and the opportunity to earn interest on a positive balance. Apply for a Capitec Credit Card today and experience the convenience and affordability it provides.