A credit card is one of the most convenient cards to have, it offers a line of credit that can be used to make purchases, balance transfers, and/or cash advances without having to put up cash at the point of sale.
It acts as a form of a loan as you will be required to pay back the money you have used in the future with a certain percentage of interest added.
When using a credit card, you will need to make at least the minimum payment every month by the due date on the balance to keep your card active. Interestingly, as you pay the amount due monthly, you credit score increase, which is a very good thing as it boosts you to be recognised and be more trusted by lenders as you are a low-risk client.
In today’s fast-paced world, credit cards have become an essential financial tool, providing convenience, security, and rewards to consumers. In South Africa, several credit card options cater to different needs and lifestyles. Whether you’re a frequent shopper, a student, or a seasoned traveller, there’s a credit card tailored to suit your requirements.
In this article, we will explore some of the best credit card options in South Africa, highlighting their benefits, fees, and eligibility criteria.
There are certain things that banks and financial institutions check before they can approve your credit card application namely, your credit history, age (you will have to be over 18), having a stable job, and earning a certain amount per month depending on the type of card you are applying for, and be a South African citizen with a valid ID book.
The documents or information required may differ from bank to bank, so it is advisable to check with your bank what is necessary in order to get the card you are looking for.
You may easily apply for a credit card by submitting an online application form, calling the bank through the phone, or visiting their branches physically. You may always look for more information under FAQs on the bank/financial institutions’ website if you need clarity on anything.
1. Standard Bank Titanium Credit Card
The Standard Bank Titanium Credit Card offers great deals with money that allows you to buy anything that you want without worries.
The services can be personalised to fit your taste which also includes the interest rates of which are not fixed. The maximum credit available on this card is R250 000 and to qualify you will have to be earning a minimum income of R25 000.
Their monthly repayment is a minimum of 3% of your outstanding balance and the monthly service fee is R74 and you will also be required to pay R180 (VAT inclusive) which is a once-off initiation fee. This card comes with benefits such as lifestyle, insurance, and traveling perks.
2. FNB Gold Credit Card
The FNB Gold Credit Card offers you a credit facility account as well as a transactional account which is linked to a single credit card. To qualify, you will have to be earning between R84 000 – R359 999 per annum. The initial fee is R175 and the monthly fee is R51.
The benefits that come with the card include:
- Free Automatic Debt Protection
- Free Global Travel Insurance
- Move unexpected medical expenses to budget at prime
- Access to exclusive offers at a preferential rate of prime
- Free AA Emergency Roadside Assistance with a linked Petro card
You may also be rewarded with eBucks:
- 40% back in eBucks on your Video Streaming (Netflix) and Music Streaming (Spotify®) subscriptions when your family banks with FNB
- 15% back in eBucks on health and beauty at Clicks
- Earn and spend eBucks on food orders with the Mr D Food App
3. Nedbank Platinum Credit Card
Nedbank Platinum Credit Card is also one of the best cards that one can opt for.
It is very convenient and offers traveling benefits which come with automatic travel insurance of up to R3 000 000 and also offers access to Bidvest premier airport lounges of which you will get 12 complimentary visits per year for domestic lounges only.
The once-off initiation fee is R198, the maintenance fee is R57, whilst the additional card fee amounts to R30.
4. African Gold Credit Card
Banking has been made easy with the African Gold Credit Card as you have the allowance to purchase whatever you want without having to worry.
With this card, you can earn a 3% interest rate per year if you keep a positive balance and if you settle your bill within 60 days no interest rate will be charged. The monthly service fee is R69 and the fund transfer fee is R5.55.
5. Absa Student Credit Card
The ABSA Student Credit Card caters specifically to students, providing them with a convenient way to build a credit history. This card has no monthly service fee, and students can enjoy up to 57 days of interest-free purchases.
It also offers automatic basic travel insurance, making it ideal for students planning to travel abroad. With an initial fee and monthly fee of R0.00, and a minimum salary requirement of R800, this card provides flexibility and financial freedom to students.
6. Woolworths Gold Credit Card
The Woolworths Gold Credit Card offers a range of benefits that make it an attractive choice for shoppers. Cardholders enjoy 2% cashback in WRewards quarterly vouchers on Woolworths purchases and 0.75% cashback on purchases made outside of Woolworths.
The card also provides automatic basic travel insurance, lost card protection, and medical and legal assistance. With a minimum salary requirement of R3,000 and a monthly fee of R50.50, this card appeals to individuals seeking rewards and additional perks while shopping.
7. Woolworths Silver Credit Card
The Woolworths Silver Credit Card is designed for those who frequent Woolworths stores. Cardholders earn 1% cashback in WRewards quarterly vouchers on all Woolworths purchases and 0.5% cashback on purchases made outside of Woolworths.
The card offers similar benefits to the Gold Credit Card, including automatic basic travel insurance and lost card protection. With no initial fee or monthly fee, this card is an excellent option for loyal Woolworths customers with a minimum salary of R3,000.
8. ABSA Flexi Core Credit Card
The ABSA Flexi Core Credit Card offers fixed monthly payments that allow for easy budgeting and faster repayment of capital debt. This card also assists in building a credit history and offers up to 57 days of interest-free purchases.
With no transaction fees on purchases, free lost card protection, and automatic basic travel insurance, it provides a comprehensive range of benefits. The Flexi Core Credit Card requires a minimum salary of R2,000 and has no initial fee or monthly fee.
9. ABSA Gold Credit Card
The ABSA Gold Credit Card offers a host of benefits for those seeking a premium credit card experience. Cardholders enjoy Bidvest Airport Lounge access at preferential rates, customisable interest rates and repayment periods, and up to 57 days of interest-free purchases.
The card also includes automatic basic travel insurance and the convenience of making contactless payments. With a minimum salary requirement of R4,000, an initial fee of R166.45, and a monthly fee of R27.00, the ABSA Gold Credit Card provides luxury and financial flexibility.
10. ABSA Premium Banking Credit Card
The ABSA Premium Banking Credit Card is tailored for individuals seeking a one-card solution with exclusive benefits. Cardholders enjoy basic travel insurance, Bidvest Airport Lounge access, and access to the ABSA Rewards Programme.
The card also provides purchase protection and contactless payment options. With a minimum salary requirement of R25,000, an initial fee of R170.00, and a monthly fee of R80.00, this card is designed for those who value personalised banking and premium perks.
11. ABSA Private Banking Credit Card
The ABSA Private Banking Credit Card is the epitome of luxury and exclusivity. With global acceptance, lost card protection, and an interest-free period of up to 57 days, this card caters to high-net-worth individuals.
Cardholders enjoy a range of benefits, including no transaction fees on purchases and the convenience of online payments with One Time Pin/3D secure transaction verification. With a minimum salary requirement of R62,500, an initial fee of R170.00, and a monthly fee of R99.00, this card offers unparalleled privileges.
12. Capitec Credit Card
The Capitec Credit Card offers personalised credit based on individual profiles and affordability. Cardholders benefit from a competitive interest rate on positive balances, up to 55 days to pay for purchases interest-free, and a credit limit of up to R250,000.
The card also provides secure online purchases, free basic travel insurance, and no currency conversion fees for international payments. With a minimum salary requirement of R3,000, an initial fee of R100, and a monthly fee of R35, the Capitec Credit Card combines affordability with convenience.
13. Woolworths Black Credit Card
The Woolworths Black Credit Card offers exclusive benefits for discerning shoppers. Cardholders earn 3% cashback in WRewards quarterly vouchers on Woolworths purchases and 1% cashback on purchases made outside of Woolworths.
The card also provides automatic basic travel insurance, medical and legal assistance, and the added perk of a voucher for a free TASTE magazine each month. With cash withdrawals at any ATM displaying the Visa logo and the ability to shop anywhere internationally, this card is designed for individuals with a minimum salary of R41,666 and a monthly fee of R69.00.
14. FNB Private Clients Credit Card
The FNB Private Clients Credit Card is designed for individuals with discerning tastes and a minimum salary of R62,500. Cardholders can enjoy a personalised interest rate based on their unique credit profile, allowing for more favourable borrowing terms.
With an interest-free period of 55 days, cardholders have ample time to manage their finances efficiently. Additionally, this card provides access to airport lounges, allowing for a luxurious travel experience. Furthermore, up to five additional credit cards can be issued at no cost, making it a great choice for family or shared accounts.
15. FNB Premier Credit Card
The FNB Premier Credit Card offers a range of benefits tailored to high-end customers. Cardholders gain access to airport lounges, personalised interest rates, and up to 55 days of interest-free credit. The card also offers free membership to the eBucks Rewards programme, comprehensive global travel insurance, and AA emergency roadside assistance.
By maintaining a minimum balance of R50,000 in their Premier Cheque Account, customers can waive the monthly fee. With an initial fee of R175.00 and a monthly fee of R75.00, this card provides exclusive privileges to Premier Banking clients with a minimum salary of R20,000.
16. FNB Petro Credit Card
The FNB Petro Credit Card is designed for individuals who frequently use their vehicles. Cardholders enjoy personalised interest rates, tap-and-pay technology, and smart technology for quick contactless payments. The card includes AA emergency roadside assistance and key lock-out service. With a minimum salary requirement of R84,000, an initial fee of R175.00, and a monthly fee of R38.00, this card caters to those seeking convenient and secure payment options.
17. American Express Platinum Credit Card
The American Express Platinum Credit Card is renowned for its premium benefits and exclusive offerings. With a minimum salary requirement of R16,667, this card caters to individuals seeking superior financial experience. Cardholders gain access to the Bidvest Premier Lounge, a haven of comfort and luxury at airports.
The card also provides automatic basic travel insurance coverage of up to R4 million, ensuring peace of mind during your journeys. Additionally, the American Express Platinum Credit Card grants automatic membership to the Hertz #1 Club Gold programme and offers free local domestic airport lounge visits. With one Membership Rewards™ point earned for every R5 spent, cardholders can unlock a range of rewards and privileges.
18. FNB Private Wealth Credit Card
Exclusivity meets convenience with the FNB Private Wealth Credit Card, designed for high-net-worth individuals who prioritise personalised banking services. With a minimum salary requirement of R125,000, this card offers an array of benefits tailored to meet the unique needs of its clientele. Cardholders enjoy airport lounge access, comprehensive global travel insurance, and AA Emergency Roadside Assistance, providing peace of mind during their journeys.
The card also offers up to 55 days of interest-free credit, ensuring flexible and manageable payment terms. With a personalised interest rate based on individual credit profiles, clients can enjoy borrowing terms that suit their financial goals. The FNB Private Wealth Credit Card includes automatic debt protection and convenient self-service banking options, making it an ideal choice for those seeking a comprehensive and personalised banking experience.
Choosing the right credit card is crucial to maximising benefits and aligning with your financial goals. The South African market offers a diverse range of credit cards tailored to suit various needs and lifestyles. Whether you prioritise rewards, travel perks, affordability, or convenience, there’s a credit card that fits your requirements. By comparing the benefits, fees, and eligibility criteria of different credit cards, you can make an informed decision and select the option that best suits your financial needs and preferences.