Thinking of getting Capitec credit card? Find out if that’s the best option for you by going through these overview.
With a credit limit of R500,000.00 and an interest rate that ranges from 10.50% to 21%, the Capitec Credit Card is a bank credit card.
There is a one-time R100.00 starting charge for the Capitec Credit card.
A monthly R45.00 credit card facility fee is assessed.
The Capitec Credit card is available to anyone who are 18 years of age or older and have a monthly income of R5,000 or more.
The Capitec credit card is also available to self-employed or sole entrepreneurs, but they must make at least R10,000.00 per month to qualify.
Holders of Capitec credit cards are guaranteed 1% cash back on all purchases.
Cardholders that reach their monthly spending targets get an extra 0.5% in cash back.
After making purchases with their Capitec credit card, cardholders are given a 55-day interest-free credit period.
Holders of credit cards receive 3.50% interest on any positive balance.
Furthermore, cardholders are entitled to up to R5 million in travel insurance when using their credit cards to pay for airline tickets.
Because the Capitec Credit card offers the cardholder a number of financial advantages, we go into more information about it below.
Capitec Black Card
The Credit Card and the Capitec Black Card are the same card.
The only difference is in the color.
With the black card, the user obtains 55 days of interest-free credit in addition to 3.50% yearly interest on a positive balance.
Each customer receives credit based on affordability through the Capitec Black, which has a credit ceiling of up to R500,000.00.
The Capitec Black Card is now known as such since Capitec Bank altered the color of their credit card from gold to black.
The requirements for eligibility have not changed.
The Pros
- If one has an excellent credit score, they will pay low interest rates on credit.
- The available credit limit on the credit card is substantial.
- A balance that is in the positive earns interest.
Capitec Black Card
| Capitec Black Card Benefits and Features. |
|---|
| Get up to 55 days of interest free credit after each purchase. |
| Get access to all your cards. |
| Travel basic insurance of up to R5 million (free) |
| Credit life insurance (optional) |
| Credit Card holders receive 3.5% interest on a positive balance. |
| Credit is personalised depending on credit score, credit history, and affordability. |
| There is no currency conversion fee when using the Capitec credit card overseas. |
Should I get Capitec Black Card
Everyone looking for a credit card, including vacationers and fans of the arts, is eligible for this card.
Although the credit card is affordable, regular travelers might not want to use it.
When using a credit card to pay for travel tickets, hotel reservations, car rentals, etc., Capitec Bank does not give loyalty points or discounts.
If you don’t travel regularly, it might not seem like a huge issue, but getting paid to travel more than 8,000 miles annually might completely alter your life.
Unsatisfactory is Capitec Bank’s lack of interest in rewarding customers who hire cars and book hotels, whether they are domestic or international.
If you are working and make at least R5000 per month, you can be qualified for a Capitec Black Card depending on your capacity to pay and credit risk.
A credit line of up to R500,000.00 will almost probably be authorized for those with a high income and great credit.
Your credit score is important when applying for any kind of credit, including a Capitec credit card.
If you are considered to be a high credit risk, your credit application can be rejected.
Those with a strong credit score can get financing from Capitec Bank.
How to Qualify
Here is how you can qualify for these great offer with these bank.
| How to Apply for Capitec Credit |
|---|
| At the time of application, you must be at least 18 years old. |
| Either work for yourself or be employed. |
| Earn a minimum of R10,000 per month as a sole proprietor or R5,000 per month as an employee. |
| Possess a smart card or valid ID book from South Africa. |
| Give a three-month bank statement and a recent paystub. |
| Possess a current, three-month-old evidence of residency at the time of application. |
Conclusion
Capitec Bank by far has proved its-self to be one of the best reliable and reputable banks offering great products in South Africa.
Their credit card facility features and benefits are competitive and reasonable to other banks, for more information, you may want to visit their official website.
You might also be interested in finding the best cheque account in South Africa.