Capitec Credit Card
 

Capitec Credit Card

capitec credit cardThe third biggest bank in South Africa has launched its first credit card  throughout South Africa. With massive growth in the last few years because of missions of new clients being drawn to them for their simplified and most affordable services, it’s no surprise they’ve finally launched their very own credit card, the Capitec Credit Card. In fact, more than 22% of the banked population uses Capitec as their bank.

About The Capitec Credit Card

When Capitec entered the South African market, they aimed at lower-income households. But as time passed, they started getting more middle-income households and broader service offerings. Now Capitec has the high-income household in sight as they are preparing to launch a credit offer all while staying on their ‘one account’ culture.

This credit offer peaked it’s head out at mid-to-late 2016 when they launched a limited trial in the Western Cape at 150 branches in the province. The reason for this was to test the system strain as the system  tied directly into their Global One Systems.

What You Need To Know About The Capitec Credit Card

Your initiation fee is a straight R100.

Monthly fee from as little as R50.

The minimum requirement is determined per case, and has no set minimum requirement.

The maximum credit you can apply for is up to R50 000.

The interest is based on the individual profile but ranges around 15% – 21%.

You do however get a 55-day interest free credit period.

Because there is only one account (Global One Account), the credit card will be linked directly to the same account which means, you only use one account.

Other Services

This credit card will also give clients access to other widely-used credit card services like:

Secure online purchases with MasterCard Secure-code.

No charges worldwide at a card machine, online and for telephone and mail orders.

No currency conversion fees for international payments.

What Do You Need?

Because it’s linked to one account, you need this to apply:

Your original Identification document.

Your proof of residence not older than three months (and it has to be in your name).

Your latest pay slip.

And a stamped bank statement showing your latest three months salary deposits.

Again, there is currently no specified minimum salary required to apply for this credit card, but this will change as the product evolves. Right now, a successful application is based on income and affordability check conducted by the bank.

Summary
Capitec Credit Card
Article Name
Capitec Credit Card
Description
The third biggest bank in South Africa has launched its first credit card throughout South Africa. With massive growth in the last few years because of missions of new clients being drawn to them for their simplified and most affordable services, it’s no surprise they’ve finally launched their very own credit card, the Capitec Credit Card. In fact, more than 22% of the banked population uses Capitec as their bank.
Author
Publisher Name
Likemoney


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