Aside from personal loans, credit cards in South Africa are becoming increasingly popular. Banks and many alternative lenders offer a variety of credit cards to South Africans that are suitable for your specific needs.
Whether you’re looking for a credit card with travel and rewards benefits, a low interest rate, or no annual fee, you’ll find them all at MoneyToday. Compare credit cards to find the one that’s suits your needs using our credit card comparison tool below.
Best Credit Cards in South Africa 2023
The biggest banks in South Africa are the best providers of credit cards. Here’s a comparison of the credit cards available to apply for today:
|Credit Card||Benefits||Minimum Salary||Initial Fee||Monthly Fee||Application|
|Woolworths Gold Credit Card||R3,000||R165.00||R50.50||APPLY NOW|
|Woolworths Silver Credit Card||R3,000||R0.00||R0.00||APPLY NOW|
|ABSA Student Credit Card||R800||R0.00||R0.00||APPLY NOW|
|ABSA Flexi Core Credit Card||R2,000||R0.00||R0.00||APPLY NOW|
|ABSA Gold Credit Card||R4,000||R166.45||R27.00||APPLY NOW|
|ABSA Premium Banking Credit Card||R25,000||R170.00||R80.00||APPLY NOW|
|ABSA Private Banking Credit Card||R62,500||R170.00||R99.00||APPLY NOW|
|African Bank Silver Credit Card||R2,500||R0.00||R69.00||APPLY NOW|
|African Bank Gold Credit Card||R2,000||R0.00||R69.00||APPLY NOW|
|Capitec Credit Card||R3,000||R100||R35||APPLY NOW|
|Woolworths Black Credit Card||R41,666||R0.00||R69.00||APPLY NOW|
|FNB Gold Credit Card||R7,000||R175.00||R34.00||APPLY NOW|
|FNB Premier Credit Card||R20,000||R175.00||R75.00||APPLY NOW|
|FNB Petro Credit Card||R84,000||R175.00||R38.00||APPLY NOW|
|Avios Credit Card||R8,000||R166.45||R70.61||APPLY NOW|
|Virgin Money Credit Card||R5,000||R170.00||R0||APPLY NOW|
|FNB Private Clients Credit Card||R62,500||R175.00||R199.00||APPLY NOW|
|FNB Private Wealth Credit Card||R125,000||R175.00||R249.00||APPLY NOW|
|Standard Bank Gold Credit Card||R5,000||R175.00||R54.00||APPLY NOW|
|Standard Bank Platinum Credit Card||R58,000||R175.00||R89.00||APPLY NOW|
|Standard Bank Titantium Credit Card||R25,000||R175.00||R69.00||APPLY NOW|
|Standard Bank Blue Credit Card||R7,500||R180.00||R40.00||APPLY NOW|
|Standard Bank World Citizen Credit Card||R25,000||R180.00||R264.00||APPLY NOW|
|Diners Club Platinum Credit Card||R500,000||R0||R98||APPLY NOW|
|British Airways Credit Card||R8,000||R166.45||R75.66||APPLY NOW|
|Discovery Bank Gold Credit Card|
Full list of benefits here.
What is a Credit Card?
It is a form of financial product that lets you borrow money from a line of credit. There’s a limit on how much you can borrow and this limit depends on your credit rating and the type of card you’re holding.
There are many different types of credit cards available in South Africa:
This is also called a debit card because you don’t have a credit line to use in your transactions. Instead, you get a reloadable card which can help control spending. This card, still allows you to transact with Visa and Mastercard partners.
- Virtual Credit Card
This form of South African credit card is specially made for online transactions. You won’t have the physical plastic card on your hand but you’ll get instead a virtual credit you can top up anytime.
- Student Credit Card
This credit card for students is meant to help university students build a credit history at a young age. It has no service fee but it requires you to have a certain amount of monthly allowance to qualify for the credit card debt.
South African credit cards for foreigners may be more challenging to acquire because they don’t have a credit record in the country. They’ll have to build up your credit score first to get a good rating on their record.
However, there won’t be issues if they use any existing credit card they have since these cards are usually accepted worldwide.
How Does Credit Card Work?
Credit cards are basically unsecured loans since the creditor extends a credit facility you can use. It’s somewhat similar to overdrafts but it’s more convenient and affordable to use.
You can borrow money from the credit line up to a certain credit limit and do cashless payments wherever credit is accepted. After the transaction, you’ll have a credit debt you have to repay over a period of time.
Creditors require a minimum payment you must comply with on a set deadline. After this period, any outstanding balance you have on your credit card will be charged with interest. The maximum annual interest rate that you may be charge on a credit card each year is 17.5% – which is the repo rate plus 14% – as per the National Credit Act.
Virtual credit cards like those offered by VCpay work the same way as ordinary ones except for their limited use in online transactions.
Advantages of Credit Cards
Many banks offer additional credit card benefits such as access to airport lounges, basic travel insurance, medical cover, cash back benefits and/or a rewards programme. Another advantage of credit cards is the protection you can receive from online purchases, if an online retailer does not comply with their obligations, you can report this to the the credit card company who can then withhold payment to the retailer.
Using a credit card can also help you in building up your credit health and credit score, making it easier to borrow in the future or apply for loans. This is providing you are careful with your card purchases, making sure your account stays with a positive balance, keeping up with the monthly repayments.
Some cards may charge a monthly account fee or a credit facility fee, so it’s always best to check that you are making the most of the benefits of credit and advantages before paying these fees.
How to Get a Credit Card in South Africa?
You can get credit cards in South Africa from the leading banks in the country. You can do this either by submitting credit applications usually via an online application form, calling the bank over the phone, or visiting any of their branches personally.
If you’re looking for credit for people with bad credit records, there are alternative providers aside from banks. Credit card application for those with bad credit in South Africa are handled by lesser-known lenders like New Blacklisted Finance, Get a Card, and Get Loans.
Applying for Credit Card
Applying for a card is easy as long as you satisfy the following requirements:
- You should be at least 18 years old
- You’re a South African citizen with an ID book
- You should be earning a monthly income, the minimum income requirement will vary depending on the type of card you’re applying for
- You should have a good credit profile
You need to satisfy the minimum monthly salary requirement for specific card types. The bigger the limit of the South African credit card, the greater the annual salary required.
Banks will require you to submit the following documents along with the application form:
- Copy of your ID book
- 3 months’ worth of bank statements
- Most recent payslips
- Proof of residence
A slightly different set of requirements is given to applicants of cards for students. On the other hand, stricter rules are enforced on those applying for credit cards for blacklisted individuals in South Africa.
To apply for a virtual credit, you may have to download a mobile app and register an account with the credit provider. After this, the next step is to load the card with the money you can use for online transactions.