African Bank offers a number of financial products like different credit cards to help South Africans in their daily expenses. What sets them apart is their affordable rates that are lower than most cards offered by other banks.
African Bank Gold Credit Card
The Gold Credit Card lets you enjoy the basic functionalities of a credit card and more, without the extra cost. This makes them popular among other credit facilities since they offer the usual insurance plans without costing you an extra Rand.
The Gold Credit Card makes transactions easier to handle without having to carry cash around. Just swipe it on any Visa-affiliated machine and enter your PIN to process the purchase.
Features and Benefits
As an African Bank Gold Credit Cardholder, you’ll get to enjoy the following benefits:
- Earn up to 3% interest back for having prompt payments throughout the year.
- Enjoy interest-free POS purchases using your Gold Credit Card for up to 60 days, if you fully settle any outstanding balance by the due date.
- Use your Gold Credit Card to withdraw cash up to a daily amount of R4 000 from any ATM.
- Access to Connect Online which allows you to manage transactions using your mobile device for free.
- Receive free SMS updates on each transaction executed using your credit card.
- Lost and stolen cards are protected by the Global Emergency Assistance feature. When reported immediately after the incident, your card will be blocked to prevent fraudulent transactions. Additionally, you’ll receive a replacement card and gain access to emergency cash.
- Receive free Travel Assistance during international travels. You’ll also get free access to a range of legal and medical advice similar to what Visa Gold cardholders enjoy.
- Receive the option to avail the Life Insurance offered to help you cover outstanding balances in case of disability or death.
The African Bank Gold Credit Card is accepted by thousands of merchants who recognize payments through Visa.
If you want to increase your credit limit, you have to wait for 4 months after you receive your Credit Card. Just call the African Bank through their landline number (0860 333 004) or visit a branch along with the required documents.
Before applying for an African Bank Gold Credit Card, make sure you’re at least 18 years of age. There’s no minimum income requirement to get the card. The bank will simply assess your financial capability and credit record to ensure you can handle it and not get yourself over-indebted.
When applying for the credit card, make sure the following documents are with you to avoid unnecessary delays:
- Proof of residence like bills which are not older than 3 months
- Latest bank statements showing the last 3 salary deposits made to your account
- Last 3 payslips you received from your employer
Processing of your application is fast and easy. Your card will be issued on the same day you applied for it.
Interest, Fees, and Repayment Information
The monthly service fee needed for maintaining your Gold Credit Card is R69. One of the main advantages of this card is that you don’t have to pay an account fee for its value-added features. Credit cards issued by other banks charge an account fee just to keep the additional features on their credit services.
Balance enquiry will cost you R5.75. SMS messaging services for monitoring credit card transactions are free of charge.
Cash withdrawal from any ATM in South Africa will cost you a fee of at least R11.40 for requests exceeding R100. For withdrawals below R100, a fee of R5.75 will be credited to your account.
International use of your Gold Credit Card will cost you around R5.75 for POS purchases. Cash withdrawals using ATM abroad will credit R23.00 to your account for every transaction.
The APR interest rate of the Gold Credit Card ranges from 15% to 27.50%. Repayment options range from 7 months to as long as 72 months, depending on the repayment plan you choose to avail. Repayments can be done by phone, debit order, EasyPay, funds transfer, Pay@, or online channels.
How to Apply
You can either call African Bank using the phone number listed below or by filling out the form available on their website.
- Phone: 0861 123 456