African Bank is a retail bank that offers affordable financial products to South African citizens. One of their biggest products is the African Bank Silver Credit Card which focuses on providing the basic features needed on a credit card.
The African Bank Silver Credit Card targets people who need a basic credit card with affordable rates which can be used conveniently for everyday transactions. It doesn’t have add-on features that can contribute to higher monthly fees, but it offers better transaction notifications compared to credit card facilities from other banks.
Features and Benefits
The following benefits can be enjoyed by Silver Credit Cardholders:
- Accepted by thousands of merchants who recognize Visa-affiliated credit cards. Just swipe your card and enter your PIN to complete your purchase.
- Shed 2% interest off from your positive balance for making on-time payments for a year.
- Receive SMS updates on your credit card transactions, free of any charges.
- Withdraw up to R4 000 on any ATM using your Silver Credit Card.
- Interest-free purchases at till points for up to 60 days, as long as you fully settle any outstanding balance by the due date.
- Block lost Silver Credit Card with the help of the Global Emergency Assistance service. Aside from protecting you from fraudulent activities, you’ll also get a replacement card and even receive an emergency cash fund to compensate your loss.
- Travel Insurance coverage gives you free access to legal and medical advice.
- Enjoy convenient and free of charge transactions by registering your Silver Credit Card to Connect Online.
- Optional Credit Life insurance to cover a specific amount of your balances in case of retrenchment, temporary or permanent disability, or death.
Cards older than 4 months are eligible for a limit increase. You can apply for this by filling out a form online, by calling African Bank at 0860 333 004, or by visiting any branch with the necessary documents at hand. You’ll be subjected to a quick credit assessment before your request for a credit limit increase is granted.
What do you need to apply for an African Bank Silver Credit Card? Here are the basic conditions you have to meet first:
- Be 18 years old and above
- Latest payslips from the last 3 months
- A monthly income of at least R2 500
- Bank statements showing salary deposit for the past 3 months
- Proof of residence, i.e. billing statements not older than 3 months
When you personally apply for an African Bank Silver Credit Card on any African Bank branch, you can immediately receive the card in a matter of minutes.
Interest, Fees, and Repayment Information
The monthly fee for maintaining the credit facility will cost you around R69. There’s no account fee you have to worry about because there are not much add-on features available on the African Bank Silver Credit Card.
Using your card for international purchases will cost you around R5.75 per transaction. It’s way lower compared to the fees offered by other credit cards out there. Cash withdrawals on ATM using your African Bank Silver Credit Card will also only cost you at least R5.75 per transaction.
Interest rates vary from 15% to 20.50% annually. You can repay the balance on your African Bank Silver Credit Card through online channels, debit order, phone, electronic funds transfer, Pay@, or EasyPay.
These low-cost features are already enough to see that the credit facility is targeted to individuals who want to focus on budget-friendly purchases. This is one of the best and cheapest credit cards available in South Africa.
How to Apply
You can apply online by filling out a form found on their website. Similarly, you can apply by connecting with them through the following channel.
- Phone: 0861 123 456