Capitec is the 3rd biggest bank in South Africa and they offer numerous financial products and services to citizens that belong to the mid-level and lower income brackets. Their competitive rate makes them one of the best credit providers in the country.
Capitec Global One Credit Card
The Capitec Global One Credit Card is one of the most popular credit options South Africans avail. They have competitive rates, an option to choose how to repay your outstanding balance, and several advantages commonly seen on more expensive cards.
Features and Benefits
Capitec Credit card offers the following advantages to cardholders:
- Card limit of up to R150 000.
- Eligibility for an interest-free period for up to 55 days.
- No fees on currency conversion for any cash withdrawal or international payment you make.
- You can easily manage your banking and credit card transactions with the help of Capitec’s exclusive mobile app. You can manage your daily limit for purchases and withdrawals, view your transaction history, choose repayment options, and settle your balance.
- You get to enjoy chargeback protection when transaction disputes occur between you and a merchant.
- Card loss protection can shield you from becoming a victim of fraudulent transactions in the instance your card gets lost or stolen. This can be quickly activated by calling Capitec and reporting about the incident that happened with your card.
- Eligibility to avail credit insurance that covers retrenchment, temporary or permanent disability, unemployment, and even death.
- Free travel insurance is provided to cardholders (and immediate family members) who use their Capitec Global One Credit Card in purchasing any international flight ticket. You must be below 75 years of age, though, to avail this benefit. The insurance is also valid only for trips shorter than 90 days in duration. In case you feel the need to include additional coverage, you can choose to top up the basic coverage and shoulder the extra cost.
- Receive exclusive offers and special promos from Mastercard.
The Capitec Global One Credit Card is accepted in ATMs and establishments that accept payment from cards affiliated with Mastercard.
Before applying for a Capitec Global One Credit Card, make sure you satisfy the following requirements first:
- You are at least 18 years old
- You have a monthly salary amounting to at least R3 000
When applying in person, bring the following documents with you before going to any Capitec branch:
- The original ID document proving you’re at least 18 years of age
- Latest payslips
- Stamped bank statements showing the last 3 deposits made from your salary
- Proof of residence not older than 3 months, i.e. last billing statements or taxes account with your complete address
Capitec won’t just grant your Global One Credit Card application after simply complying with the basic requirements. They’ll assess your financial status and spending profile to help personalize your credit card. But that doesn’t mean you have to wait for weeks to get your card. You can get it the same day after you submit your application and get access to your ready-to-use credit card.
Interest, Fees, and Repayment Information
An initiation fee for opening your Capitec Global One Credit Card is R100. The monthly service fee is at R35, as long as you don’t have any arrears. Otherwise, you’ll be charged with a monthly fee of R69 on top of interest rates and other fees you have to pay.
Capitec recently restructured the computation of the fees and rates for their credit cards. Interest rates now vary from 10.25% to 20.75%, depending on the assessment results of your credit profile.
Capitec offers two ways to repay your credit card balance: straight and budget.
With the ‘Straight’ option, you pay the full amount on your outstanding balance before the next payment due arrives. As a reward, you get to enjoy interest-free purchases for the next 55 days. The minimum repayment amount is 5% of your total outstanding balance, or whichever is higher as stipulated in the contract.
For the ‘Budget’ option, you won’t enjoy the same interest-free purchases upon using your Capitec Global One Credit Card, but you gain the option to stretch your repayment terms up to 48 months. This helps you better budget your daily expenses and the portion you allocate for balance repayment.
How to Apply
You can reach Capitec through any of the communication channels listed below.
- Email: ClientCare@capitecbank.co.za
- Phone: 0860 10 20 43 or 0860 66 77 87
- Fax: +27 21 941 0770
You can also apply for your Capitec Global One Credit Card online by filling out the form available on their website.