Capitec Bank is one of the largest financial institutions 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 Credit Card
The Capitec Credit Card is one of the most popular credit options South Africans take advantage of. Also sometimes known as the Capitec Black Card. They have competitive rates, an option to choose how to repay your outstanding balance, and several advantages commonly seen on more expensive cards. It is sometimes also known as the Capitec Black Card but only due to the colour of the card – there is no ‘special’ capitec black credit card.
Features and Credit Card Benefits
Capitec Credit card offers the following advantages to cardholders:
- Card credit limit of up to R250 000
- Eligibility for an interest-free period for up to 55 days.
- Earn 2.25% interest per year on any positive balance.
- Cashless payments and zero fees on currency conversion for any cash withdrawal worldwide at card machines or online purchases.
- 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 Credit Card is accepted in ATMs and establishments that accept payment from cards affiliated with Mastercard.
Capitec Black Card Requirements and Eligibility
Before applying for a Capitec Credit Card, make sure you satisfy the following requirements first:
- You are at least 18 years old
- You have a monthly minimum salary of R5 000 or a monthly salary of R10 000 if you’re self-employed
When starting the credit application process, 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 / salary slip
- Stamped income statements showing the last 3 salary deposits
- Proof of residence not older than 3 months, i.e. last three month bank statement or taxes account with your complete address
Capitec won’t just grant your credit card application after simply complying with the basic requirements. They’ll assess your financial status and spending profile by looking at your credit score / credit history to help personalize your credit card. Capitec will use this information from your credit record to determine how much credit you can afford. You can get it the same day after you submit your application and get access to your ready-to-use credit card.
If your application is declined due to a bad credit record or bad credit score, then you might want to try paying off some outstanding debt before you re-apply and ensure going forward that you make all of your other payments on time. There are also ways to view your own free credit report using a credit bureau check before applying. If you have been labelled as a credit risk from the credit provider after the credit checks, it might be worth looking at options tailored to those that have bad debt or been ‘blacklisted’.
Interest, Fees, Charges and Repayment Information
An initiation fee for opening your Capitec Credit Card is R100. The monthly service fee is at R40, 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. Pay a personalised interest rate from 7% – 17.50% per year, 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 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 address: 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 Credit Card online by filling out the form available on their website.