When you want to apply for a credit card, it is always good to try to find a card that will help you build a good credit history. Especially if you currently don’t have a good credit record or are blacklisted, you can build your credit history again by responsibly using a credit card and making your payments on or before the due dates.
However, the problem is that not many banks are keen to issue you a credit card if your credit history is already not so good and your credit score is low. But fortunately, there are a few credit cards available for people in such situations.
We’ve looked around and found a bank that accepts applications for their credit card from people whose credit scores are low or are even blacklisted. We think that the Capitec Bank credit card should be one of the cards you have to consider if you are in such a bad credit situation. We’ve had a look at the card and gladly share our findings with you for your convenience.
- Capitec Bank Credit Card
- Special Features of the Capitec Credit Card
- How to Apply for the Capitec Credit Card
- Fees and Interest of the Capitec Credit Card
- Pros and Cons of the Capitec Credit Card
- Address and Contact of Capitec Credit Card
Capitec Bank Credit Card
Capitec’s credit card is an easy credit card to use and comes with great features to make it easy to manage your finances responsibly. The Capitec credit card gives you personalized credit based on your affordability, and you can get a credit limit of up to R250,000.
This credit card also offers rewards such as a 1% cashback on purchases. In addition, you can get an additional 0.5% cashback on your purchases if you also maintain one product (like credit, funeral plan, or fixed-term savings), have three debit orders, and do five money-out app transactions per month.
It is also an ideal credit card for the regular traveler because there are no currency conversion fees when you use this credit card abroad. And as it is a MasterCard, it is accepted worldwide wherever MasterCard is accepted.
Easy to Apply
What makes the Capitec credit card so attractive is that it is easy to apply for. It takes only a few minutes, and after approval, it doesn’t take long to receive your credit card and start using it.
You can apply at your nearest branch, online, and even with your cell phone.
Special Features of the Capitec Credit Card
When looking around for a credit card, ensure that you compare other cards with the features offered by the Capitec credit card.
With the Capitec credit card you have quick and easy access to all of your accounts. In addition, you have a 55-day interest-free period for everyday purchases and can get a personalized credit limit of up to R250,000.
You can also earn 2.25% on a positive balances, receive personalized credit based on your affordability, make secure online purchases, and access all of your accounts with the Capitec mobile app.
Features for Globe Trotters
With the Capitec credit card, you have no fees to pay when you travel abroad and use foreign currency. You will have no problem with fees for any type of transaction abroad. You can make cash withdrawals from an ATM which is accepting MasterCard.
You also don’t pay any currency conversion fees when you use your Capitec credit card anywhere. Plus, you can also order anything from anywhere online, and you will pay no fees on your purchases.
How to Apply for the Capitec Credit Card
It will take only a few minutes of your time to apply for a Capitec credit card. After approval, it will also take not long to take your credit card in possession. You will be able to start using your credit card within days.
It is also possible to apply with your cell phone. You can phone 0860 66 77 89, and the operator will take you through all the steps.
Also, you can download the app and then apply for a credit card with your cell phone if you have a smartphone. Just follow the prompts. Android users can easily get the app from the Google Play Store and install it for free on their smartphones. If you are using iOS devices, you can get it for free from Apple App Store.
Another way to apply is to go to your nearest Capitec branch and apply for it over the counter. You can also apply online. You can do that from anywhere via your mobile device, laptop, or computer.
Documents and Information Needed to Apply
You’ll have to submit relevant documentation to Capitec so they can review your application. If you apply at a branch, take the original documents and copies thereof with you.
For an online application, you’ll need scanned documents to attach. If you apply with your smartphone, be ready to take photos of yourself and the documents if requested.
You need documents and information, including your ID, your latest payslip, and three months’ statements from your bank. If you are a business owner, you need to have bank statements for the last six months and proof of other assets.
Fees and Interest of the Capitec Credit Card
Check below to learn more about the fees and interest of this credit card.
- Sign-up Fee – R100
- Monthly Fee – R40
- Interest Rate – Variable, depending on your credit status
- APR – From 7% up to 17.5%%
- Cash Withdrawal Fee – R9 for every R1,000
- Foreign Transaction Fee – R0
- Minimum Repayment – At least 5% per month for the balance used
- Interest-Free Period – 55 days
Eligibility Criteria to Apply for a Capitec Credit Card
The most important eligibility criteria include being a permanent resident of South Africa, 18 years or older, and having a valid ID. To qualify for a Capitec credit card, you also need to earn at least R3,000 per month, and you have to be employed for at least three months.
However, your credit profile will determine how much credit you are eligible for, and a blacklisted client will probably be eligible for only a very low amount of credit.
Business owners need to have bank statements from the last six months available as well as proof of other assets.
Pros and Cons of the Capitec Credit Card
Apart from the special features of the Capitec credit card listed earlier in this article, the card offers several other pros. We’ll mention a few important pros.
You pay no fees for payments in South Africa, and you get the best interest rate in the market from 7.75% per year. In addition, if you have a positive balance on your card, you can earn 3% per year on your balance.
Another great pro is that credit insurance is available. It is compulsory for loans with terms of seven months and longer. Credit insurance gives you peace of mind as it covers unemployment, retrenchment, or the inability to earn an income other than due to disability, death, and permanent or temporary disability.
This credit card also offers travel insurance and covers against losses. So it’s a good choice for travelers as you can use it worldwide at any outlet or ATM that accepts MasterCard.
Cons of Capitec Bank Credit Card
Although the Capitec credit card is a great card with low-interest rates, it has a few cons. The most significant con is that Capitec bank offers only one credit card solution to all its clients.
This is not standard in the banking industry today. Clients’ needs differ, and therefore a bank should have more than one type of credit card to suit its clients.
Capitec bank also doesn’t have any competitive reward system for credit card users. Most credit cards offer bonus discounts or points on hotel, car rentals, and flight bookings. Capitec has not incorporated this into their credit card yet.
Address and Contact of Capitec Credit Card
The physical address of Capitec Bank is 1 Quantum Street, Techno Park, Stellenbosch, 7600, South Africa. The Postal address is PO Box 12451, Die Boord, Stellenbosch, 7613, South Africa.
The bank’s telephone number is 021 809 4599, and the fax number is 021 880 1840. If you need assistance 24/7, you can contact the care center of Capitec Bank at 0860 10 20 42. To apply by phone, you can phone 0860 66 77 89.
If you want to put something in writing to them, you can send it by email to firstname.lastname@example.org. The Capitec Bank Holdings Limited information manual will give you much information if you need more information about the bank.
Use the App to Manage your Card
With the Capitec app, you can
- update your daily card limits for withdrawals and card purchases,
- transfer your outstanding balance from the straight to budget payment option,
- create, view, and settle your budget balance,
- view your credit limit and transaction history, and
- transfer money into your credit card to save on interest.
Although the Capitec credit card is a “one-fits-all” type of credit card, it is a good card to have, especially if you currently don’t have a good credit score and record. In addition, it is an ideal card if you want to build your credit history.
Keep in mind that there always are risks involved when you apply for a credit card at a financial institution. Go to the terms and conditions page of Capitec Bank SA for more information regarding fees and interest.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.