Capitec Credit Card: What You Need to Know Before Applying

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Capitec offers the Global One Credit Card powered by Mastercard. As the third-largest bank in South Africa, Capitec Credit Cards provide reliable and accessible credit card offerings that are designed to cater to individuals from all types of backgrounds.

Highlighting affordable fees and its affordable credit system, the Capitec Credit Card aims to provide safe and secure transactions without the hefty price tag. Besides this, Capitec offers a wide range of benefits for cardholders.

Interested in applying for this credit card? Read on to find out how you can apply today.

Features & Benefits of the Capitec Credit Card

The main feature for the Capitec Credit Card is the ability to access all of your accounts under one credit card. This means consolidating all necessary information, thus reducing the risk of mismanaging accounts or losing important financial information. With this, you can expect to earn 4.75% per year when you maintain a positive balance with the bank as well as access your credit card account, main savings accounts, and all other accounts in one safe place.

Another highlight from this credit card is that it provides a personalized credit based on your application profile and your financial capability. Under this, cardholders will be provided with a credit limit and interest charges that fit right into their budget.

True to their affordability claims, the Mastercard-powered Capitec Global One Credit Card gives access to cashless payments at absolutely zero fees around the globe. There are also no currency conversion fees or foreign fees for purchases made abroad.

What’s more, you can enjoy free basic travel insurance when you travel abroad. The complementary insurance coverage already includes unexpected medical expenses of up to R10 million.

Capitec Credit Card Cons

The only downside the Capitec Credit Card may present is the absence of a rewards system designed for loyal customers and cardholders. Most financial institutions offer rewards points and cashback options that allow cardholders to gain a certain number of points with a minimal amount spent. In return, these bonus points and cashback rewards can be redeemed for airline miles, exclusive travel privileges, and other partner offers.

Capitec Credit Card Offers

Capitec offers its credit card consumers the chance to enjoy up to 55 days of the interest-free period. This period allows users to transfer their outstanding balance and make purchases within the allotted timeframe at no extra charge.

Another exclusive Capitec card offering is it’s straight versus budget purchases. Under the straight purchases offering, you may pay your full outstanding balance without racking up interest charges. For the budget option, cardholders will be charged a minimal fee. However, the budget option allows you to pay your loans, debts, and purchases for a longer period of time.

Capitec Credit Card & Balance Transfers

Balance transfers allow credit card users to consolidate their existing debts into one account. The great thing about this is that you may transfer your existing credit card balance from other credit cards.

Likewise, you may also transfer your outstanding balance from the straight to the budget payment option, giving you a longer period to pay for your balance.

Capitec Credit Card Eligibility

Interested applicants who wish to avail of a Capitec Credit Card must be at least 18 years of age. Applicants must also provide their latest salary slip and their stamped bank statement showing the latest 3 salary deposits. In addition, you must also have a minimum salary of R3,000 per month.

The bank may ask for additional information such as employment details, proof of address, and other essential documentation at their discretion. Married applicants must ensure that identification documents reflect their married status. A marriage certificate may also be asked to prove the union.

Capitec Credit Card Application

Application for a Capitec Global One Credit Card may only be done by visiting a Capitec branch near you. Individuals must bring with them the prior documents listed.

Prior to application, interested parties may also check for their credit via the bank’s online estimate. This will allow applicants to assess whether they qualify for the credit card or not. If you want to know more, just head to the Capitec website.

Capitec Credit Card Activation

To activate the Capitec Credit Card, cardholders must either visit the nearest Capitec branch or ask for the credit card ability (Capitec Mastercard SecureCode). Upon request, you will receive a page with written instructions. Simply follow this, and you may proceed with activating your credit card. However, bear in mind that activation must be done 24 hours after receiving the instructions or the text message from the bank.

For online shopping, the card is automatically activated with the default limit set at R0. To change this limit, you must sign in using your mobile account or through internet banking facilities.

Capitec Credit Card Limit

The credit card limit for a Capitec Credit Card is R250,000. However, this credit limit depends on the applicant’s financial standing and creditworthiness. A credit limit increase or decrease is up to the bank’s discretion. However, if you show consistency in paying your dues, Capitec may increase your credit limit without needing further requests.

Capitec Credit Card APR & Charges

  • Initiation Fee – R100
  • Monthly Fee – R35
  • Interest Rate (APR) – 10% to 20.50%, depending on the credit profile

Capitec Credit Card App & Online Banking

Capitec has a credit card app that is available both for Android and Apple users. Likewise, Capitec also has online banking facilities for cardholders. Both of these platforms serve to help users manage their accounts better. Under these systems, users can easily update their daily credit card limits for withdrawals and purchases, transfer balances, view transaction history, and pay for outstanding balances.

To access these features, users can simply key in their username and password.

Capitec Credit Card
Image from Business Tech

Already a Capitec Customer?

Below are some additional information on how you can better manage your credit card.

Capitec Bank Address & Contact Details

Capitec may be reached through a variety of ways. The most common of these include calling the bank’s customer service hotline at 0860 10 20 43. For those outside of South Africa, you may call the bank at +27 21 941 1377. You may also chat with customer service agents at the website, send your query through the online form, or email them at [email protected]

For other urgent concerns, you may also visit the bank’s head office located at 1 Quantum Street, Techno Park, Stellenbosch, South Africa. However, you may need to set up an appointment prior to visiting the head office.

Capitec Credit Card Payment Options

Capitec provides a wide range of credit card payment options. One of these accessible and convenient payment options is paying via the mobile app or through internet banking facilities. You may also activate the automated payment features so you can instantly pay your income to your credit card account.

The minimum payment amount is 5% of the total outstanding balance. However, paying more than the monthly requirement will ensure you are reducing your outstanding balances in a shorter period of time.

How to Cancel a Capitec Credit Card

If you are not satisfied with a Capitec Credit Card, you may simply call the bank via its customer service hotline. However, if you wish to stop services via the app, you may simply log in through the mobile app, enter your PIN, choose ‘Stop Card,’ and provide the reason you are stopping or cancelling the credit card.

Conclusion

Overall, a Capitec Global One Credit Card is great for individuals who value personalized rates and affordable transaction fees. With its access to all Capitec accounts and banking convenience and reliability, this card is a perfect fit for frequent travellers, particularly with its comprehensive travel insurance.

Disclaimer:

     Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.