Learn How to Apply for a Capitec Credit Card

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Applying for a new credit card can be exciting in today’s market, but the process does come with the necessary precautions. You have to make sure the card you pick is the right one for you and that it fits your lifestyle.

So, if you’re looking for a card that charges interest as low as 7 percent, you should be looking into Capitec Bank, and further, seek out the Capitec Credit Card.

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With this card, you’ll be able to enjoy travel experiences and other exciting rewards that come with it. This is a card you want to see if you are an average spender and are looking for a card that suits your expenses.

Image Source: Capitec Bank

Overview of the Capitec Credit Card

There is a range of advantages that come with a credit card, and it’s no different for a Capitec Bank credit card. As long as you make cashless purchases at MasterCard retailers, you can pay for all services and products worldwide.

The other thing you get is travel insurance when you use this card, in case you don’t already have your own. While it’s a tad simple, you are still covered while on your trips in the event of medical and other emergencies.

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You also earn 2.5 percent on a positive balance as a holder of this card. That means your account must be kept as clear as possible from a negative balance.

For this form of credit card, the credit limit is up to R250,000. Being the third-largest bank in South Africa, Capitec has quietly launched its nationwide credit card offering.

History and Background

Capitec joined the South African market targeted at lower-income markets, but over time, with affordable prices and broader service offerings, it has drawn on the middle market.

Now, the bank has insight into the higher income market as it prepares to introduce a credit offer, while not deviating from its ethos of “one account”.

The credit service first emerged in mid-to-late 2016, when the bank conducted a small trial at 150 branches throughout the province in the Western Cape.

According to Capitec’s chief executive Gerrie Fourie, the reason the service was restricted was that the facility is directly connected to the Global One systems of the bank, so it was essential to check network pressure.

Features of the Capitec Credit Card

The new credit offering provided by the bank will link directly to the Global One account – the only report offered by the bank – meaning that all accounts can be accessed with one card.

It gives customers access to six linked accounts, including a credit facility, a transactional account, and four savings plans defined by the customer.

The card will also provide consumers with access to other commonly used credit card facilities, such as the following.

  • MasterCard SecureCode key online transactions
  • Cashless payments (zero fees on card machines, online, and for phone and mail orders worldwide)
  • No conversion fees for international payments through currency

Because the credit facilities are attached to the Global One account, the same sign-on policies are in place-prospective customers will need to apply in-branch to capture their biometric data.

Applying for a Credit Card at Capitec

In order to apply for a credit card from the bank, customers must provide the following documents.

  • Original ID (must be 18 years old or older)
  • Initial evidence of residential address (e.g., municipal rates and tax account with your street address in your signature, not older than three months)
  • Latest slip in wages (you must prove you earn a minimum salary of R5,000)
  • Stamped bank statement showing the last three pay deposits you have made

Simply head to the Capitec Bank website to fill out an online application and see if you might be eligible for this particular line of credit.

Fees and Charges Associated

  • Interest rate – 7.00% – 17.50%
  • Initiation fee – R100
  • Monthly fee – R40

Note that this is not a comprehensive list of fees for this credit card, and you should consult a bank representative to know more about what charges might be expected of you, should you use this line of credit.

Most credit cards come with fees of use, such as late payment fees, fees for exceeding the credit limit, fees for cash transactions, and foreign transaction fees, among others.

Capitec Bank Contact Info

We have listed Capitec’s mailing address here for your convenience in contacting the bank via postal services. Their address is PO Box 12451, Die Boord, Stellenbosch, 7613.

You can also contact Capitec Bank by calling 0860 10 20 43.

Conclusion

A successful application is currently based on a bank-led revenue and affordability test.

If you think this card might be right for you based on its security features and generous credit limit, consider applying today and trying it out.

Risk Disclaimer: There are risks involved when applying for and using credit cards. Consult the bank’s terms and conditions page for more information.

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