capitec credit card

capitec credit card

Capitec is the third largest bank in the South African financial industry and it offers various credit services including a credit card. Initially, the bank focused on a market segment with low income but as time went by, they became an attractive option for the middle class. This can be attributed to their competitive rates and simplified products.

Capitec Credit Card: Overview

The bank offers an account known as Global one and their credit card is linked to this account. As such, you can access all your accounts using the credit card. It is an ideal way for clients to get the things they need without having to carry loads of cash.

If you are not aware of the credit limit, the tendency to overspend is really high. Therefore, it is prudent to know the credit ceiling so that you can keep your credit utilization ratio within safe levels. When you maintain a positive balance, the interests earned will be higher.

How to apply

Visit a Capitec Bank branch with these documents

  • Original identification document (must be 18 years or older). If you are married and your surname is no longer the same as indicated in your identification document, a marriage certificate will be required.
  • Latest salary slip
  • Stamped bank statement showing your latest 3 salary deposits

Save time and try our online estimate to see what you qualify for before going to a branch.

Rates and fees

  • Initiation fee: R100
  • Monthly fee: R35
  • Interest rate: 10.25% – 20.75% (based on your credit profile)

Download our free Good for Credit booklet. It’s full of handy information about credit. We’ll help you work out how much credit you can afford, what interest, fees and charges you can expect, how to compare and get the best offer, and what to do if you’re struggling with your debt.

Note

The minimum salary requirement for a credit card application is R3 000.

Credit card benefits

  • Access to all your accounts
  • Earn 5% per year on a positive balance
  • Up to 55 days interest-free period
  • Personalised credit based on your profile and affordability
  • Credit limit of up to R150 000
  • Secure online purchases
  • Do cashless payments (zero fees worldwide atMastercard®

    card machines, online and for telephone and mail orders)

  • No currency conversion fees for card purchases overseas

Lost card protection

  • You have access to free lost card protection which protects you against loss caused by fraudulent use before reporting the card as lost or stolen
  • It does not cover transactions where you were negligent or in which your PIN was used, it is therefore important to keep your PIN safe
  • You must report the card as lost or stolen immediately after detecting that your card is missing

Before you use your credit card for the first time

  • Make sure you understand the terms of your credit card agreement
  • Know your credit limit to avoid overspending when you use your card
  • Avoid a surprise bill by understanding all your credit card fees and costs, including how your interest is calculated, and how you can earn the highest interest on positive balances

How to earn the highest interest on your credit card

You can earn great interest per year on a positive balance:

  • If you choose credit (instead of debit), you have 55 days to pay for your purchase without paying any interest on it
  • Pay your salary into your credit card account and settle your balance in full
  • This means your positive balance (debit balance) stays high, earning you more interest

About The Capitec Credit Card

When Capitec entered the South African market, they aimed at lower-income households. But as time passed, they started getting more middle-income households and broader service offerings. Now Capitec has the high-income household in sight as they are preparing to launch a credit offer all while staying on their ‘one account’ culture.

This credit offer peaked it’s head out at mid-to-late 2016 when they launched a limited trial in the Western Cape at 150 branches in the province. The reason for this was to test the system strain as the system  tied directly into their Global One Systems.