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Capitec Bank Credit Card offering directly links to the Global One account, meaning all accounts can be accessed with one card. It also gives clients access to six linked accounts, including a credit facility, a transactional account and four client-defined savings plans.
Capitec Bank Credit Card Fees and charges
The credit card also carries a once-off R100 initiating fee, and a maintenance fee of R50 per month. The initial maximum limit for the offering is R50,000 – which is expected to change once the product grows. The credit card will offer up to 55 days interest-free purchases (with a minimum monthly repayment required of 5% of the outstanding amount), and interest rates will vary between 15% and 21% based on an individual client’s credit profile.
Other interesting offers in the bank’s card include: Secured online purchases with MasterCard SecureCode, Cashless payments (zero fees worldwide at card machines, online and for telephone and mail orders) and No currency conversion fees for international payments. Because the credit facilities are attached to the Global One account, the same sign-on policies stand – prospective clients will have to apply in-branch so that their biometric data can be captured.
How to Apply for Credit Card by Capitec
To apply for the bank’s credit card, however, clients must provide the following documents: Original identification document (must be 18 years or older); Original proof of residential address (e.g. municipal rates and taxes account in your name with your street address, not older than 3 months); Latest salary slip; and Stamped bank statement showing your latest 3 salary deposits. There is currently no specified minimum salary requirement for the account, but this is subject to change as the product continues to evolve. Right now, successful application is based on an income and affordability check conducted by the bank. Capitec, however, noted that those who declare themselves as ‘self-employed’ may not be eligible for the product.