Credit cards represent a cheaper form of borrowing that banking customers normally access.
About – Capitec
This facility is more useful where it is provided with reasonable terms and less strict covenants as this will allow the people to realise value from its use.
Capitec, as one of the best banking corporations in the country, brings you credit cards for your daily funding requirements. Our credit facility is an exceptional service to the people of South Africa. They are meant to give a right alternative for personal loans, quick loans and other related short-term personal borrowings.
Our credit facilities are miles ahead of competitors. Thus our clients will always emerge as winners.
CAPITEC BRINGS GREAT CREDIT CARDS
The bank will allow you to walk on financial freedom with a credit card facility that gives you a credit limit of up to R150 000 depending on your credit standing.
The card will allow the applicants to do transactions at no costs giving clients the cheaper service that they deserve. When you wish to travel abroad, our credit cards will provide you with access to foreign currency to the limit of your credit. These will come with no currency conversion fees.
In addition to that, our cards come with a 55-day grace period. A period which is enough for clients to make their expenditure and gather funds for repayment without being pressurised.
DOES CAPITEC BANK PROVIDE CREDIT CARDS TO PEOPLE WHO BANK ELSEWHERE?
Capitec Bank is proud to be a significant driver of financial inclusion in South Africa. Also, being able to provide development loans like educational loans and business loans, we cannot ignore other stakeholders because they bank elsewhere.
At all times, our services are there to serve the majority of South African residents, and this is why we provide credit cards to people who bank with other banking institutions.
All those clients need is to fulfil the short application requirements for our credit cards. Once you can meet the requirements and get granted with our credit cards. You will enjoy similar credit card provisions as that of people who engage with us on banking services.
HOW MUCH DOES CAPITEC BANK CREDIT CARDS COST?
On very financial service that people obtain, the cost element is a sensitive issue.
Despite a service being a secured loan, vehicle finance or credit cards, our staff will always make sure you obtain cheaper services. Our credit cards come with a low initiation fee of R100 and a monthly service fee of R35.
Just these two insignificant figures are what the bank will require customers to pay on a period of 55 days for amounts that reach up to R150 000. Capitec bank brings credit card facility as a gift to the people; this is why no one should not be left out.
DOES CAPITEC CHARGE INTERESTS ON CREDIT CARDS?
The interest on credit cards selectively apply to clients depending on the time they take to make repayments.
When applicants manage to repay all their balances within the 55-day grace period, they will not be exposed to interest charges. Unlike other credit card providers that charge clients on the full amount borrowed, the Capitec Bank credit card system only place interest charges on outstanding balances.
The interest rates range from 10.25% to 20.75% depending on the credit scores and time taken to repay the debts.
HOW DOES CAPITEC BANK STRUCTURE CREDIT CARD REPAYMENTS?
The bank makes use of a debit order system on all your credit card repayments.
Our policy is that we will not overburden the clients with large repayments as clients also need money to sustain their daily needs. Our credit card services will come with a longer repayment period to an extent that clients are allowed to take 48 months repaying their debts.
It is our policy that clients should at all times, be able to make at least 5% of the total balance of their debts as it will push the further from defaulting.
Our credit card applicants will need to be South African citizens or foreigners who hold permanent citizenship in the country.
The applicants should be adults who have reached the age of 18. Also, the credit cards applicants should be working earning a minimum of R3 000 per month, and this amount should be received through the bank.
During application, the following documents will be required
- Original identification documents
- Latest pay slip from the current employer
- A stamped bank statement for the previous three months
HOW TO APPLY FOR CAPITEC BANK CREDIT CARDS?
Our credit cards can be applied online or at one of our nearest branches. All that applicants need to do is to fill their personal and financial information before attaching the relevant documents.
A consultant will reach out when the facility is approved and the client will be required to bring original documents to one of our branches where they will collect the card.