Learn How to Apply for the Capitec Bank Credit Card

Important Information to Consider Before Applying for the Capitec Bank Credit Card

The Mastercard option provided by Capitec Bank Credit Card allows for shopping without incurring international transaction fees. Additionally, customers can enjoy 1% cashback on smart payments and benefit from Prime interest rates.

Capitec Bank holds the position of the biggest retail bank in South Africa, with numerous accounts being opened daily.

This particular credit card is provided at no cost to approved account holders for the Capitec Bank Credit Card.

To obtain the card, a one-time fee of R50, a monthly fee of R50, and variable prime interest rates between 11.75% and 22.25% are required.

The highest credit limit available is R500,000, depending on the financial status of the account holder, be it an individual or a business. The precise amount will be displayed in the bank’s app.

One key advantage of the Capitec Bank Credit Card is the attractive 1% cashback offered for purchases made through popular digital wallets like Apple Pay, Google Pay, Samsung Pay, and Garmin.

Furthermore, there are no charges for currency conversion when making purchases overseas. Emphasizing its technological aspects, the card facilitates contactless payments, and you have the convenience of managing it completely via the Capitec Bank app or internet banking.

If the card grabs your attention, continue reading.

Eligibility Criteria

Capitec Bank has clear guidelines for approving accounts and credit cards.

To apply, you need to meet the following requirements:
– You must be over 18 years old.
– Hold citizenship in the country.
– For foreign applicants, a valid work visa, and account opening permit alongside a passport are mandatory.

The primary condition for obtaining the Capitec card is meeting the minimum income requirement. Salaried individuals must earn a minimum of R5,000.

To be eligible as a self-employed applicant, you must demonstrate a monthly income of no less than R10,000. Please be aware that approval of all applications is contingent upon credit availability from Capitec Bank.

Discover the Steps to Apply for the Capitec Bank Credit Card

Capitec Bank provides a streamlined application process utilizing advanced technology.

To begin, you must set up an account, a process that is typically fast. The application can be obtained for no cost from the Apple, Android, or Huawei platforms.

Once you have installed the application, you will be prompted to input your South African ID number to set up your login credentials. Following this, you will be required to take a series of selfies to establish your visual identity within the application.

Next, details like your address, telephone number, and email address must be given, along with granting authorization for credit verification.

After signing up for an account, the bank ensures you will receive complete access to the app.

When you input your financial details into the application, it will display your credit card budget. If you choose the ‘I’m Interested’ feature, an accredited agent will contact you by phone.

The online assistance provided will finalize the application process by requesting confirmations and supplementary documents like proof of address and the most recent three months’ paystubs.

Once your card application is accepted, you have the option to decide whether you want it delivered to you or prefer to pick it up at a bank branch.

You can easily open an account or apply for a credit card without leaving your home due to the convenience of online processes.

Additional Information

The credit card provides continuous monitoring and advice to enhance your credit history and consider other card choices down the road.

When traveling, you will be provided with complimentary travel insurance covering up to R5 million to help with any unforeseen issues during your trip.

Moreover, you can benefit from a grace period of up to 55 days with no interest charges, earn up to 3.5% annually on positive balances, and have access to credit insurance if not already in place within South Africa.

Looking to explore an alternative choice?

The Private Banking Visa Signature is a credit card provided by Absa Bank, offering a complete experience with numerous visits to exclusive lounges within and outside of South Africa.

Although the fees are higher in comparison to Capitec, the card offers Visa Signature perks such as insurance coverage and access to a team of dedicated bankers. Discover the application process.

Written by

admin