Discover the Steps to Apply for a Capitec Bank Credit Card
Capitec Bank provides a credit card for clients who swiftly, conveniently, and directly set up an account via the app.
Essential Insights Before Applying for the Capitec Bank Credit Card
The Capitec Bank Credit Card, a Mastercard, allows you to shop without incurring international transaction fees, providing 1% cashback on smart purchases and offers competitive prime interest rates.
Capitec Bank is known as the largest retail bank in South Africa, with countless accounts being opened daily.
This credit card is provided at no cost to those who are approved for both the account and the Capitec Bank Credit Card.
To obtain the card, you need to pay a one-time initiation fee of R50, along with a monthly fee of R50 and prime interest rates between 11.75% and 22.25%.
The maximum credit limit is R500,000, determined by the financial status of the account holder, whether an individual or a business. You can check your exact budget easily in the bank’s app.
A key advantage of the Capitec Bank Credit Card is the 1% cashback on payments made through Apple Pay, Google Pay, Samsung Pay, and Garmin digital wallets.
Moreover, there are no currency conversion fees for purchases made internationally. Emphasizing technology, the card supports contactless payments, and you can manage everything through the Capitec Bank app or online banking.
If you’re curious about the card, continue reading.
Eligibility Criteria for Applicants
Capitec Bank has clear criteria for approving accounts and credit cards.
To start, you need to be at least 18 years old and a citizen. Foreign applicants must provide a passport with a valid work visa and account opening permit.
The primary requirement for the Capitec card is a minimum income. For those with salaries, the minimum is R5,000.
Self-employed individuals must show a monthly income of at least R10,000. Keep in mind that all applications depend on the credit availability from Capitec Bank.
Discover How to Apply for the Capitec Bank Credit Card
Capitec Bank has streamlined its application process using advanced technology.
First, you must set up an account, which is typically quick. Download the app for free from Apple, Android, or Huawei stores.
After getting the app, enter your SA ID number to create your login and password. You’ll then take selfies to establish your visual identity within the app.
Next, provide your home address, phone number, and email, and grant authorization for credit verification.
The bank states that after registering, you’ll have complete access to the app.
By sharing your income and credit details, the app will present your credit card budget. If you select ‘I’m Interested’, an authorized agent will call you.
The process will be finalized with online assistance, which will ask for confirmations and additional documents like proof of residence and your last three payslips.
After receiving approval for the card, you can choose to have it delivered or to pick it up at a local branch.
The great news is that you can complete the account opening and credit card application from home, thanks to the convenience of online services.
Additional Information
The credit card provides continuous monitoring and suggestions to enhance your credit history and discover other card options later on.
When traveling, you can benefit from complimentary insurance coverage of up to R5 million for assistance with foreign issues.
Moreover, you can enjoy up to 55 days of interest-free credit, earn up to 3.5% annually on positive balances, and have access to credit insurance if you don’t already have one in place in South Africa.
Interested in exploring another choice?
The Private Banking Visa Signature is an Absa Bank credit card that provides an exceptional experience, granting access to numerous premium lounges both within South Africa and beyond.
While it comes with higher fees than Capitec, this card offers Visa Signature perks, including insurance and a dedicated banking team. Discover how to apply.
