Capitec Bank Credit Card
What you need to know about Capitec Credit Card
| Capitec Credit | |
|---|---|
| Initiation fee | R100 |
| Monthly fee | R50 |
| Minimum salary requirement | Determined cases-by-case |
| Maximum credit | R50 000 |
| Interest rate | 15% – 21% (based on individual profile) |
| Interest free | 55 days |
| Minimum monthly payment | 5% of outstanding amount |
The bank’s new credit offering will link directly to the Global One account – the only account the bank offers – meaning all accounts can be accessed with one card.
It gives clients access to six linked accounts, including a credit facility, a transactional account and four client-defined savings plans.
It 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 will 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.
The card will also give clients access to other widely-used credit card services – such as:
- Secure 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.
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.
