Capitec Bank Credit Card Full Review

Up to R500,000 in credit limit

The Capitec Bank credit card offers a credit limit of up to R500,000 with a guaranteed 1% cashback on all in-store or online payments.

Capitec Bank is a financial services provider that includes the credit card as one of its products. The institution issues its credit card with the Mastercard and also VISA brands, following the trend of financial services companies offering credit solutions in this manner.

Capitec Bank has its credit card application process entirely online, either directly on the website or through internet banking apps. In general, it only takes a few minutes.

The main requirements are precisely to be able to demonstrate a fixed income and apply for the limit according to the credit score.

Therefore, if you believe that the Capitec Bank credit card may be suitable for you, continue reading.

How Does the Capitec Bank Credit Card Work?

Capitec Bank is a financial services company that provides a range of products, including a fully digital bank for account holders and a credit provider with various personal loan plans.

Established in 2001, the company boasts over 20 million active customers, 860 branches, and more than 15,000 employees. Capitec Bank offers solutions for both businesses and individuals, covering diverse aspects of investments and financial management.

Regarding credit cards, Capitec Bank determines credit values based on the customer’s credit score and income.

Similar to a personal loan, the bank conducts an analysis of the potential customer’s creditworthiness and score. Consequently, the client may or may not have access to the desired monthly credit limit, as the bank assesses the conditions upon receiving the application to determine whether to approve the release.

The Capitec Bank credit card functions similarly to other credit cards on the market, making it suitable for purchases both within and outside of South Africa.

The initiation fee is R100, while the monthly fee is R50, with interest rates ranging between 11.75% and 22.25%, depending on the credit profile.

In addition to the credit card, clients can also open a bank account. Capitec Bank offers an efficient digital application for comprehensive financial management, equipped with all the necessary features.

To obtain the card, in addition to the credit score, the customer needs to have a fixed income, depending on the type of employment contract.

What are the Capitec Bank Credit Card Benefits?

Like any other credit card, Capitec Bank also offers everyday benefits. Here they are:

• Variable credit limit up to R500,000, depending on the customer’s credit score
• Guaranteed 1% cashback on all credit card spending, whether online or in-store
• Zero currency conversion fees, meaning no additional charges for currency exchange beyond the actual currency value.
  free card delivery
• Prime-style interest rates.

The credit card also comes with other benefits:

• Up to 55 interest-free days
• Protection for secure online purchases
• Free travel insurance of up to R5 million
• The card helps the customer build a credit reputation
• Credit insurance is available

This way, the card manages to offer a good range of benefits. Even if the customer doesn’t receive a very high credit limit initially, depending on the card usage, they can request higher amounts.

Additionally, Capitec Bank invests significantly in security, especially due to its predominantly online service.

Possible Drawbacks

Despite having the security of a reputable financial brand within South Africa, some customers may not favor the credit card for international use. This is because other card networks may offer more benefits, especially with access to airport lounges worldwide.

In this context, the decent 1% cashback may be considered insufficient for those seeking a more robust rewards program, especially for those with a high spending limit like R500,000, which could potentially yield more benefits for customers.

How do I apply for the Capitec Bank Credit Card?

The application process is quick and easy, directly through the internet. However, it’s always beneficial to understand the conditions before applying for a card.

Written by

Gabriel Gonçalves