Applying for the Capitec Bank Credit Card

Unveiling the Capitec Bank Credit Card

The Capitec Bank credit card caters to financially responsible individuals seeking to maximize their spending. Here’s a breakdown of its key features.

It offers a generous limit of up to R500,000, ideal for larger purchases. Additionally, you can earn 1% cash back on strategic purchases, rewarding you for smart credit card use.

Manage your repayments effectively with an interest-free period of up to 55 days on purchases. However, interest rates after this period can range from 11.75% to 22.25% depending on your creditworthiness. 

There’s also a one-time initiation fee of R100 and a monthly fee of R50 to consider.

Enjoy peace of mind when traveling abroad with free travel insurance coverage of up to R5 million. 

Responsible card usage and timely payments can also help build a positive credit history, which is beneficial for future loan applications.

Additionally, the Capitec Back card offers various ways to manage your balance. You can pay it off in full to avoid interest charges, make minimum monthly payments, or spread repayments over a longer term (up to 48 months) with the budget option.

Make international purchases without worrying about additional currency conversion fees.

Qualifying for rewards: Capitec Bank Credit Card eligibility criteria

The Capitec Bank credit card welcomes applicants who are financially responsible and meet specific criteria. Here’s what you’ll need to demonstrate to be eligible:

• Age requirement: you must be 18 years or older to apply.
• Proof of identity: a valid South African ID document is a required document during the application process.
• Financial stability: Capitec Bank assesses your ability to manage credit responsibly. You’ll need to submit your latest salary slip to verify your income. Self-employed individuals need to provide this document along with 3 months of bank statements to demonstrate a consistent income stream.
• Minimum income threshold: there’s a minimum income requirement to qualify. For salaried employees, this is set at R5,000 per month. For self-employed applicants, the minimum income requirement is slightly higher at R10,000 per month.

Meeting these criteria strengthens your application and increases your chances of approval for the Capitec Bank credit card.

Applying for the Capitec Bank Credit Card

The Capitec Bank credit card application process is designed to be quick and user-friendly. Here’s a step-by-step breakdown to guide you through.

• Initiate online: begin by visiting the Capitec Bank website. Look for a button or link that says “See what you could get” or something similar related to credit applications.
• Credit needs: once you’ve accessed the application portal, you’ll be guided through your credit needs. Here, select “Credit Card” as the product you’re interested in.
• Set your limit: indicate the desired credit limit by entering a maximum amount. Remember, the Capitec Bank credit card offers limits of up to R500,000.
• Personal information: the next phase involves providing personal details like your name, contact information, and residential address.
• Employment and verification: you’ll be prompted to share your employment details, including your current employer and income information. Be sure to have your latest salary slip readily available for this step.
• Confirm identity: the final step involves confirming your identity. Capitec Bank utilizes secure procedures to verify your information, ensuring a safe and reliable application process.

Once you’ve completed these steps, Capitec Bank will assess your application and notify you of the outcome. 

Approved? 

Your Capitec Bank credit card is approved! But take a moment to:

• Review the agreement: this includes a quotation with the full cost breakdown (interest rates, fees) and a pre-agreement statement outlining the terms and conditions. 
• Know your responsibilities: the agreement specifies your obligations, like minimum payments and late fees. 
• It’s your choice: you’re not obligated to accept. Decline if needed, no fees apply.

Exploring other options? 

The Absa Flexi Core credit card stands out with a high credit limit (up to R500,000), cash back rewards, and a manageable monthly fee.

Written by

Ellen Queiroz (Redatora)