Capitec Credit Card: Essential Features and Benefits Explained

The Capitec credit card is a popular financial product offered by Capitec Bank, one of South Africa’s leading banks. With a credit limit of up to R500,000, this card offers potential customers flexibility and convenience for making purchases and managing their finances. The online application process makes it easy for eligible individuals to apply for the card without visiting a branch, streamlining the process and saving time.

To be considered for a Capitec credit card, applicants must meet certain eligibility requirements, such as a minimum income of R5,000 for salaried employees or R10,000 for self-employed individuals. In addition, applicants must provide proper identification, recent salary slips, and a bank statement showing the latest three consecutive salary deposits if their salary is not paid into a Capitec account. Once approved, cardholders can enjoy various benefits, rewards, and cashback opportunities tied to their spending.

When comparing credit card options, it’s essential to consider interest rates, fees, and the overall credit solution offered by different providers. The Capitec credit card has competitive rates and fees as well as useful features that cater to the diverse needs of its user base. By carefully assessing one’s financial situation and credit profile, individuals can determine if the Capitec credit card is the most suitable option for their personal requirements.

Find out how to reverse money using the Capitec app.

Understanding Capitec Credit Cards

Features and Benefits

The Capitec Credit Card offers customers a wide range of benefits and features. Users can enjoy up to R500,000 credit limit, which is personalised depending on their credit score, credit history, and affordability. The card also offers 1% cash back on all spending when customers click, tap, swipe, or scan to pay in-store or online.

Additionally, Capitec Credit Card users can benefit from zero currency conversion fees when making international transactions. They also get up to 55 days of interest-free credit after each purchase, allowing them to manage their finances better.

Credit Card Fees

When it comes to fees, the Capitec Credit Card has a one-time initiation fee of R100. The monthly fee amounts to R45 for maintaining the credit card facility. Free local swipes and free credit card delivery to your door are provided as well.

Interest Rates and Charges

Interest rates for the Capitec Credit Card range from 10.50% to 21% depending on the user’s credit profile. It is essential for customers to keep in mind that timely repayments will help them maintain a healthy credit score and, in turn, attract better interest rates.

Credit Limit and Eligibility

The credit limit for the Capitec Credit Card is up to R500,000. The exact limit assigned to each card will depend on the customer’s credit profile, credit history, income, and other financial factors. The minimum income requirement for applying for the card may also vary.

To summarise, the Capitec Credit Card offers a comprehensive package of features, benefits, and competitive rates to its users. From earning cash back on your spending to interest-free credit periods and personalised credit limits, the Capitec Credit Card caters to a wide range of financial needs and preferences.

Applying for a Capitec Credit Card

Application Process

Applying for a Capitec credit card is a straightforward process. Prospective cardholders can apply online through the Capitec Bank website or via the Capitec app. The online credit card application only takes a few minutes to complete. Alternatively, clients can visit a local Capitec branch to start their application in person. The credit card offers a credit limit of up to R500,000, subject to applicants meeting the eligibility criteria.

Required Documentation

When applying for a Capitec credit card, it is essential to provide some necessary documents to prove one’s identity and financial capacity. The required documentation includes:

  • An original South African ID document
  • The applicant’s latest salary slip
  • A bank statement displaying the applicant’s latest three consecutive salary deposits (This is required only if the applicant’s salary is not paid into a Capitec account)

For self-employed clients, the minimum monthly income requirement is R10,000. In this case, the applicant must present additional financial documentation concerning their business. Once all documents are submitted and verified, a credit assessment will determine the eligibility and credit limit granted.

Managing Your Credit Card

Online and Digital Wallet Services

Capitec Bank offers a variety of options for managing credit cards, including their app and digital wallet services. With the Capitec app, users can easily track transactions, view balances, and manage card limits. Digital wallet services, such as the “scan to pay” feature, allow users to make card payments without needing a physical card. Additionally, these services offer added security as they prevent the risk of lost, stolen, or duplicated cards.

Safe Online Shopping

Capitec Bank takes online security seriously and offers a safe and secure platform for online shopping. To ensure safety, it is essential to register the credit card for online shopping. This can be done through the Capitec app, which allows users to manage their virtual cards, set limits, and monitor transactions. Furthermore, it’s important to adopt safe banking practices and stay vigilant when shopping online using a credit card.

Understanding Your Statement

It’s essential for credit cardholders to understand their bank statements. Statements contain important information such as:

  • Outstanding balance: The total amount owed on the credit card
  • Transaction history: A list of recent purchases, cash advances, fees, and payments
  • Due dates: The dates by which payments must be made to avoid late fees

Carefully reviewing these statements will help users keep track of their spending and debts, ensuring they maintain a healthy credit score.

Making Repayments

Timely credit repayments are crucial for maintaining a good credit score. Cardholders can set up debit orders or receive SMS reminders from Capitec Bank to ensure they never miss a payment. By understanding the outstanding balance and due dates on their credit card accounts, users can make informed decisions about their transactions and maintain a strong credit profile.

Additional Capitec Credit Card Features

Insurances Offered

Capitec credit cards provide a variety of useful insurances for customers. One prominent feature is their credit life insurance, designed to protect cardholders from unforeseen financial difficulties. In the event of death, disability, or retrenchment, credit life insurance helps cover credit card balances, reducing financial burden on the cardholder and their family.

Travel is often a priority for many credit card users, and Capitec understands that. They offer travel insurance for their cardholders, covering emergency medical expenses, cancellations, and other travel-related incidents. This added peace of mind makes the Capitec credit card a reliable choice for frequent travellers.

Capitec’s Live Better Benefits

Capitec aims to cultivate a holistic banking experience by providing a collection of benefits called Live Better to their customers. Live Better incorporates Live Better savings, enabling cardholders to receive 1% cash back on all purchase transactions when using the card.

Another aspect of the Live Better initiative is the Live Better Academy, an online educational platform exclusive to Capitec customers. This academy offers courses on various important topics, such as personal finance, career advancement, and entrepreneurship – empowering cardholders to improve their lives in multiple domains.

Here is a summary of the additional features offered by Capitec’s credit card:

  • Insurances:
  • Live Better Benefits:
    • Live Better savings
    • Live Better Academy

In conclusion, Capitec credit cards successfully combine essential insurance coverage with valuable added benefits through various initiatives, catering to various needs of their clientele and offering a comprehensive banking experience.

Financial Tools and Resources

Capitec Bank offers a variety of financial tools and resources to help clients manage their money efficiently and improve their credit profile.

Budgeting and Money Management

Capitec Bank provides an easy-to-use money guide that assists clients in understanding their monthly income and expenses. This helps them proactively plan their budget and identify easy ways to save on their spending. Additionally, clients can utilise the Capitec Bank App for a clearer overview of their financial transactions and account balance.

By harnessing these resources, clients can effectively manage their finances and adopt a more balanced lifestyle. Furthermore, identifying potential adjustments in their spending habits can result in significant long-term savings and improved money management skills.

Building a Healthy Credit Score

A healthy credit score is essential for securing loans, credit cards, or other financial products. Capitec Bank supports its clients in this endeavour by offering personalised credit products with a maximum limit of R500,000 based on their credit profile. Access to revolving credit not only provides clients with a safety net during emergencies but also allows them to make strategic money moves that promote a strong credit score.

To ensure clients maintain a healthy credit profile, Capitec Bank offers practical tips that include:

  • Making timely payments on all outstanding debts
  • Avoiding excessive borrowing or credit utilisation
  • Regularly reviewing their credit report to ensure accuracy and dispute any errors
  • Diversifying their credit mix to demonstrate responsible credit management

Utilising the financial tools and resources provided by Capitec Bank, clients can effectively budget, save, and build a solid credit score. This empowers them to make informed decisions about their finances and enjoy a more secure financial future.

Special Offers and Promotions

Rewards and Discounts

The Capitec Credit Card is known for offering attractive rewards and discounts, allowing their customers to derive maximum value from their everyday purchases. Cardholders can enjoy 1% cashback on all their spend, be it when they click, tap, swipe, or scan to pay in-store or online.

In addition to the standard cashback offer, Capitec Credit Card users can benefit from the Live Better programme. This initiative provides exclusive discounts and lifestyle offers that cater to a wide range of preferences, such as dining, entertainment, travel, and shopping.

Seasonal Campaigns

Capitec is also known for its engaging seasonal campaigns that offer both discounts and chances to win valuable prizes. During the festive season, for instance, credit card holders may be treated to exciting offers that add to the joy of the holiday period.

Through their innovative marketing strategies, Capitec ensures cardholders have numerous opportunities to enjoy discounts, rewards, and stand to win enticing gifts throughout the year. By providing offers tailored to various lifestyle elements, Capitec Credit Card continually enriches the spending experience for its users.

Loan Services

Personal and Vehicle Loans

Capitec Bank offers a variety of loan services, including personal and vehicle loans. With their personalised credit solution, clients can apply for loans up to R500,000, depending on their affordability and credit profile. The application process is simple and can be done through the bank’s app or website, without the need for a branch visit.

To qualify for a loan, applicants must meet certain criteria, such as a minimum income requirement, which varies for self-employed clients. The required documents include an original SA ID document, latest salary slip, and a bank statement showing the latest three consecutive salary deposits (if the salary is not paid into a Capitec account).

Capitec’s personal and vehicle loans have competitive interest rates, and the repayment term can range from a few months up to 84 months. This flexibility in repayment terms allows clients to choose a loan that best suits their financial needs and circumstances.

Access Facility

In addition to term loans, Capitec offers the Access Facility, a revolving credit option available to credit cardholders. This facility works similarly to an overdraft and provides clients with additional funds when needed, up to their approved credit limit.

The Access Facility can be a convenient solution for those who might need extra cash flow during unexpected financial situations or emergencies. Clients can access the funds through their Capitec credit card, which offers a 55-day interest-free period on credit purchases.

A once-off initiation fee of R100 applies to the Credit Card, and a monthly service fee of R45 is charged. As an added benefit, credit cardholders receive R5 million worth of travel insurance for international trips.

To summarise, Capitec Bank provides clients with various loan services and credit facilities to suit their unique financial needs. By considering clients’ affordability and credit profiles, clients can rest assured that they are getting a personalised and competitive solution for their borrowing needs.

Customer Service and Support

Branch and Online Assistance

Capitec Bank offers a variety of ways for customers to receive assistance with their credit card needs. Customers can visit a local branch for in-person help regarding Capitec credit card applications, account management, and transaction inquiries. For those who prefer online support, the Capitec Bank website provides an extensive help centre with articles and guides related to credit card services.

An alternative method of assistance is through WhatsApp. Capitec customers can send a message to the verified WhatsApp number 067 418 9565 and receive help from a customer service agent in real-time.

Troubleshooting Common Issues

Capitec is committed to helping customers resolve issues and answer questions about their credit cards. Some common problems that might be experienced include:

  • Application Status: Customers can check the status of their credit card application online, or by contacting Capitec customer service via phone or email.
  • Technical Difficulties: For any technical issues with the online banking or mobile app, Capitec recommends updating the app, clearing browser cache, or contacting their support team.
  • Lost or Stolen Cards: In case of a lost or stolen credit card, customers should immediately contact Capitec Bank’s 24/7 customer care number to report the incident and block the card.

Feedback and Complaint Channels

Capitec Bank values customer feedback and has established multiple channels for customers to share their experiences, provide suggestions, or file complaints. These channels include:

  1. Phone: Call the customer care number at 067 418 9565 or 021 941 1377 for personal banking and 0860 30 92 50 for business banking.
  2. Email: Send an email to [email protected] detailing the issue or feedback.
  3. WhatsApp: Chat with a customer service agent by sending a message to 067 418 9565.
  4. Branch: Visit a local Capitec Bank branch to discuss any concerns with a representative in-person.

By offering a variety of contact options, Capitec ensures that customers can access support and share their opinions through the most convenient channel for them.

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