Tymebank Credit Card: Unveiling Key Features and Benefits

TymeBank is a leading digital bank in South Africa, offering a range of innovative banking products and services. One such offering is the TymeBank Credit Card, which provides a convenient and flexible option for consumers who seek an accessible and budget-friendly credit solution. As a Visa credit card, it is accepted worldwide and comes with numerous other benefits that cater to the diverse financial needs of its customers.

To qualify for a TymeBank credit card, applicants must be at least 18 years old, employed, and earning a minimum of R3000 per month. Additionally, they must have a functioning South African bank account and a government-issued photo ID or driver’s licence. By meeting these criteria, potential cardholders can take advantage of features such as the interest-free period, rewards programme, and security offered by TymeBank.

The TymeBank credit card stands out by offering cardholders the first 55 days interest-free, provided they pay their full monthly instalment. This feature, coupled with fee-free charges and the ability to double one’s Pick n Pay smart shopper earnings and points, presents an attractive option for financially savvy South Africans looking for a credit card that meets their needs.

Overview of TymeBank Credit Card

TymeBank, one of the fastest-growing digital banks in South Africa, has introduced its first credit card to the market, the TymeBank Visa Credit Card. Collaborating with RCS, a renowned financial services provider, this credit card aims to offer customers a flexible and convenient payment solution tailored to their specific needs.

The TymeBank Visa Credit Card is designed to be a valuable addition to customers’ wallets. It comes with a range of benefits that include:

  • The ability to withdraw money from any ATM (for a small fee)
  • Shop everywhere, including online
  • Up to 55 days interest-free when the account is paid in full and on time every month

However, there are certain fees associated with the TymeBank Credit Card:

  • Initiation Fee: A one-time charge at the beginning of the credit account
  • Card Courier Fee: The cost of delivering the card to the customers
  • First Card Replacement Fee: The charge for replacing a lost, stolen, or damaged card
  • Statement Copy Fee: The cost for requesting additional copies of account statements
  • Late Payment Fee: A charge for not paying at least the minimum amount due on time

Additionally, the TymeBank Credit Card allows overseas purchases, making it a useful tool for travellers. It’s worth noting that this card comes with the trusted security and reputation of the Visa brand.

Tauriq Keraan, the CEO of TymeBank, and Regan Adams, the CEO of RCS, have worked together to launch this credit card to cater to the evolving needs of the bank’s growing customer base.

In summary, the TymeBank Credit Card offers convenience and flexibility for its customers in South Africa. With its range of features, this credit card is an attractive addition to TymeBank’s suite of financial products.

Applying for TymeBank Credit Card

Eligibility Criteria

To be eligible for a TymeBank Credit Card, applicants must meet the following criteria:

  • Be 18 years old or older
  • Be employed and have a monthly income of R3,000 or more
  • Possess a valid South African bank account
  • Have a government-issued photo ID or driver’s licence

Please note that TymeBank functions as a registered credit provider, and applicants’ credit scores may play a role in the approval process.

Application Process

To apply for a TymeBank Credit Card, follow these simple steps:

  1. Visit the official TymeBank website at apply.tymebank.co.za
  2. Navigate to Personal Banking, and click on Credit Cards
  3. If you don’t have an account, create one. If you already have an account, log in
  4. Complete the online application process by providing the necessary personal and financial information

TymeBank offers a straightforward and user-friendly online application process, making it easy for potential cardholders to apply at their convenience.

Documentation Required

During the application process, applicants must submit the following documents:

  • A copy of their payslip as proof of income
  • A copy of their South African ID or driver’s licence for identification purposes
  • A bank statement displaying transaction history for at least three months

In summary, applying for a TymeBank Credit Card requires meeting specific eligibility criteria, following a clear online application process, and providing the necessary documentation. By ensuring all of these requirements are met, applicants increase their chances of approval and can soon enjoy the benefits of their TymeBank Credit Card.

Features & Benefits

Interest-Free Period

TymeBank credit card offers users an attractive benefit of up to 55 days of interest-free credit. By paying the full outstanding balance each month, cardholders can effectively make use of this interest-free period, providing them with a convenient and cost-effective credit solution.

Rewards Programme

One of the major advantages of the TymeBank credit card is its rewards programme. Cardholders can earn Smart Shopper points wherever they use their card. Furthermore, they can achieve impressive rewards by earning 4x Smart Shopper points at Pick n Pay outlets. These points can then be redeemed on future purchases, adding exceptional value for TymeBank credit card users.

Customer Protection Insurance

TymeBank credit card holders benefit from the added security of Customer Protection Insurance (CPI). This insurance covers cardholders against outstanding balances in case of unforeseen circumstances such as death, permanent disability, temporary disability, or involuntary unemployment.

Additional Cards for Family

With the TymeBank credit card, primary cardholders can apply for additional cards for family members. This feature allows family members to share the benefits and convenience provided by the TymeBank credit card while still being financially responsible with a single account.

Mobile App Convenience

The TymeBank app adds a level of convenience to managing the credit card. Cardholders receive SMS notifications regarding transactions, balance updates, and other important information. Additionally, users can access their accounts online, enabling them to manage their finances with ease and security.

Pay Later Options

TymeBank credit cardholders have the option to benefit from the MoreTyme “Buy Now, Pay Later” feature. With this offering, users can make purchases and choose to pay over 24 or 36 months, providing them with financial flexibility and maintaining cash flow. This pay later option is particularly useful for larger purchases or during times of unexpected financial strain.

Costs and Fees

Monthly Service Fee

TymeBank credit card has a monthly service fee of R43.00. This fee is charged periodically and covers the expenses related to account maintenance and management.

Transaction Fees

For each credit card transaction, certain fees are applicable. TymeBank charges a 2% fee on all international purchases made using its credit card. Additionally, there are charges for cash withdrawals at ATMs and in-store. The ATM withdrawal fee is R8.00 for every R1,000 withdrawn, while the fee for in-store cash withdrawals at Pick n Pay is R3.00 for every R1,000 withdrawn.

Pricing Schedule Overview

The pricing schedule of TymeBank credit card consists of various fees associated with card usage:

  • ATM Balance Enquiry: R6.00 (Domestic) and R16.00 (Overseas)
  • Cash Withdrawal: R8.00 per R1,000 at ATM
  • In-Store Cash Withdrawal: R3.00 per R1,000 at Pick n Pay
  • Initiation Fee: R160.00 (once-off)
  • Monthly Service Fee: R43.00
  • Statement Copy Fee: R5.50 (*where applicable)

Card Replacement Costs

TymeBank offers a free first card replacement in case of lost or stolen credit cards. Subsequent card replacement services may incur additional fees based on the bank’s discretion.

Late Payment Penalties

Failing to make timely credit card payments may result in late payment penalties. TymeBank charges a late payment fee of R100.00 to encourage prompt payment and help maintain a healthy credit standing.

In this section, the variety of TymeBank credit card fees have been outlined, providing a clear understanding of the associated costs for cardholders. It’s essential to be aware of these costs and maintain a responsible use of the credit card to avoid unnecessary expenses or penalties.

Using TymeBank Credit Card

Making Purchases

TymeBank Credit Card offers its users the flexibility to make purchases almost anywhere, whether in-store or online. This Visa credit card is widely accepted and a convenient payment option for various transactions.

Earning Rewards

One of the noteworthy benefits of a TymeBank Credit Card is the ability to earn Smart Shopper points with every purchase. Cardholders can earn 4X Smart Shopper points when swiping and paying at Pick n Pay stores, as well as accrue points from other retailers. This reward system allows customers to maximise their spending efficiently.

Online Shopping Benefits

Shopping online is made easy and secure with a TymeBank Credit Card. Users can enjoy seamless online transactions on various websites, whilst also earning Smart Shopper points for their e-commerce purchases.

ATM Services

In addition to in-store and online transactions, TymeBank Credit Card holders can also use their card to withdraw money from any ATM, subject to a small fee. This provides added convenience to accessing cash whenever required.

International Usage

For those seeking to use their TymeBank Credit Card for overseas purchases, the Visa Credit Card’s widespread acceptance allows cardholders to utilise their credit facilities internationally. This feature enables customers to confidently make purchases while travelling outside of South Africa, enjoying the same benefits they would have at home.

Financial Management

Budgeting with TymeBank

TymeBank offers a convenient credit card solution with a focus on financial management, helping customers keep track of their spending and maintain a budget. The TymeBank mobile app provides complete credit card management features, making it easy to monitor available credit limits, SmartShopper points, and pay off any outstanding balances. This affordability and convenience make the TymeBank credit card suitable for a wide range of financial needs and lifestyles.

Credit History Impact

Properly managing your TymeBank credit card can have a positive impact on your credit history and credit record. By using the card responsibly, making payments on time, and keeping your balance low, you can demonstrate good financial management. This will improve your credit score, which can enhance your chances of gaining access to better credit deals, loans, and other financial opportunities in the future.

Managing Multiple Cards

If you have more than one credit card, TymeBank offers transparency in managing your financial obligations across multiple cards. By monitoring spending behaviours and ensuring prompt payments toward each card, cardholders can maintain a healthy credit record. Moreover, it is essential to be mindful of your total credit limit across all cards, especially if you’re considering applying for additional cards.

Remember to always be conscious of any minimum payments and fees, such as the R3,000 credit insurance cost, as these can affect the overall affordability and management of your cards.

By using the TymeBank app and accessing all the relevant information about your credit cards, you can efficiently manage your financial obligations and make well-informed decisions according to your financial needs.

TymeBank’s Growth and Vision

Founders’ Mission

TymeBank, founded by Patrice Motsepe and led by CEO Tauriq Keraan, has steadily established itself as one of the world’s fastest-growing digital banks. The founders’ mission is to provide innovative financial solutions that cater to various customer needs and life stages while ensuring accessibility across different income segments.

Consumer Finance Trends

As the demand for online shopping and digital banking services has surged, TymeBank has been diligently observing consumer finance trends to inform its service offerings. A recent online survey revealed that 74% of South African credit card owners use their cards for online shopping. These findings underline the crucial need for accessible and efficient digital banking solutions for the majority of the population.

Innovation in Digital Banking

TymeBank focuses on technological innovation to meet evolving consumer demands. To that end, it has partnered with RCS Group, a well-known consumer finance company and credit provider. This partnership has facilitated the launch of TymeBank’s first Visa credit card, designed specifically to cater to a broader range of customers including those earning as little as R3,000 a month. This strategic move aims to attract more middle- and upper-middle-income customer segments.

Some notable features of TymeBank’s products include:

  • TymeAdvance: A flexible, pre-approved credit facility enabling customers to access funds as and when they need it.

  • New Product Offerings: TymeBank continues to develop novel solutions tailored to different financial needs, driven by customer feedback and market demands.

Customer Feedback and Adaptation

Acknowledging the importance of being responsive to customer needs, TymeBank has launched its first credit card in direct response to ongoing customer demand. As the bank moves forward in its growth phase, it aims to continually expand its offerings with products and services that address the preferences of diverse customer segments.

TymeBank’s ambitious vision extends beyond its current product portfolio and regional presence. With the support of its R1.6 billion funding, the company plans to launch additional financial products, expand to other countries, and secure its place as a leading digital bank in the region.

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