The benefits of having a Capitec credit card are:
- Credit limit of up to R500.000
- 3.5% annual cashback on the positive balance
- No currency conversion fees when using a Capitec credit card abroad
- Free basic travel insurance up to R5 million
- Optional lender insurance
Why does the Utua Team recommend the Capitec credit card?
Capitec bank is a private credit institution that has been operating in South Africa for over 20 years.
In addition to cashback, Capitec credit card holders receive up to 3.5% interest on their positive balance.
With the Capitec credit card, when you buy airline tickets, you receive free travel insurance worth up to R 5,000,000.
It is a card that requires a minimum income requirement for eligibility and also requires that your credit history is positive (non-mandatory requirement). That is, even if your credit history is bad, it is still possible for the bank to offer you a credit card.
Author’s opinion
The Capitec credit card is the only credit product that Capitec offers, and therefore, even though it is an entry-level credit card, it has benefits superior to other credit cards of the same modality.
The rates applied to the card are matched to current market rates.
One of the disadvantages of this credit card is that the minimum income required to be a holder is not affordable for all South African citizens.
A tip for your pocket
The truth is that all banks will give you more credibility if your credit history is positive.
However, we know that no matter how hard we try, it is sometimes challenging to keep a good credit history.
It is essential to maintain healthy financial habits because, in times of emergencies, having access to credit can save your life.
Allow me to tell you more about the Capitec credit card application process.