The pandemic affected virtually all parts of life, including how we pay for goods and services. The part we tapped from was paying more bills with our credit cards. When checking out in a store after buying groceries, paying with a credit card is often better than paper bills. KCB credit card comes into play here.
Therefore, one big upcoming trend in many businesses is launching credit cards products at a rapid speed. KCB is not left behind. They have various credit cards that serve various purposes for their customers. Let us quickly discuss these credit cards and their functions.
What is KCB Credit Card
KCB credit cards are cards issued to customers by KCB to enable them to pay for goods and services based on the promise to pay the amount and other agreed charges. KCB usually creates a rotating account and permits lines of credit to their customers from which they can borrow money for payment or as a cash advance.
How Does KCB Credit Card Work in Kenya?
The KCB bank creates a revolving account for the customer and grants a line of credit from which the customer can borrow or take a cash advance. The money withdrawn from the account is customers’ and not incur interest charges.
The benefits of KCB credit cards are convenience. It allows short-term loans to be made to customers who need not calculate a balance remaining from transactions. Once the total charges do not exceed the maximum line for the card.
KCB Credit Card
KCB has its own various credit cards, which are at the apex of the chain. Their features and benefits are almost similar, but the only difference is the limit each of them can hold.
The four basic credit cards launched by KCB and issued to customers are:
- Classic Visa card
- Gold Visa card
- Platinum Visa card
- Gold mastercard
Classic Visa Credit Card
This card is for those who wouldn’t want to be cash strapped. All expenses incurred can be charged to KCB classic credit card and paid later. The minimum limit is Ksh. 20,000 and above. KCB and non-KCB customers can access this card.
How can I get a KCB Classic visa card
The requirements for KCB classic Visa card are:
- National ID card or passport
- KRA pin
- Properly filled credit card application form
- Six (6) months bank statement or account turnover of Ksh. 20,000 to Ksh. 49,999 for self employed
- Salary account bank statements for a period of three (3) months
Rates and fees
- Joining fee of Ksh. 3000 waived
- 3.5% monthly fee if the amount due
- 6% cash advance fee of the amount accessed
- 5% late payment fee of total outstanding balance
- Ksh. 1,000 for over limit fee
- Annual fee of Ksh.3,000
- Card replacement fee of Kes.1,000
- Supplementary card fee of Kes.1,000
- 10% of totally billed amount for minimum repayment
Note: bank representatives call from time to time to get information on your KYC process for your credit card. Never reveal your PIN to anyone. Remind yourself that PIN, yako siri yako. Also note that charges are not inclusive of tax.
Gold Visa Card
KCB Gold Visa card is for customers and non customers of KCB looking to access a higher credit. The maximum credit limit is Kes. 200,000 and above.
How can I get a KCB Gold Visa Card
What KCB need from you in order to process your Gold Visa credit card are:
- Kenya national ID card or your passport
- Your KRA pin
- Credit card application form
- Bank statement for six months and turnover of between Kes. 200,000 and kes. 299,999 for the self employed
- Salary account bank statement covering 3 months
- Recent pay slip of minimum net salary of between Kes. 200,000 and Kes. 299,999
Other rates and fees
- They charge a joining fee of Kes.4000 waived
- Annual fee of Kes.4000
- 3.5% monthly fee of the principal amount
- Cash advance fee of 6% of the amount gotten
- 5% late repayment fee of the total amount in question
- Over limit fee of Kes. 1,000
- Credit card replacement fee of Kes. 1,000
- Supplementary card fee of 1,000
- 10% minimum repayment of the total billed amount
Platinum Visa Card
Platinum credit is guaranteed with premium credit card experience. It is a card to bridge every gap in order to experience happiness, adventure, surprises and aspirations.
How can I get a KCB Platinum visa card
To get platinum Visa card, follow the procedure:
- Present a national ID card or passport and your KRA pin
- Filled credit card application form
- Bank statement for a period of 6 months and average turnover of Kes.300,000 for self employed
- Latest pay slip with a minimum of Kes.300,000 as the net salary
Fees and rates
- Kes. 4000 waived joining fee
- Kes. 4,260 as an annual fee
- A monthly fee on the total amount charged at 3.5%
- Cash advance interest of 6%
- Late payment fee of 5% interest rate
- Charges covering an over limit fee of Kes. 1,000
- Pay a card replacement fee for Kes. 1,000
- Remote a supplementary fee of Kes. 2,000
- 10% of the total bill amount will be charged as the minimum repayment
KCB Gold MasterCard makes you master of yourself in payment. You can pay online at your own pace, shop at the mall and pay with your mastercard. It is available for both customers and non-customers with a minimum amount of Kes. 50,000 and above.
How can I get a KCB Gold Mastercard
- You need to possess a national ID or passport with your KRA pin
- Bring along your credit card application form
- Kes. 50,000 and Kes. 199,999 average turnover and bank statement for six (6) months
- Salary account bank statement for three (3) months
- Last pay slip with a minimum of net salary of between Kes. 50,000 and kes. 199,999
Rates and other fees
- Joining fee of Kes. 4,000 waived to be charged on the Gold MasterCard
- Having an annual fee of kes. 4,000
- Attracting a monthly fee of 3.5% on the total amount due
- 6% as the cash advance fee on the total amount accessed
- 5% late repayment fee on the outstanding balance
- Kes. 1,000 as the over limit fee
- Card replacement fee of Kes. 1,000 to be charged
- Supplementary fees of kes. 1,000
- 10% billed amount as the minimum repayment.
Benefits of KCB credit cards
Some benefits of KCB credit cards are:
- Convenience and portability
- Interest-free period on purchases for 45days
- Flexible repayment plans and options
- General card acceptability
- Increase in purchasing power
- Help you avoid losses from fraud
When credit cards are used properly, you can never accumulate debt with it. KCB credit cards are globally accepted and used for varieties of purposes. Certain purchases are difficult to make with a debit card, but with your credit card, your transaction will go through.
The KCB credit cards also make it easier for you to shop and not carry paper bills around. Often you enjoy the privilege of paying immediately and earn your bonus or discount.
Finally, with KCB credit cards you will enjoy a combination of discounts, rewards, buyer protection and value of cash-on-hand.