Technology as itself has paved the way for a lot of innovations, and the financial sector definitely isn’t left out of the evolving process. Credit cards remain one of the most advanced technological breakthroughs of all time. Owners of these cards now have access to funds as advance. This is where the capitec credit card comes in
Capitec credit card holders can now enjoy the limitless benefits that come with owning a credit card. Here’s an overview on all there is to know about Capitec Bank credit cards.
Overview of a Capitec Credit Card
Listed on the JSE, the Capitec Bank is one of Africa’s largest diversified financial services providers. Committing a great percentage of their resources on finding local solutions to uniquely local challenges. Capitec Bank in their utmost will to serve, they have included the credit card plan as one of the financial products they offer.
Now, holders can now borrow funds with the wish to pay for goods and services with merchants that accept cards for payment. With so much convenience and ease, Capitec Bank credit card holders can now enjoy this and other benefits during the process of usage.
Benefits of a Capitec Credit Card
There are a lot of benefits that come with owning a Capitec Credit card. Some of these benefits includes;
- Access to all your accounts
- Earn 2.25% per year on a positive balance
- Up to 55 days interest-free period
- Personalised credit based on your profile and affordability
- Credit limit of up to R250 000
- Pay a personalised interest rate from 7.00% per year
- Secure online purchases
- Do cashless payments (zero fees worldwide at Mastercard®
- card machines, online and for telephone and mail orders
Capitec credit card rates and fees
In the spirit of serving their customers to the fullest, Capitec charges the most reasonable rates and fees in the financial market. Here’s a breakdown of their fees and rates;
- Initiation fee: R100
- Monthly fee: R40
- Interest rate: 7.00%–17.50% (based on your credit profile)
How to apply for a Capitec Credit Card
Apply for a Capitec credit by visiting their nearest branch with the following documents;
- Original identification document (must be 18 years or older). Take note, if you’re in a marriage and your surname is no longer the same, attach your marriage certificate.
- Latest salary slip.
- Stamped bank statement showing your latest 3 salary deposits.
Note: In order to speed up your application process, it is advisable to bring along your bank card.
Capitec cover against losses
Capitec loans have put measures in place to check unforeseen circumstances that might occur during the process of credit card usage. Some of this protection includes;
Chargeback Protection
Chargeback protection covers users in certain instances for purchases made with their credit cards. It only applies where the dispute between the user and the merchant could not be resolved.
You may be protected in the following cases:
- If the company you purchased from went into liquidation.
- The goods were not as described or were defective.
- The goods were not received as promised.
- A processing error by the bank occurred.
- You were charged multiple times or for the incorrect amount.
- You were the victim of fraud and did not authorise the purchase.
Lost Card Protection
With a Capitec credit card:
- You have access to free lost card protection which protects you against loss caused by fraudulent use before reporting the card as lost or stolen
- It does not cover transactions where you were negligent or in which your PIN was used, it is therefore important to keep your PIN safe
- You must report the card as lost or stolen immediately after detecting that your card is missing
Conclusion
Capitec is set to achieve some significant goals. One of these goals being optimising their service and making banking operations very convenient for their customers. The credit card product is one of the major mechanisms they will use to achieve this purpose.