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2023-02-20 4:39 PM

African Bank Credit Card Review 2023

By William Dube

African Bank credit card is a black credit card with a credit limit of up to R250,000.00 and it is available to individuals over the age of 18. The monthly account fee for the credit card is R55.00. To begin using the credit card, a one-time initiation fee of R120.00 is required.

Positive African Bank credit card balances earn up to 3% interest. The credit card also includes up to 62 days of interest-free credit, so purchases are not charged interest for the first 62 days after making a purchase with the credit card.

The African Bank credit card entitles cardholders to free use of the African Bank App. Credit card holders can set credit card limits using the African Bank App. The following African Bank credit card limits can be increased:

  • ATM limit, minimum R4,000.00 to maximum R10,000.00,
  • Point of Sale limit, max R100,000.00,
  • CNP limit, minimum R10,000.00 to maximum R50,000.00

Aside from using the banking app, the African Bank credit card has a number of benefits that the user can take advantage of. These benefits are detailed below.

African Bank Credit Card Benefits

  1. Up to 62 days of interest-free credit on POS purchases if the outstanding balance is settled in full by the due date.
  2. Free SMS updates on every transaction.
  3. A personalised, embossed, Credit Card is instantly issued at any African Bank Branch once an application has been approved.
  4. The African Bank Credit Card is accepted by thousands of merchants in South Africa and globally.
  5. Customers benefit from Credit Life Insurance, giving them the peace of mind that their debt will be taken care of should anything happen to them.
  6. Free local POS purchases.
  7. Free access to the African Bank App. Using your phone, you can:
  • check available balances
  • make payments
  • get account statements
  • get your tax certificate
  • stop the Credit Card
  • change your account limits, and so much more.

*Credit Life Insurance is compulsory. This can either be a policy offer by African Bank or, alternatively, a customer can provide an existing policy that meets their minimum criteria.

As much as the African Bank credit card has many benefits, it also has service and transactional fees.  The fees that the credit card charges are as follows.

African Bank Credit Card Fees 2023

Fee DescriptionAmount
Monthly Service FeeR55.00
Card Replacement FeeR125.00
Once Off Initiation FeeR120.00
Point Of Sale purchases Free
POS Cash Back Fee R7.50
Balance enquiry at an ATM R8.00
ATM cash withdrawal above R100.00 R13.00
ATM declined Transaction feeR8.00
International POS Purchase FeeR10.00
ATM balance enquiry (international) FeeR10.00
International ATM cash withdrawalR50.00 + 1.5% of transaction value
Airtime and Data purchase feeR0.50
Electricity purchase feeR1.00
Lotto and powerball purchase feeR2.50
Prepaid voucher purchase feeR2.50

Competitive advantages

  • Up to 62 days interest-free credit for POS purchases.
  • Free access to the African Bank digital channels, such as the App and online banking.
  • Free access to your credit score, whenever you need it.
  • Credit Life Insurance is designed to protect customers and their loved ones in unforeseen circumstances*.
  • Free swipes at any till point in South Africa.
  • Earn up to 3% interest per year on a positive balance.
  • Secure online shopping.
  • Extra convenience, with many different ways to pay off outstanding credit.
  • No waiting period. The African Bank Credit Card is issued instantly.

Competitive disadvantages

  • No rewards program.
  • No travel benefits, such as discounts on air tickets or hotel bookings.

How to get the African Bank Credit Card

  • You must be 18 years or older at the time of application.
  • Your latest bank statement, reflecting three salary deposits, will be required.
  • Proof of income is also required to support your application.

Conclusion

The Credit Card is perfect for any customer who would like to add to their financial muscle without overstretching their monthly budget. Application is approved based on individual affordability. Combined with low maintenance fees and reasonable transactional costs, this makes for easier monthly repayments and promotes a healthier credit score.

*Credit Life Insurance is compulsory. This can either be a policy offer by African Bank or, alternatively, a customer can provide an existing policy that meets their minimum criteria.

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William Dube

William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on william@rateweb.co.za

Tags: African Bank