Credit Cards

Bluebean credit card Review 2022

Published by
Parddon Khumalo

BlueBean is a Standard Bank division that offers South Africans credit cards that are flexible, inexpensive, and helpful. The bluebean credit card appears to be in high demand these days. The bluebean credit card, when used correctly, can be beneficial to your financial well-being. The card provides convenience, protection, and other benefits to responsible users.

Application

You can apply for the Bluebean credit card online through their website, which will save you time and expedite the processing of your application. When filling out an online application. To apply, first log in to your Internet Banking profile, or create a new profile if you are a new standard bank client. Then fill out a form to request a callback. Alternatively, you can apply at a nearby normal bank branch. To apply, you must first ensure that you meet the minimum requirements.

Who qualifies for Bluebean Credit Card ?

  • You must be over 18 years
  • South African ID copy or passport for foreign nationals
  • Have a full time job
  • A recent payslip and 3 months bank statement
  • Proof of residence not older than 3 months
  • Must earn R7 500 or more per month
  • Approval is subject to credit checks and Financial Intelligence Centre Act (FICA) requirements.

How much does it cost?

  • R180 initiation fee
  • R40 monthly fee
  • 3% minimum monthly repayment with automatic payment option
  • There is a grace period of 55 days free interest if you pay your account in full on the due date.

How does the Bluebean Credit Card Work ?

In most cases, when you use a credit card to pay for something, you are borrowing money. You will receive a monthly credit card statement later, which you must pay on time. Interest will be levied if you do not pay your monthly statement in full.

The whole credit cards industry rests on these basics:

  • You swipe your card. When it comes time to pay for something, you use your card at the cash register by running it through a card reader (or, if you’re online, you enter your card information on the checkout page).
  • The purchase is authorized. The card reader contacts your credit card company to make sure the card is valid for the purchase amount. Assuming everything is OK, the transaction is authorized.
  • The merchant gets paid. The bank that issued your credit card sends money for the purchase to the merchant where the transaction took place.
  • You pay. The transaction shows up on your credit card statement, and you repay the bank for the purchase.

Bluebean credit card features

  • Chip- and PIN-enabled Mastercard credit card
  • Shop at millions of merchants and ATMs worldwide
  • 3D Secure verification for safe online shopping
  • Tap to Pay™ in-store for R500 or less
  • Link your card to the SnapScan or Masterpass apps to pay by phone
  • Manage your Blue Credit Card on your phone, in-app, online or at the ATM
  • Activate or disable till-point, ATM and online card functionality using the app
  • Single limit for straight and budget facilities
  • Change your credit limit on request
  • Automatic lost card protection

Bluebean Credit Card Competitive Advantages

1. UCount Rewards

You earn Rewards Points every time you pay with your bluebean credit card. The reward points can be spent on anything you like.

2. Security

You can activate or deactivate your card using the banking app. When you lose your card, this will prevent it from being used by unauthorized people. The 3D secure verification feature on the blue card ensures your safety when purchasing online. In general, using a credit card makes it easier to avoid fraud losses. When a fraudster uses your debit card, the money immediately disappears from your account; however, this is not the case with the Bluebean credit card.

3. Insurance

The Bluebean credit card comes with a number of client protections that most people don’t even realize, such as car rental insurance and travel insurance.

Convenience

The Contactless feature of Bluebean’s credit cards means you don’t have to swipe or hand your card to anyone to pay for products and services under R500. You can also link your apps for secure payments using your phone.

5. Grace period

You don’t get charged interest if you pay your outstanding credit balance in full within 55 days.

6. Building credit score

If you are trying to improve your credit score, using the bluebean credit card responsibly will help because all your payment activities are reported to the credit bureaus.

Bluebean Credit Card Competitive Disadvantages

1. Some transactions immediately incur interest

The following transactions do not qualify for any interest-free period and incur charges from day one:

  • Cash withdrawals from your credit card
  • Gambling charges
  • Transferring amounts from your credit card to another credit card or bank account.

2. The 55 days grace period is not really transparent

About 85% of card holders do not enjoy the 55 days interest free grace period. If you don’t pay your card in full on the statement’s due date, you lose the benefit of that interest-free period.

An example: 1 – 31 March is your card’s billing period. Therefore, amounts spent during this period are interest free if you pay the full amount owing by 24 April.

However, should you not pay by 24 April; all the purchases you made during the billing period will be charged interest, even the transactions with less than 55 days.

3. Client Service

From the Hellopeter client reviews, the bluebean/ standard bank had an average rating of 1.76 from 357 reviews. Most of the clients’ complain of poor services rendered by the call centre and mixed up email responses.

Parddon Khumalo

Published by
Parddon Khumalo