Bluebean credit card Review 2021

Posted on Jan 9, 2021 by Staff Writer

Rateweb | South Africa

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BlueBean is a division of Standard Bank that provides South Africans with flexible, affordable and beneficial credit cards. The demand for the bluebean credit card seems to be on the rise of late.

When used responsibly, the bluebean credit card can be great for your financial well being. Responsible users enjoy convenience, protection and other benefits from using the card.

Application

You can apply for the Bluebean credit card online via their website which will save you time and get your application processed faster.

When applying online. First, Sign into your Internet Banking profile to apply or sign up for the profile if you are a new standard bank client. Then, Complete a Call Me Back form.

Or;          

Apply from a standard bank’s branch that is near you.

You will need to first ensure that you meet the minimum requirements to apply.

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 ?

Generally, when you use a credit card, you are borrowing money to pay for something. Later on, you will be served with the monthly credit card statement, which you must pay on time. If you don’t pay the full monthly statement amount, then you will be charged interest.

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

By using the banking app, you are able to switch your card on or off. This will protect your card from being used by unauthorized persons whenever you lose it.

The blue card has a 3D secure verification; this feature guarantees your safety when shopping online.

Generally, Paying with a credit card makes it easier to avoid losses from fraud. When your debit card is used by a fraudster, the money is missing from your account instantly, it is not so 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.

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