Categories: Credit CardsReviews

Capitec Global One Credit Card Review 2024

Published by
William Dube

The Capitec Global One Credit card is a credit card issued by Capitec Bank and has a maximum credit limit of R500,000.00. Global One credit card holders are guaranteed of a 1% cash back on all their spend when they click, tap, swipe or scan to pay in store or online.

The Capitec Global One Credit card has an interest rate of between 11.75% – 22.25% per annum and this interest rate is based on individual credit profile. Credit Card Holders with a positive balance on their Capitec Global One Credit Card get a nominal interest rate of 3.50%.

The Capitec Credit card has a one-time R100.00 initiation fee. Furthermore, the credit card charges a monthly credit card facility fee of R50.00.

As you can see, the Capitec Bank Global One Credit Card has a lot to offer with a number of financial benefits that one can take advantage of. With its unique features, the Capitec Bank Credit Card is one of the best in the market and we delve deeper in analysing the credit card to see why it is one of the best as follows.

The Capitec Bank Global One Credit Card / Capitec Black Card

The Global One Credit Card or the Capitec Black Card are one and the same thing and can be used interchangeably. Capitec Black Card refers to the colour of the Global One Credit Card and the naming of the credit card (Capitec Black Card) has come naturally, thanks to Capitec customers who made the naming popular.

The use of the use of the words ‘Capitec Black Card’ were popularised in 2019 when Capitec Bank changed its credit card colour from gold to black. This change gave the new card a sleek and premium look with some equating the credit card to the popular ‘Premium banking cards’.

For the purposes of this article we will use the names interchangeable.

Benefits of The Capitec Global One Credit Card

  • Credit Card holders receive 3.5% interest on a positive balance.
  • The Capitec Credit card has the highest credit card limit from a bank of up to R500,000.00.
  • Credit is personalised depending on credit score, credit history, and affordability.
  • There is no currency conversion fee when using the Capitec credit card overseas.
  • Get up to 55 days of interest free credit after each purchase.
  • Get access to all your cards.
  • Free travel basic insurance of up to R5 million
  • Optional credit life insurance.

Is the Capitec Global One Credit Card for you?

This Global One credit card is meant for anyone seeking for a credit card, including travellers and entertainment enthusiasts. The credit card is inexpensive, but it may not be appropriate for frequent travellers. Capitec Bank does not offer loyalty points or discounts when purchasing travel tickets, hotel reservations, auto rentals etc with a credit card which is a downside for the account.

It may not seem like a big deal if you don’t travel frequently, but traveling more than 8,000 miles per year and being rewarded for it can change one’s finances. Capitec Bank’s apathy toward the fact that renting a car and booking a hotel, whether overseas or locally, should be rewarded is unsatisfying. 

When applying for any type of credit, including a Capitec credit card, your credit score is critical. Your credit application may be denied if you are perceived as a high credit risk. Capitec Bank generally offers credit to those with a good credit score, therefore, when applying for the Capitec Global One Credit Card having a good or excellent credit score is essential.

In one instance, Tebogo, a long-standing client of Capitec, applied for a credit card for the first time, having never taken out credit previously. He initially examined his credit report and discovered that he had no credit score. Then he took a chance and applied for this credit card, submitting all the necessary paperwork, and to his surprise, he was approved.

Capitec Credit Card Fees 2023

Fee Description

Amount

Initiation Fee

R100.00

Monthly Fee

R50.00

Interest Rate

10.50% – 21%

ATM Withdrawal

R9.00 for every R1000.00

Capitec Credit Card Fees 2023

Competitive Advantages

  • Interest is earned on a positive balance.
  • Low interest on credit is charged if one has a good credit score.
  • The credit card has a high credit limit available.

Competitive Disadvantages

  • There is no loyalty program for credit card holders.
  • There are no airport lounge benefits.

Capitec Credit Card Application

  1. Must be 18 years or older at the time of application.
  2. Be a employed or self employed.
  3. Earn a minimum monthly income of R5,000.00 if employed and R10,000.00 if self employed.
  4. Have a valid South African ID book or smart card.
  5. Provide your recent payslip and 3 months bank statement.
  6. Have a proof of residence that is not older than 3 moths at the time of application.

FAQ

How do I pay Capitec credit card?

With the Capitec credit card, you are given 55 days credit period to pay off your debt. It is best to pay off your credit well before the due dates. To pay the credit you can use the Capitec App which is very easy and fast to use.

How to close Capitec credit card?

If you need to close your Capitec credit card, you can easily do so by using the Capitec mobile app. you can dial(*120*3279#) and follow the given instructions. You can also use internet banking or call them immediately to close your credit card.

Where can l apply for Capitec credit card ?

Apply for your credit card at your nearest Capitec Bank branch or Apply online at or If you have the app you can apply on the app with your profile

Can you get a Capitec Credit Card if you are blacklisted

Yes, you must earn at least R5,000 per month to qualify for a Capitec credit card, regardless of whether you are blacklisted or not. However, your credit profile will decide the amount of credit for which you qualify. If you are on a blacklist, your eligibility for credit will likely be considerably reduced.

Check out our article on 7 genius ways to improve your credit score

 

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