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Sanlam Money Saver Credit Card Review 2022

Sanlam Money Saver Credit Card is a one-of-a-kind credit card that has revolutionized lending in South Africa. The Money Saver Credit Card allows cardholders to save money every time they use the card. Given the credit card’s competitive interest rates, this is a rather rare technique in the lending market.

Sanlam Money Saver Credit Card customers get rewarded without having to participate in a rewards program. The rewards are automatically recorded on the credit card and can be redeemed every six months. When credit cardholders shop at Sanlam’s partner stores, they are rewarded even more.

The goal of the account is to assist credit card customers in saving money when making purchases. Sanlam is concerned not only with revenues but also with the client’s ability to save money for rainy days. The money saved is put towards the Sanlam Wealth Bonus, in which Sanlam also participates.

The Sanlam Money Saver Credit Card is a unique credit card that can benefit the cardholder. Below, we will discuss how you may save money with the credit card and the contributions that Sanlam will make to your Wealth Bonus. 

Sanlam Money Saver Credit Card Summary 

The Sanlam Money Saver Credit Card is a Sanlam credit card that promotes savings and encourages credit card customers to save money when they use the card. A monthly service fee of R56.00 is charged on the Money Saver Credit Card as long as the card is active.

Because the credit card has a 55-day interest-free period, any amount utilized will begin to accrue interest on the 56th day after the transaction date. After getting authorized for the Sanlam Money Saver Credit Card, the credit card bearer must pay a one-time Initiation charge of R165.00 in order for the credit card to become operational.

The Sanlam Money Saver Credit Card is available in two versions. When applying for a credit card, which you can do online, one must select between the Sanlam Money Saver Credit Card with a savings commitment and the Sanlam Money Saver Credit Card without a savings commitment.

The credit card option selected has an impact on the amount of money saved in one’s Wealth Bonus account. Below, we’ll go over the two credit card alternatives.

1. Sanlam Money Saver Credit Card with co-savings

The choice of saving money has better advantages than the option of not saving money. As a cardholder, you will save some transaction costs if you choose this account option. Those who choose to save money currently save 2.50 % of the transaction value automatically.

You will not, however, be saving on your own. Sanlam will match your savings percentage to assist you in saving. Sanlam will contribute 2.50 % of the transaction value to savings as a result. This will save you a total of 5% on each transaction you make. Sanlam will make contributions regardless of the store you shop at.

Sanlam has partnered with a number of retailers, so you won’t have to contribute 2.50 % to your savings if you spend at these locations. Instead, Sanlam’s partner retailers will contribute 2.50 % of the transaction value, with Sanlam contributing the remaining 2.50 %.

Total, Adidas, Reebok, Dischem, Toys R Us, NuMetro, Babies R Us, Tiger Wheel and Tyre, tyres and more, Flight Center, Forever 21, and Incredible Connections are among Sanlam’s partner stores. In addition, Total Garage gives R1.00 cashback for each litre purchased.

2. Sanlam Money Saver Credit Card Without co-savings

Without co-savings, the credit card holder is not required to save money on every purchase. Sanlam, on the other hand, continues to reward money to credit cardholders every time they use their account. Sanlam contributes 1% of the wealth benefit to credit cardholders.

Not only that, but for every litre purchased, the credit card holder receives R1.00 in Wealth Bonus when they use their card at Total garage. The cashback of R1.00 is guaranteed. The credit card bearer receives 3% of the total transaction cost in Wealth Bonus while purchasing at Sanlam’s partner stores.

Sanlam’s Wealth Bonus is where all of your funds are kept. The credit card holder will choose the length of the savings. The wealth bonus can be withdrawn quarterly or annually, depending on the preference of the credit cardholder.

Advantages of the Sanlam Money Saver Credit Card 

  • There are two account options to choose from.
  • When you use your Sanlam credit card, you can get up to 2.5% cashback on each purchase.
  • Cashback of up to 3% can be earned while purchasing at partner stores.
  • Individualized interest rates are available.
  • There is an option to set aside money for an emergency fund.
  • The R165.00 beginning charge is extremely low for a credit card.
  • A secondary credit card can be obtained so that someone else, such as a spouse or child, can use it.
  • There are 55 days of interest-free credit available.
  • A credit life insurance policy can be purchased to protect the outstanding balance.

Disadvantages of the Sanlam Money Saver Credit Card 

  • Because money will be deducted and saved as a wealth bonus if a co-savings option is chosen, and the money saved will be subject to interest, the interest paid may be excessive.
  • Wealth Bonus is not readily available, and rewards must be spent quarterly or annually.

Requirements of the Sanlam Money Saver Credit Card 

  • At the time of application, you must be at least 18 years old.
  • Work for someone or work for yourself.
  • Have a three-month proof of residency on hand at the time of application.
  • Provide proof of income in the form of a recent payslip and a three-month bank statement showing salary deposits.

Conclusion

The Sanlam Money Saver Credit Card is currently one of the top credit cards in South Africa because it offers credit as well as a savings option to credit card customers. The credit card also offers points for every purchase made, in addition to discounts.

Sanlam Money Saver Credit Card Review 2022

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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