African Bank Credit Card Review 2024

African Bank Black Credit Card provides a credit limit of up to R350,000.00 based on affordability. The credit card comes with a 62 days free credit and charges an interest rate of up 24.50% thereafter.

The Black Credit Card provides a 3% nominal interest rate on positive balances. For example, if you have a ZAR 10,000 balance, you’ll earn ZAR 300 in interest annually.

African Bank Black Credit Card comes with card fees which includes:

  • Monthly service feeR65.00
  • Card replacement feeR130.00
  • Initiation feeR140.00

In addition to credit card fees, the account imposes charges for deposits, withdrawals, and charges for other transactions. Below is a table outlining the fees for the African Bank Black Credit Card

African Bank Black Credit Card Fees

Fee TypeFee Amount
ACCOUNT MANAGEMENT FEES
SMS messaging serviceR0.50
Statement reprint per pageFREE
POINTS OF SALE (POS) TILL POINTS
POS Balance enquiryR3.00
Purchases in South AfricaFREE
Cash back at POSR7.50
DECLINED TRANSACTION FEES
Declined transactionR10.00
OTHER PAYMENTS, DEPOSITS, TRANSFERS & PURCHASES
Prepaid Airtime Top-upR1.00
Prepaid Electricity Top-upR1.00
Lotto and PowerballR2.50
VouchersR2.50
Cash Acceptor MachineR4.00 per R100.00
Pay@ deposits – CashR6.00 for first R500, plus 2.00% of transaction value above R500.
Pay@ deposits – Debit & Credit Cards3.00% of transaction value
In-branch POS Payment – Debit & Credit Cards4% of transaction value
Other Payments / Deposit feeR4.00 per R100., plus 2.75% of transaction value over R250
ATM FEES
ATM Cash withdrawals less than or equal to R100R10.00
ATM Cash withdrawals above R100R14.00, plus 2% of transaction value
Balance enquiryR10.00
INTERNATIONAL FEES
POS Purchase transactionsR10.00
ATM Balance enquiryR10.00
ATM Cash withdrawalR80.00, plus 1.50% of transaction value

African Bank Black Credit Card Limits

The African Bank Black Credit Card offers flexible limits, allowing cardholders to customize their transaction thresholds according to their needs:

  • ATM Limits:
    • Default limit: R4,000
    • Maximum limit: R10,000
  • POS (Point of Sale) Limits:
    • Default: R100,000
    • Maximum: R100,000
  • CNP (Card Not Present) Limits:
    • Default: R10,000
    • Maximum: R50,000

These customizable limits empower cardholders to manage their spending and transactions effectively while enjoying the benefits of the African Bank Black Credit Card.

FEATURES AND BENEFITS OF THE BLACK CREDIT CARD

The African Bank Black Credit Card offers a range of features and benefits designed to enhance convenience, security, and financial flexibility. Here’s a detailed look at what the card has to offer:

Instant Issuance:

  • Your personalised embossed Card is issued instantly at any African Bank Branch, ensuring quick access to your credit facilities.

Global Acceptance:

  • Accepted globally at all merchants and ATM’s displaying the Visa logo, providing convenience and accessibility wherever you are.

Security and Convenience:

  • Using your Card is safer than carrying cash, reducing the risk of loss or theft.
  • Simply Tap, Dip, or Swipe, then enter your PIN to complete any transaction, ensuring secure and seamless payments.

Secure Online Transactions:

  • Online (Card Not Present) transactions are secure with participating merchants. An OTP (One Time PIN) will be sent to the cardholder to authorise the transaction, adding an extra layer of security.

Cash Withdrawals at POS:

  • Cash withdrawals at POS (Point of Sale, or till points) at participating merchants such as Checkers, Shoprite, Spar, and Pick n Pay, offering added convenience.

Personalised Transaction Limits:

  • Set your own personalised transaction limits to tailor your spending according to your needs and preferences. If you have not set your personalised limits, the African Bank discretionary default limits will apply.

Interest-Free Credit:

  • Enjoy up to 62 days interest-free credit on POS and online purchases, provided you settle your outstanding balance in full by the due date, offering financial flexibility and savings.

Earn Interest on Positive Balance:

  • Customers earn interest on a positive balance, allowing you to maximise the value of your funds while using your credit facilities.

Credit Life Insurance:

  • For peace of mind to cover life’s unexpected insurable events, Credit Life insurance is required, providing financial protection and security for you and your loved ones.

With these features and benefits, the African Bank Black Credit Card offers a comprehensive solution for your financial needs, combining convenience, security, and flexibility in one powerful package.

Pros and Cons of the African Bank Black Credit Card

Pros:

  • Instant Issuance: The card is instantly issued at African Bank branches, providing quick access to credit facilities.
  • Global Acceptance: Accepted worldwide at all merchants and ATMs displaying the Visa logo, offering convenience for international transactions.
  • Security: Using the card is safer than carrying cash, reducing the risk of loss or theft.
  • Transaction Flexibility: Set your own personalised transaction limits to tailor spending according to your needs.
  • Interest-Free Credit: Enjoy up to 62 days of interest-free credit on POS and online purchases if the outstanding balance is settled in full by the due date.
  • Earn Interest: Customers earn interest on positive balances, maximizing the value of funds while using credit facilities.
  • Cash Withdrawals: Cash withdrawals are available at POS at participating merchants, adding convenience for cash needs.

Cons:

  • Credit Life Insurance Requirement: Credit Life insurance is required, which may add to the overall cost of using the card.
  • Default Transaction Limits: If personalised transaction limits are not set, African Bank’s discretionary default limits will apply, potentially limiting spending flexibility.
  • International Transaction Fees: International transactions may incur additional fees, including conversion fees and ATM withdrawal charges.
  • Transaction Security: While the card offers security features like OTP for online transactions, cardholders must remain vigilant against potential fraud or unauthorized use.
  • Limited ATM Withdrawal Limits: ATM withdrawal limits may be capped, limiting access to cash for larger transactions.
  • Annual Fees: Depending on the card’s terms, annual fees or maintenance charges may apply, affecting the overall cost of card ownership.
  • Interest Charges: After the interest-free period, the card accrues interest on outstanding balances, potentially leading to higher costs if not managed effectively.

Requirements for The African Bank Black Credit Card

To apply for The African Bank Black Credit Card, you need to meet the following requirements:

  1. Proof of Income: Provide the most recent proof of income, such as pay slips or an employment contract, to demonstrate your ability to repay credit card expenses.
  2. Age Requirement: Applicants must be over 18 years old to be eligible for The African Bank Black Credit Card.
  3. Bank Statements: Submit your latest bank statement showing at least three months’ worth of salary deposits. This helps assess your financial stability and income consistency.

Conclusion

The African Bank Black Credit Card offers a range of features and benefits, including global acceptance, security, and transaction flexibility. While it provides convenience and financial freedom, applicants must meet certain requirements such as proof of income, age eligibility, and bank statements. Understanding the pros and cons of the card helps individuals make informed decisions based on their financial needs and preferences. Overall, the African Bank Black Credit Card presents a valuable tool for managing expenses and accessing credit facilities responsibly.

*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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