Categories: Banking Credit Cards News Reviews

African Bank Credit Card Review 2021

The African Bank Credit card is one of the quickest credit cards to apply for and get approval. The credit card is issued instant upon qualifying at an African Bank branch, so you won’t have to wait long before having access to your newly issued credit card. 

As much as the African Bank Credit card is considered an entry-level credit card, the credit card is suitable for any income earner. The bank issues credit according to a client’s affordability and risk profile, therefore, clients only get the credit that they qualify for. 

Account-holders get 60 days interest-free credit on point of sale purchases should they settle their credit card in full by the due date. This is a huge advantage that one can capitalize on because interest on the credit card is very high. 

Point of sale purchase is for free. This offer is only for point of sale purchases in South Africa. An international point of sale purchase comes at a fee. Moreover, cash back on point of sale charges a fee. 

African Bank Credit Card Summary

African Bank Credit card is a first-tier credit card with a monthly maintenance fee of R50.00. The credit card offers 3% interest per annum on a positive balance. Interest on credit is between 15% to 27.50% per annum which is mainly determined by a client’s risk profile. Clients get 60 days interest-free credit on POS purchases.

Deposits to the African Bank credit card cost R6.50 per transaction, however, should the transaction be over R250.00 a standard cost of R6.50 plus 2.75% of the transaction value apply. 

For local ATM withdrawals, the credit card charges R11.50 per transaction under R100.00. Should a transaction be over R100.00, the credit card charges R11.50 plus 1.5% of the transaction value. Point of sale withdrawals are fixed at R7.50, therefore, it is wise to withdraw cash at till points instead of ATMs. 

Benefits of the African Bank Credit Card

  1. Clients get up to 60 days of interest-free credit on point of sale purchases if they settle their outstanding balance in full by the due date.
  2. Clients get free SMS updates on every transaction that is made on their  African Bank credit card.
  3. The credit card is issued at once upon applying for it at a branch when approved.
  4. The credit card is accepted by thousands of merchants in South Africa.
  5. Clients get global emergency assistance. African Bank will help block your account, send a replacement card, and provide emergency cash should you lose your visa card.
  6. Clients can get credit life insurance to make sure that their debt is taken care of should anything happen to them.
  7. Account-holders get free access to a wide range of medical and legal advice when traveling.
  8. The credit card comes with free access to the African Bank mobile App for convenient transacting.
  9. Client can remotely
  • check available balance,
  • Pay their outstanding credit,
  • Get account statements,
  • Get their tax certificate,
  • Stop the credit card,
  • Change account limits, and more
  1. The credit card comes with a free local point of sale purchases.

African Bank Credit Card Fees 2021

Fee description Fee
Monthly service feeR50.00
Card replacement feeR115.00
Initiation fee R120.00
SMS messaging feeR0.40
Statement reprint per pageFree
Local point of sale purchases Free
Cash back at point of saleR7.50
Deposit feeR6.50 plus 2.75% of transaction value over R250.00
ATM balance enquiry feeR6.50
ATM cash withdrawals R11.50 plus 1.5% of transaction value for withdrawals above R100.00
Declined transactions fee at ATM R6.50
International Point of sale purchase transaction feeR6.50
Balance enquiry at an international ATMR6.50
International ATM cash withdrawal feeR50.00 plus 1.50% of the transaction value
Credit interest rate3%
Debit interest rateAs per agreement
African Bank Credit Card Fees 2021

Competitive Advantages of the African Bank Credit Card

  • The credit card has a 60 days interest-free credit for point of sale purchases.
  • Comes with free access to the African Bank digital channels.
  • Clients have an option to take out a credit life insurance to protect their credit should anything happen to them.
  • The credit card comes with free swipes at any till point in South Africa.
  • Clients can earn up to 3% interest per year on a positive balance.
  • Can make secure online shopping with a credit card.
  • Repayments of the outstanding debt is easy as there are many ways to repay the debt.
  • You get your credit card after getting approved, therefore, there is no waiting period.

Competitive Disadvantages of the African Bank Credit Card

  • The credit card doesn’t have a reward program.
  • There are no travel benefits such as discounts on air tickets or hotel bookings.

How to get the Credit Card

  • You must be 28 years or older at the time of application.
  • Have your latest bank statement reflecting three salary deposits.
  • Have proof of residence that is not older than 3 months at the time of application.
  • Must have proof of income.

Conclusion

The African Bank Credit card is suitable for any type of borrower as the credit that is allocated to a borrower is dependent on their affordability. The credit card doesn’t charge a high maintenance fee and it is low to maintain since the transactional costs are reasonable.

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