African Bank Credit Card Review 2021

Posted on Jun 24, 2021 by Staff Writer

Rateweb | South Africa

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The African Bank Credit Card is synonymous with ease and convenience. Application is a quick, straight-forward process and, upon qualifying for the Card, one will be instantly issued to you at any African Bank Branch. Whatever you may want to use the Card for, whether it be for emergencies or to pay for household essentials, it helps to know that it won’t take long before you can take ownership of your very own African Bank Credit Card.

Although there is the perception that the African Bank Credit Card is an entry-level offering, it is actually suitable for any income earner. African Bank issues credit according to a client’s affordability and risk profile, which means that customers will only receive a credit amount they can safely afford. This allows for the Card to be used as a valuable budgeting tool, with timeous repayments helping to improve the customer’s credit score.

African Bank Credit Card account holders enjoy up to 62 days interest-free credit on POS (point of sale or till point) purchases, should they settle their Credit Card in full by the due date. This is a huge advantage for customers as the rising cost of interest can make shopping more expensive and put extra strain on monthly household budgets. 

No fees will be charged for any POS purchase made in South Africa. There is, however, a fee for cash back on POS and any international POS purchases. 

African Bank Credit Card summary

  • The African Bank Credit Card has a monthly account fee of R50.00.
  • It offers 3% interest per annum on a positive balance.
  • Interest on credit is up to a maximum of 17.5% per annum, which is mainly determined by a customer’s risk profile.
  • Up to 62 days interest-free credit on POS purchases.
  • Deposits cost R6.50 per transaction. If the transaction is over R250.00, a standard cost of R6.50 plus 2.75% of the transaction value applies. 
  • The charge for local ATM withdrawals is R11.50 per transaction up to R100.00. If the transaction is more than R100.00, the charge will be R11.50 plus 1.5% of the transaction value.
  • The charge for POS withdrawals is fixed at R7.50. It therefore makes sense to withdraw cash at till points instead of ATMs. 

Benefits of the African Bank Credit Card

  1. Up to 62 days of interest-free credit on POS purchases if the outstanding balance is settled in full by the due date.
  2. Free SMS updates on every transaction.
  3. A personalised, embossed, Credit Card is instantly issued at any African Bank Branch once an application has been approved.
  4. The African Bank Credit Card is accepted by thousands of merchants in South Africa and globally.
  5. Customers benefit from Credit Life Insurance, giving them the peace of mind that their debt will be taken care of should anything happen to them.*
  6. Free local POS purchases.
  7. Free access to the African Bank App. Using your phone, you can:
  • check available balances
  • make payments
  • get account statements
  • get your tax certificate
  • stop the Credit Card
  • change your account limits, and so much more.

*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.

African Bank Credit Card Fees 2021

Fee descriptionFee
Monthly service feeR50.00
Card replacement feeR115.00
Initiation feeR120.00
  
Statement reprint per pageFree
Local point of sale purchasesFree
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 withdrawalsR11.50 plus 1.5% of transaction value for withdrawals above R100.00
Declined transactions fee at ATMR6.50
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

  • Up to 62 days interest-free credit for POS purchases.
  • Free access to the African Bank digital channels, such as the App and online banking.
  • Free access to your credit score, whenever you need it.
  • Credit Life Insurance is designed to protect customers and their loved ones in unforeseen circumstances*.
  • Free swipes at any till point in South Africa.
  • Earn up to 3% interest per year on a positive balance.
  • Secure online shopping.
  • Extra convenience, with many different ways to pay off outstanding credit.
  • No waiting period. The African Bank Credit Card is issued instantly.

Competitive disadvantages of the African Bank Credit Card

  • No rewards program.
  • No travel benefits, such as discounts on air tickets or hotel bookings.

How to get the African Bank Credit Card

  • You must be 18 years or older at the time of application.
  • Your latest bank statement, reflecting three salary deposits, will be required.
  • Proof of income is also required to support your application.

Conclusion

The African Bank Credit Card is perfect for any customer who would like to add to their financial muscle without overstretching their monthly budget. Application is approved based on individual affordability. Combined with low maintenance fees and reasonable transactional costs, this makes for easier monthly repayments and promotes a healthier credit score.

*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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