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 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.
|Monthly service fee||R50.00|
|Card replacement fee||R115.00|
|SMS messaging fee||R0.40|
|Statement reprint per page||Free|
|Local point of sale purchases||Free|
|Cash back at point of sale||R7.50|
|Deposit fee||R6.50 plus 2.75% of transaction value over R250.00|
|ATM balance enquiry fee||R6.50|
|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 fee||R6.50|
|Balance enquiry at an international ATM||R6.50|
|International ATM cash withdrawal fee||R50.00 plus 1.50% of the transaction value|
|Credit interest rate||3%|
|Debit interest rate||As per agreement|
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.