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African Bank Credit Card Review 2022

African Bank Credit Card summary

African Bank Credit Card is one of the most common credit cards in South Africa The monthly account fee for the African Bank Credit Card is R50.00. On a positive balance, it pays 3% interest each year. Credit interest rates can be as high as 17.5 percent per year, depending on a customer’s risk profile. On POS purchases, you can get up to 62 days of interest-free credit. The cost of a deposit is R6.50 per transaction. If the transaction exceeds R250.00, a normal fee of R6.50 plus 2.75 percent of the transaction amount will be charged. Local ATM withdrawals cost R11.50 per transaction up to R100.00. If the transaction exceeds R100.00, the fee is R11.50 + 1.5 percent of the transaction value. The POS withdrawal fee is fixed at R7.50. As a result, withdrawing cash at till points rather than ATMs makes sense.

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 2022

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 2022

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.

African Bank Credit Card Review 2022

Staff Writer

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