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Best Credit Cards in South Africa  

Getting a credit card is one of the best ways to build positive credit. Although, finding the best credit card to use is often an intimating topic with various benefits, costs, and requirements. Getting the best combination is entirely personal and diverse on case-to-case bases. To make this vital decision more manageable for you, here is a comparison of the most popular credit cards in South Africa.  

Standard Bank Titanium Credit Card  

The Standard Bank Titanium Credit Card provides individuals with various options, including easy spending and purchases. According to the Standard Bank website, the services can be tailored to the individual’s preferences and needs, including the interest rates on this credit card, which are not fixed.   

To be eligible: for the Titanium credit card, you must have a 3-year undergraduate and postgraduate degree and earn at least R25,000.00 per month.  

Features:  

  • Credit limits of up to R250 000 are available.   
  • A monthly income of at least R25 000 is required.   
  • Various benefits are available, including lifestyle perks, discounts, and insurance.   
  • There is no monthly fee on this credit card for Standard Bank Prestige Account holders.   
  • Interest-free period of up to 55 days.   
  • The minimum monthly repayment is 3%.   
  • The initial fee is R175.  

Pro’s  

  • A large credit limit is available.   
  • Standard in the industry: Minimum repayment of 3%   
  • 55-day interest-free period for payments made before the due date   
  • A one-time, low initiation fee   
  • Reasonable minimum income requirements   
  • Customization is possible for services.   
  • A variety of benefits are available.  

Con’s  

  • When compared to other credit cards, this card has a high-interest rate.   
  • Most accounts have a monthly fee; the Prestige Account is the only exception.  

Read Also: What is Debt Rescue?

Platinum Credit Card from Nedbank   

This credit card is tailored to the user’s needs and assists them in paying for the items they require when they do not have any other funds available. It is simple to use and convenient. Nedbank provides effective communication, and the application process for this card is straightforward.  

You must earn at least R29,000 per month before taxes and have a good credit score to be eligible.  

Features:  

  • A maintenance fee of R57 is charged.   
  • Credit facility service fees begin at R26.   
  • A card fee of 20 ZAR is charged in addition.   
  • The Greenback linkage fee is R23.  

Pros:  

  • One can use this card at all ATMs in South Africa and around the world.   
  • Credit facility that is extended   
  • Low upkeep costs  

Con’s: 

  • There is an additional card fee.   
  • The service fee for credit facilities can become relatively high.   
  • Greenbacks linkage fee  

Gold Credit Card from African Bank  

African Bank rewards customers who pay their credit card bills before the due date. When a bank is positive, their balance increases with 3% interest per year.   

The African Bank Gold Credit Card is one of the fastest credit cards to apply for and be approved for. It is issued instantly at the branch, eliminating the long wait to access a newly issued card.  

To be eligible, one must have all the basic requirements discussed at the end.  

Features:  

  • A credit interest rate of 3% per year   
  • The debit interest rate can be set following the terms of the bank’s agreement.   
  • Point of Sale (POS) Purchase transactions is charged a fee of 5.75 ZAR per transaction. ATM balance inquiries are charged a fee of 5.75 ZAR per inquiry.   
  • A cash withdrawal fee of 23 ZAR plus 1.5 percent of the transaction value is charged by ATMs.   
  • A monthly service fee of 69 ZAR is charged.   
  • A fee of 115 ZAR is charged for card replacement.   
  • 5.55 ZAR is the fee for transferring funds.  

Pro’s  

  • On POS purchases, you can get a 60-day interest-free credit.   
  • Affordability and risk profile are provided.   
  • Clients can only obtain credit for which they are eligible.  

Con’s  

  • Cashback on POS is available for a fee.   
  • Only in South Africa is free POS available.  

FNB Aspire Credit Card   

The FNB Aspire Credit Card enables the user to make purchases while also gaining access to various benefits such as debt protection and travel insurance. The new FNB Aspire range replaces the previous gold cards.

One needs an annual income of between R80 000 and R299 999 per annum to be eligible.  

Features:  

  • Automatic debt protection at no cost.   
  • Travel insurance for the entire world is provided at no cost.   
  • AA roadside assistance is provided at no cost.   
  • Petro card is linked.   
  • Commission and currency conversion fees are charged on international card purchases at 2.75 percent of the transaction value.   
  • A one-time fee of 155 ZAR is charged to establish a revolving facility.   
  • A monthly overdraft fee of 57.50 ZAR when using 200 ZAR or more.   
  • Fusion Gold credit facility is provided for free.   
  • The monthly fee for the revolving facility is 57.50 ZAR.  

Pro’s  

  • Case-by-case minimum wage requirements   
  • When compared to other banks, the initiation fee is low.   
  • The monthly fee is minimal.  

Con’s  

  • Interest rates are incredibly high.   
  • Monthly payments are high.  

Read Also: 3 Short term investments in South Africa

Credit Card from Capitec   

Capitec is South Africa’s third-largest bank, and it has risen in recent years. Capitec focuses on lower-income areas, but it has gradually attracted the middle market with competitive prices and a wide range of service offerings. It has been voted at king of keeping customers happy.

With a higher-income consumer in mind, Capitec also provides a credit card linked directly to the Global One Account — the company’s sole account. This implies that users may access all accounts with a single card.   

Users can link up to six accounts, a credit facility, a transaction account, and four client-defined savings plans.  

To be eligible, you must earn R3000 or more per month.  

Features:  

  • A one-time fee of 100 ZAR is required for the initial registration.   
  • A fee of 50 ZAR is charged monthly.   
  • Case-by-case minimum salary requirements.   
  • Credit is available up to a maximum of R250 000.   
  • Rates of interest range from 15% to 21%, depending on the individual profile.   
  • A 55-day interest-free period   
  • Monthly payment of 5% of the outstanding balance is required as a bare minimum.  

Pro’s  

  • Case-by-case minimum wage requirements   
  • When compared to other banks, the initiation fee is low.   
  • The monthly fee is minimal.  

Con’s  

  • Interest rates are incredibly high.   
  • Monthly payments are high.  

ABSA Student Credit   

This is another credit card with no annual fee available to full-time students in South Africa.  

You need a monthly income of at least R200 to be eligible.  

Features:  

  • Swipes for purchases are free.  
  • When making withdrawals with the card from an ABSA ATM this cost R3.95 plus 1.15% , while withdrawals from other banks cost R9.95 plus 1.5%.   
  • A 0.2 percent interest rate is paid on positive balances.   
  • If there is an outstanding balance, the monthly minimum repayment is 3%.   
  • The credit card limit is R200, and there is an 18% fee.  

Pro’s  

  • Swipes for free purchases   
  • Income requirements are lower than those of other banks.  

Con’s  

  • Repayment penalties are high.   
  • A high withdrawal fee is charged.   
  • Credit card with a low limit   
  • For positive balances, a low-interest rate is paid.  

Gold Credit from Standard Bank   

 This is another good option for people with a middle-to-low income. The max credit limit granted is 250 000 ZAR, with a monthly fee of 54 ZAR. As a bonus, when using this credit card, the user receives personalized interest rates and up to 35% off flights with Emirates.  

To be eligible, a monthly salary of 5 000 ZAR is required.  

Features:  

  • Travel insurance is provided automatically.   
  • Plan for credit card protection.   
  • Various lifestyle benefits include four Ster-Kinekor movie tickets, one GB of AlwaysOn Wi-Fi for a one-time fee of 19 ZAR, and up to 11GB for free.   
  • Every time the credit card is used, you will receive a food and lifestyle offer and UCount Rewards points.  

Pro’s  

  • Credit card protection is available.   
  • The credit limit is high, and the monthly fee is low.   
  • Travel insurance is available.   
  • There are numerous benefits and advantages available.   
  • Various flight and travel discounts are available.  

Con’s  

  • A subscription and fee are required for UCount rewards.  

Read Also: New Money Vs Old Money

Credit Card from BlueBean   

Bluebeam is a Standard Bank division that provides South Africans with flexible, affordable, and beneficial credit cards for various purposes.   

When used responsibly, the BlueBean card provides several advantages for the user’s financial well-being, with responsible users enjoying convenience, protection, and various other benefits.  

You must have a monthly income of R7,500 or more to be eligible.  

Features:  

  • A fee of 180 ZAR is charged for the initial registration.   
  • A monthly fee of 40 ZAR is charged.   
  • The benefit of an automatic payment option and a monthly repayment of 3%   
  • If the account is settled by the due date, there is a 55-day grace period with no interest.  

Pro’s  

  • 55 days of interest-free credit   
  • There is a low initiation, and monthly fee required.   
  • Income requirements are lower than those of other banks.  

Con’s  

  • Qualification requirements are stringent.  

Credit Card Nedbank Gold   

Nedbank provides a wide range of credit cards that users can use based on their individual, varying needs. Greenback cards offer tailored solutions for those who want to be rewarded for everyday purchases. The cards are standard no-frills credit cards designed with convenience in mind and minimal credit benefits and terms.  

To be eligible, one must earn over R5 000 a month.  

Features:  

  • International ATM access is available.
  • Transactional SMSs are free.   
  • There are no transaction fees (which is often a feature reserved for platinum cards).   
  • If the account is paid in full on or before the due date, there is a 55-day grace period. 
  • When you use the card to buy a plane ticket, you automatically get basic travel insurance.   
  • A service fee of no more than 69 ZAR, depending on the individual’s credit score.   
  • Dollars can be earned on certain purchases.   

The Greenbacks Gold Credit Card requires a minimum gross annual salary of R100,000, while the Greenbacks Platinum Credit Card requires a salary of R350,000.  

Pro’s  

  • Travel insurance is provided automatically.  
  • Access to international ATMs is unrestricted.   
  • Reasonable fees  

Con’s  

  • Some credit cards have high salary requirements.  

Basic Credit card Requirements:  

When applying for a credit card in South Africa, there is a set of basic requirements that all banks expect people to meet before issuing credit cards.  

  • Have a South African ID book or card with a barcode.   
  • Have a South African bank cheque or savings account.  
  • A copy of your most recent payslip.   
  • Three months’ worth of bank statements   
  • Evidence of residency.  

Getting a credit card is one of the best ways to build your credit score, among other things. Often, comparing these cards is a daunting task, and people struggle to see the value of what each card offers compared to the demanded fees. Did this make things simpler for you? Let us know @onceaweekblog on Instagram!   

As with all our articles, none of the contents in this article should be taken as advice of any nature. We have tried to present the best and most up to date information, however, errors can occur. Always consult professionals or ensure you have all the information before making any financial decisions.

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