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How to Apply for your Credit Card: Global One Capitec
The Global One Credit Card is one of the most popular credit cards throughout South Africa. The card, also known as Capitec Black, offers many competitive advantages to its users, which are not at all common in credit cards of this type, but more in higher credit cards. To learn more about this credit card, we invite you to read on.
Global One Credit Card
Credit card features and benefits
There are remarkable aspects of the Global One credit card which make it one of the preferred cards for many South Africans, even above those offered by other banks in the country.
Some of the most significant features and benefits of this credit card for all its users are:
- The credit limit of the card is up to R500,000.00. It will depend on your income.
- They offer eligibility for an interest-free period of up to 55 days.
- The interest per year on any positive balance is 3.50%.
- You can pay or withdraw at any point of sale worldwide with the card without paying commissions associated with currency conversion.
- The card is delivered free of charge to your door.
- This card offers 1% cash back after each transaction, payment, or withdrawal.
- It offers free travel insurance, with coverage for specific emergencies up to R5,000,000.00.
- There are no associated commissions for slips at local points of sale.
- Through Capitec’s mobile application, you will find out about all transactions made with a credit card. This way, it is easier to manage the daily limit and withdrawals and have the option to pay or settle the card debt.
- The user of this card will be protected in case of transaction disputes between the user and the merchant.
- The card is protected against loss or theft, thus preventing fraudulent transactions. If fraud is detected, you can call Capitec and report the incident. They will take care of everything.
- It offers the possibility of eligibility to use credit insurance to cover downsizing, temporary or permanent disability, unemployment, and even death.
- Travel insurance is offered to cardholders and immediate family members once they use their Capitec Global One credit card to purchase any international flight ticket. However, this applies to persons under 75 years of age and for trips less than 90 days. If you need extra coverage, you can request it from the bank, assuming the increased cost.
- As a MasterCard card, the cardholder can enjoy exclusive offers and special MasterCard promotions. In addition, it is accepted at all ATMs and points of sale that accept MasterCard payments.
Global One card application requirements
To apply for the Capitec Global One Credit Card, the first thing you must do is verify that you meet all the requirements, among them:
- Be of legal age, i.e., 18 years old or older at the time of application.
- Have a minimum monthly income of R5,000.00 if you work for a company or are self-employed, a minimum of R10,000.00.
- When making the application, you must have certain documents to leave at the corresponding Capitec Branch. These documents are:
- Original identity card showing that you are a South African citizen and 18 years old or older.
- Certificate of income for the last three months. These income statements must be stamped and show that you meet the minimum income requirement.
- Proof of residence not older than three months. This proof is a bank document or tax bill where you can identify your home address for the last three months.
Fees, charges, and reimbursement
The initiation fee to get your Capitec Global One card is R100.00. On the other hand, the monthly service fee is R40.00, provided you have no arrears. If arrears occur, the monthly fee becomes R69.00, plus interest and fees payable.
However, Capitec recently restructured its entire system of commissions and fees for its credit cards. This credit card has a customized interest rate of 11.75% to 22.25% annually. It will depend on the minimum income you have and your credit history.
Capitec offers two ways to pay off your credit card balance. The first option is the “Simple” option, in which the user must pay the amount of the outstanding debt before the following due amount arrives. If the customer does this, the reward is that they can enjoy interest-free purchases for the next 55 days.
On the other hand, the minimum repayment amount is 5% of the total outstanding balance or whichever is as stipulated in the contract.
The second option is the “Budget” option. With this option, you will not enjoy interest-free purchases when using the Capitec Global One credit card, but you will be able to extend your payment terms up to 48 months. All of this is a great help to better organize your daily expenses.
To make the payment of the credit card balance due, the Capitec App is available online. It is easy, simple, and swift.
Can you get a Capitec credit card if you are black-listed?
The answer to this question depends on several conditions. First, let’s make a few things clear. We already mentioned that to qualify for this card, you must earn a minimum of R5,000.00 per month, regardless of whether you are black-listed or not.
However, the credit limit you will be granted depends on your credit profile. If you are on the blacklist it will be much more difficult to have your card application accepted, but it is not impossible.
We recommend that before making the application, check your credit history and if you have any debts to pay, try to solve them before applying for the card.
Conclusion
The ratio between the fees associated with having a Capitec Global One Credit Card and all the advantages it offers proves that it is a card worth having. All the benefits it offers are undeniable. For example, travel insurance, the possibility of making online purchases in South Africa or anywhere in the world, the 1% cash back option, the card loss or theft protection program, the low minimum income requirement, and the credit line granted, among others.
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