credit cards

Capitec Credit Card

I love Capitec. I’ve been banking with them since I switched from Standard Bank in 2009 (you can read about the switch here) and I’ve saved a ton in banking fees while earning great interest. There are some limitations with Capitec, for instance they do not accept payments from overseas and they do not offer business accounts with features like multiple signatories, etc. But for simple banking needs, which is what 99% of us need, it’s great.

I have been hoping Capitec would expand their product offering. I thought a home loan facility would be great and I thought a credit card would be a nice addition. I was excited to hear recently that they have now got a credit card. I quickly called up the website to have a look at it and I have to say I am extremely disappointed. I will definitely be sticking to the credit card I am currently using (Discovery / FNB).

Why am I so disappointed? Let me tell you… Capitec is all about making banking affordable and not charging ridiculous fees. But this credit card comes with a R50 a month fee. That’s R600 a year! And to put it in perspective, my Discovery card is also R50 a month but by opting into the Discovery Miles rewards programme for an additional R25 a month I earn much more back in miles which I can spend just about anywhere.

What the Capitec card does is offer higher interest on your positive balance. But it’s a CREDIT card. Why would I want or need a positive balance? That’s what a debit card is for. I can not think of one reason why I would want the Capitec credit card. And that’s disappointing.

capitec credit card