We understand. You may see credit cards as a potential threat to your finances. However, it is important to note that having a card can be cheaper than obtaining a loan, depending on your needs. Loans are ideal for those who seek quick money once in a while, and credit cards fit most people since they can be used every month, as long as you pay your bill.
There are many options to choose from. In fact, some of them are even similar, since the credit card flags are usually all the same. The changes come in the form of services and billing, besides other benefits that specific banks may offer. So, in the end, it will come down to what matters the most to you – and not only what the credit card can offer.
The Top 5 Credit Cards in South Africa in 2020 can have their credit limits increased… But how?
Having a good credit limit is also great. This part can be a little tricky, as there are many factors that are considered by banks in order to offer higher limits to their clients.
Your credit history is one of them. The way you deal with your debts is one of the most important things that are checked before you are given a credit card. Being over 18 years old, having a stable job and living in South Africa are also mandatory factors to obtain a credit card, so there you have the basic info that is needed.
Whatever your needs are, credit cards can be very helpful. Covering unwanted home expenses, fixing your car or planning on that travel you’ve always dreamed of… Anything you have on your mind can be done when you’ve got the money to do so, even if it’s in the form of credit.
Forget all those stories where credit cards are shown as villains. Having a card means you must be extremely focused on not spending your money on everything you see and consider buying only the necessary, things you really want and you’ll really enjoy.
The fear of trading one debt for another is real. And it’s great that you think about the matter this way. Being worried about it means you care about your money and don’t want to waste it on terrifying high rates and taxes over your purchases, right?.
Well, it’s almost time to take a look at the list we’ve prepared for you, but before you proceed, check this out:
Before we proceed to the TOP 5 Credit Cards in South Africa, here are a few things you need to remember
- Be sure to cross the information provided by us with what the bank promises to offer, as things can change over time.
- Be aware of the costs that a credit card will bring to your life over time, as you don’t want to trade a debt for another.
- If you think we may have forgotten a reliable credit card option, feel free to talk about it in the comments. People like you may read what you have to say and you could very well help them out if they do not find what they were looking for in our list.
What are the requirements to be eligible for a credit card?
Documents may vary from bank to bank, so it is important to check what is necessary in order to get the card you are looking for. Therefore, always look for more information on the listed websites. This can usually be found on F.A.Q.s.
Here’s the usual list of requirements that are necessary in order to obtain a loan:
- Certified South African ID copy or valid passport (if not SA citizen);
- Residential address verification (utility bill not older than 3 months);
- Latest copy of income tax return (IRP5) or;
- 3 months original bank statements, if copies they must bear a bank stamp and not print outs from the internet (if no salary advice available);
- Tax number / SARS Payslip / salary advice;
- If living with another person and has no proof of residential address, an Affidavit from other person confirming that applicant resides with them and the nature of the relationship.
Now you know what you need in order to get a credit card, but are we sponsored by any of the banks, card flags or brands that we recommend?
No. This is list was written in order to help people like you to find the best credit card options available in South Africa, as we understand that life sometimes gets rough and money is always essential.
Finally! It’s time to know the TOP 5 Credit Cards in South Africa in 2020!
STANDARD BANK TITANIUM CREDIT CARD
The Standard Bank Titanium Credit Card offers you endless possibilities to deal with your money and purchase whatever you want without any worries.
As shown in Standard Bank’s website, their services can be personalized to your own taste, which also includes the interest rates – that are not fixed.
- The credit limit can go as high as R 250 000 and the monthly fee costs R 74 00. In order to get this card, you must present a monthly income of at least R 25 000.
- This card offers a range of benefits, from lifestyle perks to discounts and even insurance.
- If you got a Prestige Account at Standard Bank, then you won’t have to worry about paying the card’s monthly fee. It will be free of charge.
Other useful information:
- Get up to 55 days free interest on your account if your account is paid in full.
- 3% minimum monthly repayment
- R 74.00 monthly fee
- No monthly fee if bundled with a Prestige Banking account
- Initiation fee of R 175.00
It’s just great. You can change your credit limits by requesting it to the bank. If you ever lose your card, the bank has got you covered with their lost card and theft protection, which obviously works under certain conditions that can be checked on Standard Bank’s website.
Virgin Money Credit Cards
Virgin Money is really popular for their services as a bank in South Africa. With their cards, things are not very different.
The way Virgin Money talks about their credit cards is, indeed, very different from what people are used to. It’s less about pricing, money and boring stuff, more about what you can accomplish and dreams you can make true.
Of course, mentioning fees and rates is necessary, but the focus here is very clear: get a card, make your dreams come true. Live your life to the fullest.
Enjoy your buying power and do not worry about your debts. If you are careful enough, you’ll be able to pay them all without any trouble.
“No funny business” – with that, Virgin Money is looking to make sure that their clients get a credit card in a safe, crystal clear way. There’s no hidden information, nothing that is not mentioned by the bank and you won’t find any unpleasant surprises. Everything goes exactly the way it is promised.
Here’s some useful info:
- You won’t pay monthly or annual fees;
- There are no charges for payments;
- You get free automatic basic travel insurance;
- It’s possible to set a personalized limit, according to your credit history;
- Exclusive Rewards.
If you ever lose your card, Virgin Money’s got you covered too. The Lost Card Insurance makes sure you won’t have to pay for something you haven’t bought in case your card gets lost or stolen.
There are other benefits and reward that can be seen here.
Nedbank Platinum Credit Card
Nedbank is another popular bank in South Africa. Their Platinum Credit Card is designed to fit your needs and helps you pay for the things you need while your money is not available.
It’s very convenient and easy to use. Their communications are very specific and provide all the necessary info in order to apply for a card without worries. All your doubts will be solved in no time just by taking a look on their website.
Be sure to check the credit card fees, as they vary from year to year. According to Nedbank, the Platinum Card fee for this year is the following:
- Maintenance Fee: R57,00
- Credit facility service fee from: R26,00
- Additional Card fee: R20,00
- Greenbacks linkage fee: R23,00
AFRICAN BANK GOLD CREDIT CARD
What about applying for credit online and having your card issued on the go? African Bank allows you to do just that!
That’s not all. You can be rewarded by paying your card bill before the due date. That allows you to earn a positive balance of 3% interest rate per year. Don’t want to pay any interest rates? Just pay the bill by the due date and don’t be charged.
- Credit interest rate 3% pa
- Debit interest rate as per agreement
- POS Purchase transactions R5.75
- ATM balance enquiry R5.75
- ATM cash withdrawal (Plus 1.5% of transaction value) R23.00
- Monthly service fee R69.00
- Card replacement fee R115.00
- Funds transfer fee R5.55
FNB GOLD CREDIT CARD
Having a FNB Gold Credit card allows you to buy whatever you want with your mind at peace. With a range of benefits that include debt protection, travel insurance and much more, this is easily one of the best options among our TOP 5 Credit Cards in South Africa list.
Here are some of the benefits included:
- Free Automatic Debt Protection
- Free Comprehensive Global Travel Insurance
- Free AA Emergency Roadside Assistance with a linked Petro card
In order to obtain a card, you must have:
- A copy of your recent pay slip
- Three months’ bank statements
- South African ID book/card
- Proof of residence
You also need to earn R84 000 – R299 999 per year.
What about the fees?
- Commission and currency conversion fee on international card purchases 2.75% of transaction value
- Overdraft initiation fee (once-off) Free
- Revolving Facility* initiation fee (once-off) R155
- Overdrafts monthly fee (agreements before 6 May 2016) (only pay when you use R200 or more of your Overdraft) R57.50
- Fusion Gold credit facility Free
- Revolving Facility* monthly fee (agreements before 6 May 2016) R57.50
- Overdrafts monthly fee (agreements since 6 May 2016) (only pay when you use R200 or more of your Overdraft) R69
- Revolving Facility* monthly fee (agreements since 6 May 2016) R69
This was our TOP 5 Credit Cards in South Africa in 2020 list
But this isn’t the end yet. Taking care of your money is a must, especially when you have a credit card. Do not let your purchases get out of control. Money is not on hold of you, it’s the opposite!
If you already have a bad history of money management, be sure to look for help and pay all your debts before acquiring a credit card. For some people, loans can work much better than credit cards, as they are a “one shot” way to obtain an extra cash to pay your debts. Cards, on the other hand, are always available for use, as credit becomes available as soon as the bill is paid.
Just a reminder of what we previously mentioned: This list is not sponsored in any form by the banks aforementioned. We built this list solely considering the opinions of those who used or still use the services provided by the listed institutions.
Always be sure to check if the mentioned information matches what the banks are currently offering. This content was written in 2020 and we are not responsible for any misunderstood or problems that might occur in case you do not read the useful info on the listed websites.