This credit card allows you to bank and make payments the way you want. Whether you are making local or international payments, this card has your back.
The African Bank Black Credit Card limit is huge. You get an initial credit limit of R250k, earn interest on positive balances, and get up to 62 interest-free days on your outstanding balance.
But since everyone likes their coffee served differently, this review will help you see if the Black Credit Card is the Card for you.
Features of the African Bank Black Credit Card
The R250,000 initial credit limit is what first catches your attention. Truth be told, that’s a generous offer. Plus, if you’ve been good with your payments, you might receive a credit limit upgrade after six months.
Travelers and international shoppers will also like the Black Credit Card from the African Bank. Why? It is accepted globally; anywhere you see a Visa logo.
Positive balances also earn you some interest with this card. For instance, you’ll receive 3% interest by maintaining positive balances on your credit card.
Another attractive feature of the Black Credit Card is the 62-day interest-free feature. This implies that you’ll pay zero interest if you fully pay your outstanding balances before or by the due date.
Last but not least, the card allows you to set your personal limits. But if you don’t, the bank’s discretionary limits apply.
How the African Bank Credit Card Works
The application fee for this card is R140, and it’s a one-time payment. Once you are approved for the card, you get a R250,000 credit limit. This limit is reviewable after 6 months. However, any upgrade depends upon a credit score assessment.
With this card, you can shop locally and internationally at places that accept Visa payments. However, there is a foreign transaction fee of 2.75% of each transaction.
Once you shop, all you have to do is pay the balance on time, and you’ll be good to go. The APR on purchases varies for each cardholder and will be specified on the agreement document.
Luckily, you earn 3% on those deposits if you maintain positive balances.
Pros and Cons of the African Black Credit Card
Here is what makes this card a favorite for some people and not so perfect for others.
Benefits of the African Bank Black Card
For starters, the card comes with a huge initial limit offer. So, if you are looking for a credit card that allows you to expand your shopping scope, this is undoubtedly a good credit card.
The card also rewards you for using your card responsibly. First, you get a chance to upgrade your credit limit after 6 months. Also, you earn a 3% interest on your positive balances.
If you can pay your debt in full on or before the due date, there is also a reward for you. You can enjoy a 62-day interest-free period.
Other benefits here include the Visa option that allows you to shop anywhere that Visa is accepted, cash withdrawals at ATMs and POS, and instant card approvals at branches.
The African Bank Black Credit Card Cons
The African Bank Black Credit Card has an initial fee of R140. This might not be too much, but some cards offer a free application. So, it might still be a bummer for some people.
When it comes to international transactions, there is a 2.75% fee on every transaction. Plus, each transaction is limited to R50,000.
Rates and Fees of the Black Credit Card
Like any other credit card, the African Bank Black Credit Card has its rates and fees. The rates are usually dependent on the Prime rate as well as your credit score profile.
For starters, the APR on purchases is personalized. Each cardholder has a personalized interest rate based on their credit profile.
As for the fees, this card has several. The first in line is the application fee of R140. The monthly fee for the card is R65, and the card replacement fee is R130.
In case a transaction is rejected, you incur an R10 fee. And if you are shopping internationally, you incur an additional currency conversion fee of 2.75% per transaction.
A positive credit balance earns you 3% per year. This is a good way to enhance your savings.
Eligibility Criteria and Requirements
What are the African Bank Black Card requirements? Well, first, you must be 18 years and above. That’s the legal adult age in South Africa.
Secondly, you must be an SA resident. As such, you must provide a copy of your ID or passport to prove your residency.
Lastly, you need proof of income. A bank statement showing the three latest salaries will suffice. Once you have all that, you can go ahead and start your application. But how do you apply for the Black Credit Card?
African Bank Black Credit Card Application Process
On the African Bank website, in the top right corner, you’ll see the “Register” button next to the “Login” one. Click on the “Register” button to start your application.
You can also scroll down to find the “Apply Now” button under the application requirements section. Click on it, start your application, and fill in the details as requested. Ensure that you have all the necessary documents as listed above.
