Well, a credit card allows you to shop now and pay later. This means you can make purchases of things you couldn’t have otherwise afforded with your savings or your current cash.
Credit card issuers give you a credit for you to use and pay later with some interest. The problem here is that there are a myriad of these cards in the market. This makes choosing one that best matches your needs quite a task.
That’s why today we take a deeper look at one of those cards – the Blue Credit Card. Through this review, you can look at all the features, benefits, and drawbacks of the card to determine if it’s the card for you.
Blue Credit Card Features
If you want a credit card that doesn’t contain unnecessary features, this is the card. At least that’s what they say on their website! But what is the actual truth? We’ll let you decide.
First, this is a rewards credit card that rewards you for every qualifying purchase you make using your card. Who doesn’t like a small pat on the back?
Once your card is approved, you get a generous R250,000 initial credit limit. With that, you can shop, win rewards, and grow your credit score if you pay responsibly.
As for the interest on purchases (Purchases APR), everyone gets a personalized one based on their credit profile. However, it usually ranges between 11.75% and 22.25% based on Prime and Repo rates.
But to get approved for the Blue Credit Card, you need an income of at least R5,000, which can be increased after six months. Plus, you incur a monthly fee of R40.
Also, this credit card includes one-time 3d Secure passwords that make it safe for you to shop online. Plus, it allows you to manage your payments easily through a Mobile app, Internet banking, MasterPass, and SnapScan features.
What Is the Blue Credit Card?
Simply put, the Blue Credit Card is one of the many credit cards offered by Standard Bank. It is among the simplest cards you can ever have that excludes all unnecessary features. In other words, it keeps everything simple and straightforward.
To get this card, however, you need a minimum monthly income of R5,000. From here, you get a credit limit of R250,000 that you can upgrade after 6 months.
Generally, Standard Bank is among the largest financial institutions in South Africa. As such, you don’t need to worry about your deposits. They are insured through the Corporation for Deposit Insurance (Codi). This way, you can use your account without fear of losing your money.
How the Standard Bank Blue Credit Card Works
Firstly, you need to find out if you qualify for the card. Then pay a one-time application fee of R180. This is after you have ensured that you have a minimum income of R5,000.
Once you have the card in your hands, all you need is to make purchases through the card and earn your Ucount Rewards. However, if you fail to pay your card’s due balance within 55 days, it’s subject to an interest of 11.75 to 22.25% APR.
Usually, this card has no annual fees. But there is a monthly fee of R40. Your monthly pay is 3% or more of your outstanding balance.
The card offers you an initial credit limit of R250,000. You can, however, upgrade this to your desired amount after 6 months.
Pros and Cons of the Blue Credit Card
It’s true that no single card will be loved by everyone. Why? Each one of them has its bad and good sides. And every person has unique preferences. So, let’s dig deeper and understand both the good and the bad side of this card.
Blue Mastercard by Standard Bank – Credit Card Benefits
The Blue credit card is one of the Standard Bank credit card types that doesn’t include unnecessary features. This makes it easy to understand and manage.
Also, the card offers a generous initial credit limit of R250,000. With that, you can shop without your credit getting depleted.
The card has no annual charges. On top of that, you get free travel insurance when you book your trip using the card.
Lastly, the card is secure to use, and you can use it anywhere as long as you can see a Mastercard, Cirrus, or Maestro sign. This makes it ideal for international payments and travel.
Cons of the Blue Credit Card
Before applying for the Blue Credit Card, you must have at least R5,000 of monthly income. This locks out people with lesser incomes.
Additionally, there is a monthly fee on this card of R40. This makes the card costly to operate.
Rates and Fees of the Blue Credit Card
Here, the interest rates on purchases and transfer balances are personalized. As such, every cardholder’s interest rate is determined by their credit profile.
However, these rates range between 11.75% and 22.25% based on the Prime and Repo rates. Secondly, you pay at least 3% of your outstanding balance for your monthly payments.
As for the fees, the first fee is the R180 application fee. Then comes the monthly fee of R40.
Eligibility Criteria and Requirements
A R5,000 monthly income is your first ticket to apply for this card. From here, you need an application fee of R180, which is a one-time payment.
But before you start your application, you must be an adult, 18 years or older, according to SA laws. You must also be an SA resident. You can offer proof of this through ID or a valid passport.
Other supporting documents include three months’ statements, a recent payslip, and proof of residence. The proof of residence must be recent – not more than three months old.
Once you have everything in order, you can now start your application.
Application Process for the Standard Bank Blue Credit Card
The application depends on whether you have an account with Standard Bank or not. If you do, you can apply for your card through Internet banking, the mobile app, a cell phone call, or by completing a Call Me Back form.
If you choose the Online Banking way, start by signing in to your online banking account. From here, tap Apply Online and then tap “Borrow” from the navigation menu. Follow the prompts to choose the card that best suits you.
For the Mobile App, start by signing in. Then, tap the “More” icon to continue. Choose to open a new account and then personal lending. Lastly, select the “Apply” button for credit cards and follow the prompts.
You can also apply through the Cellphone Banking option. The first step here is to pick up your phone and dial *120*2345#. Then, select option three and follow the next easy steps. You’ll get a confirmation or rejection SMS on your phone.
Now, if you don’t have an account, you have two options: the Call Me Back form or through Cellphone Banking.