However, with so many credit cards available from different banks, it can get overwhelming to find the right one that suits your needs and preferences.
In comes the FNB Aspire Gold credit card – one of the most popular and rewarding credit cards in South Africa. Offered by First National Bank (FNB), the Aspire credit card aims to provide an exceptional rewards program and benefits tailored specifically for frequent local and international travelers.
In addition, you get a tailored interest rate and up 55 days without any interest charge. But that’s just a tip of what the card offers. Let’s get a closer look and understand even the dull side of this FNB Aspire Gold Credit Card.
Features of the FNB Aspire Gold Credit Card
The FNB Aspire credit card packs several travel-focused benefits for cardholders.
For starters, the card offers you a customized interest rate. This means there is no flat APR for purchases. In essence, your creditworthiness determines your rate during card approval.
Secondly, the card offers a 55-day interest-free window. This gives you ample time to plan and pay your bill without incurring any interest charge.
The FNB Aspire Credit Card also offers various reward-earning opportunities in terms of eBucks. For example, you earn up to R150 cash back when you shop at Shoprite, Checkers, or Usave. Spending at Clicks, Engen, or Intercape also earns you R150 cash back in eBucks.
Security features are another great aspect of this card. The card is secure to operate online, gives you an opportunity to report fraud instantly through the app, and offers lost card protection.
The card also features a Budget Facility option. This allows you to make larger purchases and get extended repayment periods of up to 60 months. This option is available for purchases over R200.
Lastly, there is the balance transfer feature. This one allows you to consolidate all your credit card debt into the Budget Facility and repay at a lower interest rate – 15%.
How the FNB Aspire Credit Card Works
The FNB Aspire credit card works similarly to any other credit card in terms of application, approval, and usage.
Once you apply and get approved, you will receive your Aspire credit card, which can then be used to make purchases and payments in-store as well as online.
When you use your Aspire card locally or abroad, the transaction value gets deducted from your available credit limit. If your spending exceeds your limit, FNB will decline the transaction.
The card comes with rewards when you shop at select partner locations or book local bus trips or flights. For example, you receive a cashback of up to R150 for spending at Checkers, Shoprite, Engen, Intercape, Clicks, etc.
However, there is a catch for earning these rewards; you must adhere to some requirements. For example, your accounts should be in good standing. Also, you must log into your FNB app at least once a month. Only seniors (above 60 years) are exempted from the logging requirement.
Lastly, you should have minimum monthly deposits of R5,500 into your FNB Fusion Aspire, FNB Aspire Current, or FNB Islamic Aspire accounts.
Pros and Cons of FNB Aspire Credit Card
The FNB Aspire Gold credit card has its good and bad sides. Let’s explore each of these.
FNB Aspire Credit Card Pros
The FNB Aspire Gold Credit Card gives you 55 interest-free days. This gives you time to repay your debt without incurring expensive charges.
The debt protection feature is another benefit to consider. In case of death, disability, or retrenchment, your debt is waived.
If you are a traveler, the free travel insurance will be an attraction. Plus, you can shift any unexpected medical bills to the Budget option for lower interest.
Lastly, you get access to virtual cards at no extra fees. This means that you can generate more virtual FNB Aspire Credit Cards without any charge using your app.
Cons of the FNB Aspire Credit Card
The first drawback is that you must meet some requirements before earning the rewards. The FNB Aspire credit card rewards program is not just a shop-and-earn program.
Also, before you get approved for the card, your annual earnings must be at least R84,000. This might lock out so many interested individuals.
Rates and Fees of FNB Aspire Credit Card
While the FNB Aspire card comes packed with rewards and benefits, it does levy some charges you should be aware of:
The first one is the annual interest rate for purchases or outstanding balances. This rate is tailored for every cardholder. Therefore, the interest you might pay for a balance is not the same as the other person’s interest rate.
When you make a balance transfer into the Budget facility, you pay an interest rate of 15% a year.
If you are making international purchases, there is a foreign transaction fee of 2% per transaction, up to a maximum of R100. The card also has a monthly fee of R45 and an additional car fee of R17.5.
Other fees on this card include the card facility service fee of R17, initiation fee of up to R175, and declined card fee of R8. Get the complete fee guide on the site.
Eligibility Criteria and Requirements
What are the FNB Aspire credit card requirements? To qualify for the FNB Aspire credit card, applicants must meet the following eligibility criteria:
First, you must be over 18 years old and a South African resident. Second, your income should be somewhere between R84,000 and R449,999 a year.
Finally, you should have the necessary documents, including your recent payslip, proof of residence, national ID, and 3 months bank statement.
Note: Meeting the minimum eligibility criteria doesn’t guarantee approval. FNB will undertake further credit checks and affordability assessments before approving your application.
FNB Aspire Credit Card Application Process
You can apply for the FNB Aspire credit card through several convenient ways. The first one is visiting the website and clicking on the Apply Now button. However, you can also visit a physical branch, complete a call me back form, go to their Contact Us page, or use the FNB Banking APP to apply.