RCS Credit Card Review: Is This Card Worth Having?

Choosing the right credit card is never easy, especially with so many options out there. For instance, if you are in South Africa, one popular choice is the RCS Credit Card. 

By Luciana Souza, on 2024/06/26

Now, is this card worth having? That’s what this RCS Credit Card review is all about, looking at what makes the RCS Credit Card special to help you decide if it’s the right one for you. 

We’ll discuss how to apply, the benefits you can get, and why the RCS Credit Card might be a good fit for your needs. Whether you’re new to credit cards or looking to switch. 

Read on to learn more about the RCS Credit Card and what it offers.

Features of the RCS Credit Card

The RCS Credit Card offers an array of exceptional features that collectively establish it as a dependable and user-friendly choice for managing spending and accessing credit as needed.

First, the RCS app, available on iOS, Android, and Huawei App stores, enables seamless card management. Through the app, users can effortlessly monitor transactions, review statements, check available credit, change PIN, block lost or stolen cards, and unblock them when found.

For enhanced security, complimentary SMS notifications are provided for all transactions, ensuring users stay informed about account activity. 

Optional Customer Protection Insurance is also available, providing additional peace of mind. This insurance covers permanent disability and death, settling any outstanding balance in the account. 

Additionally, it offers insurance coverage for up to 12 months of the account balance in the event of temporary disability or loss of income.

How the RCS Credit Card Works

So, how does it work? First, you must apply to get an approval. 

Once you receive your card, you can use it at any location that accepts MasterCard, both locally and internationally, providing you with extensive purchasing flexibility. Additionally, you can easily access cash by withdrawing from an ATM or in-store, offering immediate funds when needed.

Your card is limited to a predetermined spending amount, initially indicated in your pre-agreement and always reflected in your statements. It’s crucial not to exceed this limit. Periodic assessments of your creditworthiness may lead to adjustments in your credit limit if deemed necessary for your financial well-being.

Temporary credit limit increases are available for specific transactions, with repayment required in full of your next installment. Requests for permanent credit limit increases or automatic annual increases can be made in writing or by phone, subject to the criteria of the National Credit Act, and the agreement terms.

How do you repay the RCS credit card? Flexible monthly installment options, such as revolving credit and budget repayment plans spanning from 6 to 36 months, enable effective financial management.

Payment of RCS credit card installments can be facilitated through the app using electronic fund transfers (EFT) or by setting up debit orders. Bank details for EFT payments are provided on statements, while debit orders can be arranged by contacting customer service at 0861 729 727.

Not meeting payment obligations may result in default information being reported to credit bureaus, impacting credit access. Account suspension or closure may occur, necessitating immediate full payment, with the potential involvement of debt collection agencies.

Persistent arrears may lead to account closure and agreement termination, while legal action could be initiated to recover outstanding balances.

Pros and Cons of the RCS Credit Card

Pros

  • Free Statements: Receive monthly statements at no extra cost, delivered conveniently via email or SMS, to support responsible financial management.
  • Effortless Card Management: Quickly report lost or stolen cards, and request replacements hassle-free through their dedicated customer support number.

Cons

  • Minimum Income Requirement: Ensuring eligibility can be a barrier for some potential cardholders.
  • Repayment Plan Selection: Must choose from available options, with potential minimum spending requirements for certain purchases.
  • Card Replacement Fee: Charge incurred for replacing lost or stolen cards.

Rates and Fees

First, there is some positive side. The RCS Credit Card offers a grace period of up to 55 days of interest-free shopping, allowing you to make purchases without immediate interest charges. After this period, any remaining balance will accumulate an annual percentage rate (APR) of 24.50%.

Additionally, there are two primary types of fees: initiation and administrative fees. RCS imposes an initiation fee of R150. Additionally, administrative fees, capped at 10% of the credit agreement or R1207, including VAT, may be charged. A monthly fee of R69 might also apply.

Penalty fees could be incurred for late payments or exceeding the credit limit. Furthermore, falling into arrears may result in default administration costs, potential debt collection, and legal charges.

Eligibility Criteria and Requirements

Several requirements must be met when applying for an RCS Credit Card. Firstly, applicants must be at least 18 years of age. Additionally, a valid South African ID or driver’s license is necessary to verify your identity.

An active bank account is also a requirement for the applicants. Employment is a crucial criterion, and a minimum monthly income of R3,000 is required.

Lastly, you must provide your latest three months’ payslips or bank statements. These offer proof of income at the time of application. 

Ensuring all these conditions are met will facilitate the application process for an RCS Credit Card.

How to Apply for the RCS Credit Card

You can apply for the RCS card online via their website. The RCS Credit Card Online Application is straightforward.

You begin your application process by answering three simple questions. After which, you will receive a response within seconds. 

If you are provisionally approved, you can proceed with completing the full application. Fill out the straightforward application form and submit your proof of income documents online.

Upon approval, expect delivery of your card within 5 to 7 working days via courier. Once received, promptly activate it by calling 0861 729 727 and setting your PIN, which will require your ID and account/card number. 

And if you have any inquiries, you can reach out via email at rcscreditcard@rcsgroup.co.za.

Conclusion

The RCS Credit Card presents a variety of advantages and functionalities tailored to diverse financial requirements. Its straightforward online application process, combined with quick responses and efficient delivery, ensures a seamless experience in obtaining and activating the card. 

However, it’s crucial to weigh the associated fees and eligibility prerequisites carefully. Ultimately, whether the RCS Credit Card aligns with your specific financial situation and preferences hinges on thorough research and assessment of your spending habits and necessities.

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