How To Qualify For A Credit Card In South Africa

What is Credit Card?

A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder’s accrued debt.

How To Qualify For A Credit Card In South Africa

Qualifying criteria and requirements

  1. Monthly income required: R2 000.
  2. Age: 18 years or older.
  3. Documentation required: Valid South African ID book or Smart card, proof of residence, and the latest proof of income for three consecutive months.
  4. Subject to an affordability assessment.

Can I get a credit card without a job in South Africa?

Credit card issuers are more interested in your income than your job. They also look at your credit history, credit scores, and existing debt. You can meet the income requirement even without a job by including on your application any income you have access to. Even if your income comes up short, rest easy.

How does a South African credit card work?

A credit card allows you to access pre-approved credit offered by the bank that issued the card. This means that you will have money available to cover purchases on credit. You then have to pay that money back, either in full at the end of the month or over time through minimum monthly repayments. How does it work?

Is a credit card a good idea in South Africa?

Invest in a credit card if you want to have more financial security monthly or have your eye on something just out of your current budget. Besides adding financial security, it can help you better plan your monthly spending and budget.

What is the highest credit card limit in South Africa?

Capitec offers the highest maximum credit limit with its GlobalOne credit account. Customers can qualify for up to R500,000 on credit, which is interest-free for up to 55 days. Capitec charges a personalized interest rate and requires that customers earn a monthly salary of at least R5,000.