Credit cards are one of the most effective financial tools that can help a person to achieve financial freedom. Credit cards come with a huge array of different useful features but many of the people who have never used credit cards tend to have a wrong impression regarding the tool.
While it is true that credit cards will give the user the financial independence that they have dreamed of for so long, it is also important to make sure that you use the tool responsibly. Learning the different features, the advantages, and also the downside before setting to use them are highly advised.
Also, another thing that should be identified before choosing a credit card to get the maximum positive result is to identify the purpose of the card.
If you are a person who makes frequent international travels or frequent online purchases, then the card that might suit you the best will be much more different than a card that will be the best for a person who needs one to make the usual monthly purges at the local stores.
Looking into different factors like the ones mentioned above, here we have compiled a list of the top 10 credit cards in South Africa.
The list includes credit cards that come under different labels like the best credit cards to use in South Africa, easiest credit cards to get in South Africa, most exclusive credit cards in South Africa, and so on.
So if you are someone who is trying to get hold of a credit card for you, make the most of this list of the best credit cards in South Africa and make sure you choose the credit that suits your lifestyle.
Along with a simple outline regarding the credit, the major advantages and disadvantages of the credit card are also listed so that you will be able to make the best choice.
List Of 10 Best Credit Cards In South Africa 2023
- Standard Bank Titanium Credit Card
- Virgin Money Credit Card
- Nedbank Platinum Credit Card
- African Bank Gold Credit Card
- FNB Gold Credit Card
- Capitec Credit Card
- ABSA Student Credit Card
- Standard Bank Gold Credit Card
- BlueBean Credit Card
- Nedbank Gold Credit Card
10. Nedbank Gold Credit Card
Starting off the list of the top 10 best credit cards in South Africa is the Nedbank Gold credit card. It is regarded as one of the best entry-level credit cards in South Africa. Anyone who has a monthly income of R5,00.00 or above that number is eligible for Nedbank Gold credit cards.
The other criteria to obtain credit cards states that the person should be more than 18 years and that they should be South African. If the person is a foreigner, then they must possess a necessary valid permit. Nedbank Gold comes with a 5% of monthly minimum repayment of the total credit used.
One of the major advantages of the Nedbank Gold credit card is that the card comes with a very low monthly maintenance fee of R20.00. The other major fees that are associated with the cars are mainly transactional. The card also comes with a monthly service fee of R40.00 and also with an R20.00 credit facility fee.
Advantages of Nedbank Gold Credit Card
- The monthly maintenance charge yielded by the credit card is very low.
- It also does not require a large income or the person to opt for the card and open an account.
- The card is also a good choice for travelers as it provides different offers on services like flights, car rentals, and also accommodations.
- The card is free of transaction charges for card swipes.
- The credit card also provides the user with access to the digital platforms of Nedbank.
- The card also provides the user with Greenbacks shopping and this card can be used in all places that accept American Express cards.
Disadvantages of Nedbank Gold Credit Card
- The Greenbacks reward programs come with a monthly charge of R27.00
- The card also does not come with complimentary lounge access for both domestic and international airports.
9. BlueBean Credit Card
BlueBean is a division of Standard Bank and the cards issued are known to be flexible, inexpensive, and also helpful today to people who strive for financial independence.
In order to gain a BlueBean credit card, a person should be over the age of 18 and should possess valid South African ID cards. If the person is a foreigner, then they should possess the necessary documents that are valid and acceptable. The person should also have a monthly income of R7500.00 or more.
The BlueBean credit card comes with an initiation fee of R180 and also has a monthly fee of R40. The card provides a 3% monthly repayment with an automatic payment option.
The card also comes with different benefits like tapping to pay for R500 or less, allowing the person to manage the functions of their car through their phones via the app, on the website, or also at an ATM.
Advantages of BlueBean Credit Card
- The card provides the user with reward points each it is used to make a payment. These reward points can be spent on anything according to the wish of the user.
- The security features of the card will allow the user to activate or deactivate the card using the bank application. This feature is extremely helpful if the user ever misplaces or loses the card.
- Along with the security provided by the card, the BlueBean credit card also provides the user with different useful; insurance like rental insurance and travel insurance too.
- The card also does not charge any additional interest if you make the full payment of your outstanding credit within 55 days.
Disadvantages of BlueBean Credit Card
- Some transactions like withdrawing cash from your credit card, gambling charges, and the transfer of an amount from your credit card to another card or a bank account which is made using the BlueBean credit card immediately include interest.
- The 55-day grace period provided by the credit card is also not fully transparent.
- The client service with BlueBean credit card is not as efficient as it should be. There had been many complaints regarding the poor response from the call centers for the company and also about the mix-up that is caused in their email responses.
8. Standard Bank Gold Credit Card
It is a first-tier credit card and the Standard Bank credit card comes with a monthly credit limit of R250,000.00. The card also required the income of the person applying for it to be more than R7,500.00 as of 2022. There is a monthly service charge levied by the card of R54.00.
In order for a person to qualify for the Standard Bank Gold credit card, the person should be more than 18 years of age and should be a South African citizen. If not, then they must possess the needed valid identity card.
For people who do not bank with Standard Bank, they must have 3 months’ bank statement showing their income.
The advantage provided by the Standard Bank Gold credit card has some of the best offers given by any card in South Africa. It is easily one of the best credit cards in South Africa. The fees and other rates levied by the card are also one of the lowest in South Africa.
Advantages of Standard Bank Gold Credit Card
- The user will receive a reward every time a purchase is made using the Standard Bank Gold credit card.
- It is also easily attainable m]by many South Africans as the monthly income limit is only R7,500.00 for the card.
- The card also comes with a loss protection feature and thereby ensuring the security and safety of your account if you ever misplace the card.
- The card also comes with no charge for purchase on Point of Sale.
- Have discounts and different offers from different stores and other online shops.
Disadvantages of Standard Bank Gold Credit Card
- The card does not provide free transactions. A small charge is collected by the bank for each transaction that is made using the card.
- The card also has a very high international transaction charge of 2.75%.
7. ABSA Student Credit Card
It is not easy for a student to obtain a credit card as the majority of them are unemployed at this point. The ABSA credit card gives students an opportunity to own a crit card and the student does not need to be working in order to attain an ABSA credit card.
But in order to be eligible for the credit card, the student must receive a monthly allowance.
In order to qualify for the ABSA student credit card, the applicant must be a student who is enrolled in a full-time program at any university in South Africa, a FET college, or a private tertiary institution.
The credit card is the best choice for students and it is one of the best choices to start building their credit profile. The credit card is also free and it does not require many criteria to be qualified for it. It is one of the easiest credit cards to get in South Africa.
Advantages of ABSA Credit Card
- The card does not collect any monthly fee from its user.
- Along with the credit card, the user will also have access to the ABSA digital platforms.
- The card also comes with basic travel insurance of R1,000,000.00.
The disadvantage of ANSA Credit Card
- The card does not give the client any access to garage cards.
- The card also does not have a credit life plan which will pay off the outstanding credit if anything happens to the user of the card.
6. Capitec Credit Card
Capitec Credit card is a bank credit card and it comes with a credit limit of R500,000.00. Anyone who wishes to obtain a Capitec credit card should be older than 18 years and should also have a monthly income of R5,000.00 or more.
If you are self-employed or a sole proprietor, then you can also apply for a Capitec credit card, provided that your monthly income is at least R10,000.00.
Capitec credit card comes with an initiation fee of R100.00 and also charges a fixed amount of R45.00 in terms of credit card facility fee.
The card has an interest ranging between 10.50% to 21%. It should also be noted that the Capitec Black card and the Capitec Credit card are both the same and the only difference between them is the color.
Advantages of Capitec Credit Card
- The user is able to earn interest on a positive balance on the card.
- If the credit score of the user is good, then a low interest will be charged on the credit.
- The card also provides a high credit limit.
Disadvantages of Capitec Credit Card
- The Capitec credit card does not provide any kind of loyalty program for the holders of the card.
- The card also does not provide any kind of airport longer benefit to the users.
5. FNB Gold Credit Card
The FNB Credit card is a first-tier credit card and the most striking feature of the card is that it is only available to registered businesses. So, if you are planning to obtain an FNB gold credit card, the first thing that you should do is open a business bank account with FNB.
If not, then you will not be eligible for the card. The FNB business credit card comprises two different accounts – one credit facility account and also a transactional account. This transactional account is then linked to a single credit card. This will make the transactions much easier using a credit card.
The FNB credit card collects a sum of R52.00 in terms of a monthly fee and the card also has an initiation fee of a maximum of R175.00. The initiation fee is determined based on the qualifying credit of the firm.
Advantages of FNB Credit Card
- The card has a low monthly fee compared to the majority of the credit cards in the market.
- The card also allows many free transactions.
- Clients have different chances to earn cashback through different transactions that they make using the card.
- The card is equipped with automatic debt protection for the client.
Disadvantages of FNB Credit Card
- The card does not allow any kind of interest-free purchases.
- FNB credit card also does not come with any kind of hotel and car rental benefits.
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4. African Bank Gold Credit Card
One of the major benefits of the African Bank Gold credit card is that it allows the user to enjoy all the benefits of credit without any additional cost.
This is one of the major features that sets this card apart from the rest of the credit cards and puts it in the 4th position on the list of best credit cards in South Africa.
In order to qualify to obtain an African Bank Gold credit card, the applicant should be more than 18 years of age.
Another striking feature of the card is that there is no minimum income requirement to be qualified for the card. Instead, the bank analyses the financial capacity and also the credit record of the person before granting the application.
Advantages of African Bank Gold Credit Card
- The procedures to obtain a credit card are very much easier compared to other credit cards in the market.
- The card provides life insurance services to all its customers.
- The card also provides the user with 60 days without charging any kind of interest.
Disadvantages of African Bank Gold Credit Card
- There is a fee of R5.5 each time the fund is moved using the credit card.
- Each deposit made to the account also costs a charge of R5.75.
- There is also a 2.75% charge imposed on each transaction that is over the limit of R250.
3. Nedbank Platinum Credit Card
Coming in the third position on the list of the best credit cards in South Africa is the Nedbank Platinum credit card. It is regarded as one of the premium cards in the county and is known to provide different benefits to its holder.
The Nedbank Platinum credit card is one of the best choices for people who are looking for a mid-tier credit card. In order to distinguish the Platinum card from the rest, the users of this card have access to different exclusive offers.
The card is readily available for people who earn R29,000.00 or more. It also comes with a nontime initiation fee of R180.00.
Some of the exclusive feature and advantages of the Nedbank Platinum Credit Card includes;
- Face-to-face delivery of the card.
- Worldwide acceptance
- Travel benefits include access to BIDAir’s Premier domestic airport lounge across the country.
- Automatic travel insurance for both domestic and also international travel.
- Provide a monthly statement on either paper or electronic means to track down the monthly transactions.
- Card swipes do not collect an extra fee from the customer.
- Provide 55 initial days without any interest on the card.
Disadvantages of Nedbank Platinum Credit Card
- The card does not provide any kind of dedicated private service.
- There is also an additional charge of R27.00 for the Greenbacks rewards program.
2. Virgin Money Credit Card
The top 2 positions on the list of best credit cards in South Africa are occupied by Virgin Money Credit Card. It is regarded as one of the best choices for customers who are concerned with the cost as the card does not collect any kind of annual or monthly fees from the users.
The card also provides the customer with different points and rewards for all the transactions that they make using the credit card. The card also comes with basic travel insurance and also offers other advantages like discounts on Virgin Atlantic flights and also access to Virgin Mobile lounges.
Advantages of Virgin Money Credit Card
- Does not collect any kind of annual or monthly fees from the customers.
- The interest rates of the card are much more affordable than most of the credit cards that are available in the market today.
- The card also offers a 55 days interest-free purchase.
- Free doorstep delivery without any extra charge.
- In case of fraudulent transactions or misplacement of the card, the Lost Card Insurance can protect the customer.
Disadvantages of Virgin Money Credit Card
- The unpaid amount which is on the balance transfer will revert to the cash advance rate.
1. Standard Bank Titanium Credit Card
Deemed one of the most exclusive credit cards in South Africa, the Standard Bank Titanium credit card comes in at the top position on the list of best credit cards in South Africa.
Without any second thoughts, it can be easily said that the Standard Bank Titanium credit card is one of the best credit cards to use in South Africa. The credit limit for the card is R250,000.00.
The card also has an interest rate that comes between the range of 10.75% to 21.25%. If you are a person who earns R250,000.00 or more, only then you can apply for the Standard Bank Titanium credit card.
The credit card has a monthly fee of R86.00 and also an initiation fee of R180.00. The card can be used to make both local and international purchases and transactions. Customers will also have a 55-day interest-free credit.
Advantages of Standard Bank Titanium Credit Card
- The card provides the customer with lifestyle, travel, and insurance benefits.
- It is much easier to qualify for the Standard Bank Titanium credit card if you are a professional or postgraduate.
- The card can be linked to SnapScan or MaterPass and payments can be done using the phone.
- The credit limit of the card can be changed on request.
- The card is also equipped with 3D secure verification which guarantees safe online shopping for the card holder.
Disadvantages of Standard Bank Titanium Credit Card
- One of the major drawbacks of the card is the lack of a private banker to provide assistance on online platforms or on the phone.
- The card also charges a specific amount for almost all the transactions made using the card.
- The international transaction fee of the card is also very high, which is around 2.75%.
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Conclusion
As mentioned earlier, Credit cards are one of the most powerful financial tools that can give a person the needed financial support and freedom. Even though many people criticize this too, the responsible use of credit cards will only have advantages far more than advantages.
Also, identifying the best card for each individual according to the different factors like monthly income, the nature of the card’s use, and other similar factors is also one of the key features in choosing the best credit card for you.
The above list includes the top 10 best credit cards in South Africa and it can be used to choose the best credit card according to your needs. Make the most of the list and make the right choice.
