You have started your dream job and have already received your first month's salary. But still, do you feel like something is missing. That one thing is probably a credit card, which I feel is a handy tool that every adult should use.
A credit card allows you to make more significant purchases while also helping you build a better credit score for your future. They also provide you with short-term advances of cash whenever you are in need. And, holding a Black Credit Card is even better.
But what exactly is a Black Credit Card—is it simply black? Answering your queries, in today's article, I will provide a sneak peek at the Black Credit Card provided by African Bank that I have been using for a while now. Read about the card, its features and benefits, and the application procedure in this article.
- Black Credit Card by African Bank
- Features and Benefits of the African Bank Black Credit Card
- Fee Structures
- Application Procedure
- Pros of the African Bank Black Credit Card
- Bank Address and Contact
Black Credit Card by African Bank
Black credit cards are the ultimate in luxury and prestige. They are the epitome of style, the magnum opus of personal style.
The issuer considers clients who spend upwards of six figures a year with their credit cards. This means that black credit cards are primarily available on an invite-only basis with a 14-days waiting period. These include the American Express Centurion Card, Dubai First Royale MasterCard, and Citi Premier.
On the contrary, Black Credit Card by African Bank is available instantly without waiting. There is absolutely no waiting period and quick application forms so that you can get started straight away. One can apply for the card online or at any African Bank branch.
Safe and convenient, the African Bank Black Credit Card delivers online and mobile banking services. Not only can I make payments in seconds using my mobile or computer, but I also have access to my bank statements, transaction history, and account balances to ensure everything is in order.
Eligibility Criteria
To apply for the Black Credit card, applicants must be over 18 years and provide the latest bank statement, reflecting at least three salary deposits in their name.
In addition, you are also required to submit proof of your income in order to support your credit card application.
Also, be aware that your application can be rejected anytime if you do not meet the application criteria or have not submitted all necessary documents. On top of that, the application can also be declined if any of the information that you have provided is not correct.
Features and Benefits of the African Bank Black Credit Card
Your Black Credit Card is designed to offer you the most convenience and security when using your card. Users will receive an OTP (One Time Password) for online transactions to authorize the transaction. Users also receive an SMS for every successful transaction.
The African Bank Black Credit Card can be used everywhere—in all shops and ATMs where Visa cards are accepted. This means that you can leverage this credit card at any of the 1.3 million ATMs worldwide and in more than 31 million outlets globally, wherever a Visa logo is displayed.
What's more, the African Bank's Black Credit Card offers you up to 62-days of interest-free credit on both POS (Point Of Sale) and online purchases. In addition, if you settle your outstanding balance by the due date, you won't pay any interest charges.
Providing a good credit score, African Bank's Black Credit Card offers a great way to protect your hard-earned money from unnecessary interest. And with a constant interest rate of up to 3%, this card is perfect for anyone looking for little extra savings. What more to ask for?
Limit Increase and Credit Life Insurance Benefits
Speaking of increasing the limits of your Black Credit Card, you can apply for a limit extension up to R250,000. If you're in your 6th month or more of being a cardholder, you could qualify for a limit increase if a credit assessment is successful and all your payments are up to date.
I applied for the limit extension in the seventh month and was instantly approved. Additionally, the new limit was added straight away—I was pretty impressed with the quick response of the African Bank in the matter.
African Bank has incorporated the Credit Life Insurance benefits into its Black Credit Card for an unexpected event such as death or a sudden illness. Under this policy, you are covered for death as a pensioner, and if you are not a pensioner, you are covered for death, temporary and permanent disability, and retrenchment benefits.
Fee Structures
Like any other credit and debit card, the African Bank's Black Credit Card also comes with certain interest and fees that the cardholders are liable to pay.
Therefore, it is essential that the applicant have a look at these charges thoroughly before committing to the card.
- Initiation fee: R120
- Monthly service: R50
- Card replacement: R115
- POS Â charges: R7.50
- ATM cash withdrawal charge: R12.50 per transaction (plus 2% of the transaction value for every withdrawal via your nearest VISA ATM)
- International ATM withdrawal charge: R50 plus 1.5% of the transaction value
The Interest Charges
Coming to the interest charges, they are straightforward to understand. The primary credit interest rate is 3% per annum, and the debit interest rate is charged as per the agreement between the applicant and the bank.
Note: It is worth noting that the Bank can amend the charges and interest charges upon written notice to the cardholder.
Application Procedure
The application procedure is effortlessly simple. Either you head to your nearest branch or do it online. If you choose to apply online, head on to the website of African Bank. The link will automatically direct you to the African Bank's Black Credit Card page.
Once on the page, click on the Apply Now box. Here, you will have to input your login details, including your username, PIN, and Password. However, if you are a new user, click on the Register button to register as a new user.
A confirmation message will appear to make sure that all details are filled in at the time of registration. However, the form should be reviewed for correctness, and only genuine information should be submitted.
When you have successfully registered and logged in to your bank account, your next step is to input your personal and financial details, contact details, and mail address.
Approval of the Application
Provided that you apply for the credit card online, the application will be approved by the end of the day or the next day. So, you can expect to receive your physical card in 2 to 3 business days.
On the contrary, if you file the application form at the branch, it can be approved on that day, and you'll walk out with your card. The African Bank provides you with both options, so you can choose whichever suits you better.
Pros of the African Bank Black Credit Card
The Black Credit Card by African Bank is probably the best in class option. Despite not offering the reward points, there are still plenty of reasons to hold the card. The flexible interest rates and 62-day interest-free credit period, to name a few.
The card also entitles you to the free usage of the African Bank's digital channel, such as the App and online banking. Besides, secure online shopping and free swipes at any point inside South Africa are some of the advantages of the Black Credit Card.
While the best part about the card has to be its no waiting period policy, the card also earns you interest of up to 3% on the positive balance you maintain on your card. Also, it is a matter of luxury and prestige to have the card in your wallet.
Cons of the Black Credit Card
Talking about the cons of the card, it has very few of them. First, the card does not have any rewards program, and therefore you can not earn reward points for the transactions you make with the card.
Also, unlike most other credit cards, the African Bank Black Credit Card will award you with no travel benefits. This means you will not receive any discounts on hotel bookings or air tickets when you pay with African Bank's black credit card.
Bank Address and Contact
The registered head office of the African Bank is located in Johannesburg, Gauteng province, South Africa. The complete postal address is 59 16th Road, Postal bag x170, Midrand, 1685, Johannesburg.
For complaints, the African bank has a dedicated number, 0861 111 011. Or you can also reach the customer care center via email - the email address is CExperience@africanbank.co.za.
In case of a Lost or Stolen Card
If you're within South Africa, you can immediately report the loss or theft of your card by contacting African Bank on 0861 000 555 or +27 11 256 9988, dialing *120*225# from your cell phone, visiting www.africanbank.co.za, or using your African Bank App.
In case, you're traveling outside the borders of South Africa, immediately contact African Bank at +27 (11) 256 9988 or the Visa Global Customer Assistance Service on Call Collect USA (1) 410 581 3836.
Conclusion
This simple, low-cost line of credit is perfect for any customer who wants to add to their financial muscle without overstretching their monthly budget. The African Bank Credit Card comes with several benefits that you can enjoy.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank's terms and conditions page before agreeing to anything.Â
