Banking is nowadays very different as it was a few years ago, and the African Bank Black Credit Card is one of the most effective ones for managing different monetary operations. This credit card has many attributes that in a way provide for all sorts of personal requirements and ways of living.

From generating interest on the amount deposited in a bank with a positive balance to the interest-free grace period offered for any purchases made on this card, it has it all. Now let us consider this credit card to understand more about it and to see how it can be beneficial for you.

Key information about the credit card

How does the annual fee work?

The African Bank Black Credit Card is associated with the monthly service fee that charges 65 Rand. 00 that include a variety of banking facilities as well as the usage of benefits offered by the mentioned card. Besides the service fee, there is an initiation fee of R140.00, charged on first anniversary of the card’s issuance as a one-off fee.

How is the credit limit determined?

This credit limit is calculated according to the applicant’s credit score, income level and balance of other accounts which the credit reference company deems the applicant qualifies for. For qualified visitors, African Bank exposes credit limits of up to R350000, which entails quite a large capital when over-utilized.

Advantages of the credit card

• Interest on positive balances: There is also fixed 0.25% interest on non-zero balances and variable 1 – 3% interest on positive balances; thus, cardholders can earn money with their credit card as well.
• Up to 62 days interest-free: When cardholders pay the outstanding amount in full before the due date they can make up to 62 days purchases without incurring any interest charges on the above account, hence could be used to enhance cash flow.
• High credit limit: More to that, cards come with a credit limit of up to R350,000, which is indicative of adequate purchasing trades, for recurrent and one-off demands.
• Instant issue: On approval, cardholders can receive their, customized and imprinted, card immediately at the African Bank branches thus doing away with the lengthy wait.

Standout advantage

Of all the key features provided by the African Bank Black Credit Card, it is possible to earn interest on positive balances. This is not a common feature with most of the credit cards and it plays a major role in enhancing the services that are offered to the cardholders. In so doing, users can actually make money from the credit card as this is credited with up to 3% interest.

Disadvantages

• Monthly service fee: Included with the card is a R65. 00 monthly service fee and while this card has no annual fees other related charges may prove as a downside to a number of people.
• Initiation and replacement fees: This was in form of a one-off initiation fee of R140. 00 as the non-selected customers were charged R130 for card replacement. the issuing bank of the card; this fee can increase the cost of maintaining the card.
• No fee waiver: Contrary to the case with some other credit cards that allow for cancellation of the annual fee at specific circumstances, the African Bank Black Credit Card remains steady on its fees without such passages.

A standout disadvantage

One of the major drawbacks that one can closely associate with the African Bank Black Credit Card is the cost of monthly service fee. However, for them to be allowed to use the card, they are required to pay a fee which though not very high, adds to the expenses incurred in the usage of the card.

Who can apply for this card?

Before one can be issued with the African Bank Black Credit Card, he or she will have to fulfil certain criteria. Such criteria help to avoid cases when the card is given to a client who cannot control their credits and profits from the card’s functionality.

The applicants have to be above 18 years and be in permanent employment. Also, applicants should be creditworthy in a broad sense of the word and have no or little bad credit history. Although it is universal, consumers with bad credit rating may persuade it difficult to get approval from the card issuer.

How to apply for the African Bank Black Credit Card

For the website

To apply for the African Bank Black Credit Card, one has to go to the official website of the African bank, then go to the credit cards page. Here you are given comprehensive information about the card and a form to complete to apply for the card. Begin by filling your personal information such as your name, phone number, address, and identification number.

Employment details and income data will also be elicited from you through the online form that you will be asked to fill. It is after entering all the relevant details that one can then submit the form that is developed. Standard risk analysis will be carried out on your application which is supported by information and a credit check.

Through the app

Another method of the application is through the African Bank Black Credit Card via the mobile application. First of all, go to the app store you regularly use and download the app of African Bank. After this, launch the app and go to the credit card part. The process of making the application within the app is analogous to the application through the Internet method.

You will be asked to fill out your basic information and your credit/financial details respectively. The app will systematically take the user through the process, making sure that all the details for a perfect application are filled in. Once you have submitted the application to the bank, the officials will go through it and carry out relevant checks.

At the branch

For the physically inclined applicants, using African Bank’s branch to apply for the loan is convenient. To begin, it is recommended to find the closest branch that the bank has listed on its website or a mobile application. When at the branch reach out for the African Bank Blacks Credit Card application.

The detailed description of how to fill the form will be provided to you by the agent that works in the bank. Besides, the applicant will need to produce his ID and documents that may include a recent payslip or bank statements. The representative will assist you complete the application packing and submit the form to the concerned authority.