The African Bank Platinum Credit Card is designed to cater to individuals seeking financial flexibility with a touch of exclusivity. Whether you’re looking for a card that offers convenience or one that comes with an array of benefits, the Platinum Credit Card from African Bank could be a suitable choice.

In this guide, we will delve into the key features, advantages, and disadvantages of this credit card, as well as the eligibility criteria and application process.

Key information about the credit card

How does the annual fee work?

The African Bank Platinum Credit Card charges a monthly service fee of R69.00. This fee is consistent with other cards in its category, ensuring that you have access to premium services without breaking the bank. Unlike some other cards that allow for the annual fee to be split into monthly installments, the Platinum Credit Card keeps it straightforward with a single monthly fee.

How is the credit limit determined?

The credit limit on the African Bank Platinum Credit Card is determined based on several factors, primarily your income, credit history, and overall financial behavior. African Bank assesses your creditworthiness through a detailed analysis of your credit profile, including any existing credit obligations you may have.

Advantages of the credit card

• No annual fee for purchases in South Africa: Cardholders can enjoy fee-free purchases within South Africa, allowing for cost-effective transactions without the worry of accumulating additional charges.
• Interest rebate: One of the unique features of this card is the interest rebate of 3.5% per annum, applicable to qualifying clients. This rebate can significantly reduce the overall interest paid on the outstanding balance, making it a financially savvy choice for responsible spenders.
• Flexible transaction limits: Cardholders have the flexibility to set their own transaction limits, with a maximum limit of R100,000 for POS transactions and R10,000 for ATM withdrawals. This feature offers enhanced control over your spending, ensuring that you remain within your budget.

Standout advantage

The most notable advantage of the African Bank Platinum Credit Card is the interest rebate of 3.5% per annum. This feature is particularly attractive for those who carry a balance on their credit card, as it reduces the overall interest burden. The rebate is dependent on your credit behavior, rewarding responsible financial management. 

Disadvantages

• Monthly service fee: Although the service fee is competitive, some users might find the R69.00 monthly charge an unnecessary expense, especially if they do not fully utilize the card’s features.
• International transaction fees: The card includes an additional 2% conversion fee on international transactions, which can add up for frequent travelers.
• Limited availability of interest rebates: The 3.5% interest rebate is not available to all cardholders, as it is contingent on specific credit profiles and behavior. This limitation means that not every cardholder will benefit from this feature.

A standout disadvantage

A significant disadvantage of the African Bank Platinum Credit Card is the international transaction fee. Although the 2% fee is standard for many credit cards, it can be a burden for those who frequently make purchases abroad or online in foreign currencies.

Who can apply for this card?

The African Bank Platinum Credit Card is available to individuals who meet specific eligibility criteria. Applicants must be at least 18 years old and have a valid South African ID. A minimum income level is required, though the exact figure is not specified by African Bank, it is generally advisable for applicants to have a steady income that reflects their ability to manage credit.

Additionally, your credit history plays a crucial role in the approval process. While African Bank does consider applications from individuals with less-than-perfect credit, the best terms, including higher credit limits and interest rebates, are typically reserved for those with a strong credit profile.

How to apply for the African Bank Platinum Credit Card

For the website

To apply online, visit the African Bank website and navigate to the credit card section. Here, you will find detailed information about the Platinum Credit Card, including the application form. The online application process is designed to be user-friendly, guiding you step by step through the required fields.

You will need to provide personal details, including your ID number, income information, and employment status. The website also allows you to upload any necessary documents, such as proof of income or identity, directly during the application process.

Once submitted, your application will be reviewed by African Bank, and you will receive feedback on your application status via email or SMS. This method is particularly convenient for those who prefer to manage their finances digitally, without the need to visit a physical branch.

Through the app

Alternatively, you can apply for the African Bank Platinum Credit Card through the African Bank mobile app. The app is available for download on both Android and iOS devices. Once installed, you can navigate to the credit card application section and fill out the necessary details directly from your smartphone or tablet. The app offers a seamless experience, with the ability to take pictures of your documents and upload them instantly.

This option is ideal for tech-savvy individuals who prefer managing their finances on the go. Additionally, the app allows you to track the progress of your application in real-time, ensuring that you stay informed throughout the process. Notifications will be sent to your phone, keeping you updated on any required actions or the final decision.

At the branch

If you prefer a more personal touch, you can apply for the Platinum Credit Card at any African Bank branch. Visiting a branch allows you to speak directly with a customer service representative who can answer any questions you may have and assist you with the application process.

To apply in person, bring along your ID, proof of income, and any other required documents. The representative will guide you through the application form and ensure that all information is accurately captured.

Applying in person can be advantageous if you have specific concerns or need clarification on certain aspects of the credit card. Once your application is submitted, you will be informed of the next steps, including any additional documentation that may be required and the expected timeline for approval.