Capitec Mastercard Debit Cards... interesting

[cpu.]

Well Capitec have convinced me to make the move eventually - tired of Standard Bank. Got enough credit on existing cards so do not need another one - but if your looking for Credit Cards to transact online, then get a VCard account.

Go Capitec!!!

I was with Standard Bank 16 years, but they treated me like dirt when I had 'capital flow' problems. The change to Capitec was just as refreshing as dropping Windows for Linux.

[cbrunsdonza]

I was with Standard Bank 16 years, but they treated me like dirt when I had 'capital flow' problems. The change to Capitec was just as refreshing as dropping Windows for Linux.

Best is the person that has does payroll also just moved to Capitec from Standard Bank so she also gave me lots of tips - it was not as painful as I would expect. Already got a Capitec account, just only used it as s savings/pocket money account.

[Barge]

I was with Standard Bank 16 years, but they treated me like dirt when I had 'capital flow' problems. The change to Capitec was just as refreshing as dropping Windows for Linux.

Reminds me of the reason I left Nedbank for Capitec. I originally opened a Capitec account and transferred money from Nedbank just to make cash withdrawals - R1 a shot no matter the amount - and to pay for petrol. Like that for several years I kept my Nedbank fees close to zero (also by maintaining a balance above R5000). When circumstances changed and I could no longer maintain my balance, I asked Nedbank what account they could offer me with lower fees. There was nothing for less than R60-R70 per month, so I closed my account and made Capitec my only bank. Later I took out a Virgin credit card to complement it.

What I also do to save on fees is request service providers to debit my credit card instead of my savings account. It is funny hearing Nedbank adverts about money market accounts offering 6.1% when Capitec offers 6% on savings account if you balance is below R10 000. That drops to 4.5% above R10 000 but you can have up to 5 linked accounts and spread your balance across them to maintain maximum interest on all your money.

[Ockie]

That drops to 4.5% above R10 000 but you can have up to 5 linked accounts and spread your balance across them to maintain maximum interest on all your money.

THAT IS SO DELICIOUSLY SLY!!! Why did I not think of this!!!!! My second account that I use for savings is over the R10 000.00 so they droped my interest rate! You think they might get suspicious if I open a second 3rd account??

[Barge]

You think they might get suspicious if I open a second 3rd account??

Not in the slightest. They charge you R4.50 per month service fee per account unless you make it a fixed deposit. That amounts to losing 0.54% per annum on a balance of R10 000 so you can say you are still making 5.46% which is pretty good for a savings account. There are not many if any other savings accounts where the interest outweighs the monthly service fees.

[Ockie]

Not in the slightest. They charge you R4.50 per month service fee per account unless you make it a fixed deposit. That amounts to losing 0.54% per annum on a balance of R10 000 so you can say you are still making 5.46% which is pretty good for a savings account. There are not many if any other savings accounts where the interest outweighs the monthly service fees.

Cool. Gonna do this tomorrow then. :-)

[Barge]

Just remember each month to transfer the interest out of the account to maintain you balance below R10 000.

With a fixed deposit, you can nominate whether the interest should accrue or automatically be transferred to another of your accounts, but with a savings account, you need to transfer interest out manually.

[cbrunsdonza]

Cool. Gonna do this tomorrow then. :-)

Thats the best part of Capitec, you can actually go into the branches on a Sunday

[Ockie]

Thats the best part of Capitec, you can actually go into the branches on a Sunday

Yeah...its fantastic. :-)

[cbrunsdonza]

Also I was going to stay with Standard Bank as I had to buy a car (got my finance from Nedbank cheaper in the end) and want to buy my first house soon. Then a lot of people told me that being loyal to your bank is no guarantee of a home loan anymore.

[HeftyCrab]

Does one need to be with capitec to get a Virgin credit card?or do you guys just link it to the capitec acount to compliment it?

[Barge]

Not at all. We are just using the same means to save money by using a zero-fee credit card to complement our Capitec accounts. You can apply online at www.virginmoney.co.za

[HeftyCrab]

Schweet.tnx.some very interresting info here!atm i have an fnb student account that costs next to nothing,but thats gna end after this year.capitec+virgin looks like a good option.

[deepbluesea]

I emailed Capitec about the debit master card yesterday and got the following reply:

Good Day

Thank you for your email.

Kindly note that we do have selected branches in the Western Cape ( Somerset Mall, Somerset Vineyard) who are issuing the debit Master card.
Unfortunately, there is no definite time frame as to when it will be rolled out country wide.

Regards

Gretchen
Client Care

[Ockie]

I emailed Capitec about the debit master card yesterday and got the following reply:

Good Day

Thank you for your email.

Kindly note that we do have selected branches in the Western Cape ( Somerset Mall, Somerset Vineyard) who are issuing the debit Master card.
Unfortunately, there is no definite time frame as to when it will be rolled out country wide.

Regards

Gretchen
Client Care

God dammit...WC getting everything first lately! DAMN BERGIES!