So I went to Capitec

FlashSA said:
Capitec Credit Card: I got a pre-approval on their App and chose to complete in branch with my documents.

I only want to pay the R50 monthly fee and the once off initiation fee. What do I need to do in the branch to make sure they don't charge me the balance protection fees - can I avoid those and how?
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No it's mandatory. You can try mailing [email protected] but they'll say the same thing.
 
FlashSA said:
Capitec Credit Card: I got a pre-approval on their App and chose to complete in branch with my documents.

I only want to pay the R50 monthly fee and the once off initiation fee. What do I need to do in the branch to make sure they don't charge me the balance protection fees - can I avoid those and how?
Click to expand...
How much is that pm, that could get relatively high if you have a significant credit limit?
 
FlashSA said:
Capitec Credit Card: I got a pre-approval on their App and chose to complete in branch with my documents.

I only want to pay the R50 monthly fee and the once off initiation fee. What do I need to do in the branch to make sure they don't charge me the balance protection fees - can I avoid those and how?
Click to expand...

This is optional, it was offered to me but I declined it. I assume it is because my credit limit is less than my income.
 
Smiggles said:
It's only charged on what you owe them not the whole limit.
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I seem to recall the insurance is calculated at a certain amount of Rands per R1000 credit used.

Anyone know what that rate is - I can't find it on their site.

The insurance cover would negate the 1% cash back earn which would make the card pointless as a backup card. The only workaround I can think of would be to prepay funds into the Capitec Credit Card and never use the credit amount?!
 
FlashSA said:
I seem to recall the insurance is calculated at a certain amount of Rands per R1000 credit used.

Anyone know what that rate is - I can't find it on their site.

The insurance cover would negate the 1% cash back earn which would make the card pointless as a backup card. The only workaround I can think of would be to prepay funds into the Capitec Credit Card and never use the credit amount?!
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Yes that works. But even with the charges it's still cheaper than Discovery Platinum or FNB Premier credit card for me. I can't be arsed to try and game the eBucks or Miles system anymore.
 
It's "R4.50 per R1000 of the average utilisation of your credit limit in your statement cycle".

Ask to see the credit agreement before accepting. It will say whether the insurance is mandatory or optional.
 
FlashSA said:
Capitec Credit Card: I got a pre-approval on their App and chose to complete in branch with my documents.

I only want to pay the R50 monthly fee and the once off initiation fee. What do I need to do in the branch to make sure they don't charge me the balance protection fees - can I avoid those and how?
Click to expand...

You'll have to take a copy of your personal life insurance policy to the bank, and ask them to use that instead of their own external insurance.

They will press you to use their own external provider since they get a cut - refuse and say you will use your own. They will then capture those details.
 
I just said I don't want the insurance. I did not share any of my other insurance policies or anything else as motivation for not wanting it and they just said okay. There was no argument or sales pitch.
 
TiredPlatypus said:
I just said I don't want the insurance. I did not share any of my other insurance policies or anything else as motivation for not wanting it and they just said okay. There was no argument or sales pitch.
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They look at your credit score via their internal API, prob Experian. They also looked at income vs expenses as well and you were in the top bracket for safety .This is for Capitec btw.

I have a terrible credit score due to money laundering, ursury and extortion in the past - so I had to provide my own life insurance or use theirs.
 
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FlashSA said:
Capitec Credit Card: I got a pre-approval on their App and chose to complete in branch with my documents.

I only want to pay the R50 monthly fee and the once off initiation fee. What do I need to do in the branch to make sure they don't charge me the balance protection fees - can I avoid those and how?
Click to expand...

I told them that I didn't want the insurance, and I haven't had it for the years that I have used a Capitec credit card. I do settle the balance in full every month, but I don't know if that's a factor or not.
 
Smiggles said:
Makes sense. Sms is insecure with sim swaps.
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TOTP is a thing and they have the hardware tags for the online login...

My issue is that I can't get the selfie verification to work on my phone - it ends up too blurry (if I take photo's it is fine) and it fails.

The other issue is that I might want a phone running another OS or benefit from the advantages of not having a smartphone.
 
MoHaG said:
TOTP is a thing and they have the hardware tags for the online login...

My issue is that I can't get the selfie verification to work on my phone - it ends up too blurry (if I take photo's it is fine) and it fails.

The other issue is that I might want a phone running another OS or benefit from the advantages of not having a smartphone.
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My Doogee phone was the same sand got into the front camera. I just upgraded and never looked back.
 
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