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How to get a Capitec credit card
#1
After I made this thread about how to get a Game credit card I went and did some research to find out what is actually the most efficient way to build up a credit record. Turns out getting a credit card is the better option so I will probably cancel the game store credit card at some stage as it doesn’t offer any benefits other than adds to my credit profile, in which case I’ll just use a credit card.

I went to Capitec in Tygervalley was assigned to a guy called Keenan, extremely friendly and I was surprised by his in-depth knowledge. I am not really used to working with competent people when it comes to banking so in this case I was very impressed and felt that I am in good hands.

I had to provide my latest salary slip and my ID document. Since my salary gets paid into my Capitec account I did not have to provide bank statements.

He advised me from the start of the pitfalls about credit cards and I could see he wanted to make 100% sure that I understand what I am about to get myself into, which I thought was brilliant considering the damage I have seen debt does to people, especially in South Africa where the majority of the population can barely afford to live.

I explained to him that I just want the most cost-effective way to build a credit record as I am planning on buying a house in the near future and know in order to secure a bond with good interest rates I will need to have a credit record. 

Goes without saying, I do not have much of a credit record currently other than a Telkom line and the property I and @Padjakkals bought together on here (Our thread about the property).

He said he understood what I want to achieve and then proceeded to walk me through the different credit options that Capitec offers, we discussed personal loans and we also discussed Capitec’s emergency credit facility, but it was then pointed out the ideal way for me given the information he got from me and what my intent was is that I should consider going with the Capitec credit card and configure it to use the straight facility instead of budget.

The difference between budget and straight as I understand it is that on budget you can pay off your debt over a longer period of 48 or 60 months, with that comes higher interest fees I think. The straight option means you need to pay the amount in full on the next payment date, but it is interest-free. In my case, I will be using my credit card for day to day swipes in order to build my credit record. 
So remember essentials such as food or other necessities should be put through on straight as it is pointless in my opinion to pay for essentials over a period of 6 months or more.

So to make it overly simplified, on straight, you can buy on credit and it is interest-free, but you must settle the debt on the card in the following month. In my case, Capitec wants their money on the 26th of each month so it is my responsibility to make sure that money is in my account.

To simplify it even further, it’s always better to charge an item straight, using the budget facility is the bank's way of screwing you.

The Capitec credit card costs R35 a month so I am thinking of canceling my Game credit card since that one is costing me R55 per month and not offering me anything beneficial that the Capitec credit card cannot do.

I do have one question for Capitec that I forgot to ask them when I received my card, on the Capitec website it states “Earn the highest interest on a positive balance – from 5.35% per year.” Now my question is, a positive balance where? When I open my app I can see my savings account which I always had, are they speaking about that account or do I need to deposit my money elsewhere in order to get that higher interest?
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