As of May 2015, Capitec Bank does not offer any credit card products, according to its official website. Capitec's clientele can instead avail of a MasterCard debit card that comes bundled with its Global One account offering. Customers can use debit cards for cashless transactions similar to how they would use credit cards, without the credit.Continue Reading
Capitec is a commercial bank that is based in the Republic of South Africa, and it is one of the local banks licensed by the Reserve Bank of South Africa. It was founded in 2001 by Michiel le Roux and Riaan Stassen. Apart from debit cards, Capitec offers savings and checking accounts, loans and money management services. It has more than 600 retail branches in South Africa serving more than 6 million customers, as reported by Bloomberg.
One of Capitec's primary offerings is the Global One Account. The Global One Account is basically a savings and transactions account that also incorporates a credit facility. Account holders of the Global One Account have the option of availing a MasterCard debit card called the Global One Card that is linked to the savings or transaction account.
In many ways, the Global One Card functions just like a credit card. It can be used for online shopping, payments at brick-and-mortar stores bearing the MasterCard logo and withdrawing cash from ATM machines. To avail a card, customers simply need to open a Global One account by visiting a Capitec branch.Learn more about Credit & Lending