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Best Cashback and Reward Credit Cards in South Africa 2024

Top cashback and reward credit cards in South Africa for 2024. Compare exclusive benefits, bonuses, and perks. Choose the best card for maximum savings and rewards. Explore the leading cashback credit cards with exclusive benefits and rewards. These features go beyond traditional credit benefits, offering tangible returns on your spending.

Reward and cashback credit cards in South Africa frequently change depending on personal preferences and spending patterns. Among the things to think about are:

Cashback Percentage: Seek out credit cards that offer a high cashback percentage on purchases you make often, like food, petrol and entertainment.

Annual Fees: Take into account whether the benefits of the card outweigh any annual fee that may be charged.

Sign-Up Bonuses: It can be advantageous for certain cards to offer enticing sign-up bonuses or introductory rewards. Know your options for redemption when it comes to cash, statement credits, vouchers, and other forms of payment for your cashback or rewards.

Extra Perquisites: Look for extra benefits such as access to airport lounges, extended warranties on purchases, or travel insurance.

Additional Benefits: Check for additional perks like travel insurance, extended warranties on purchases, or access to airport lounges.

At the time of my last update, certain cards from major banks like ABSA, Standard Bank, Nedbank, and others were regarded as some of the best in South Africa. The terms and conditions, offers, and requirements must be verified now though, as they may have changed since then.

The Best 7 Cashback and Reward Credit South Africa 2024

The “best” credit card in South Africa may differ depending on personal preferences, needs, and spending patterns. Based on their attributes and advantages, the following credit cards are noteworthy:

Discovery Bank Gold: This is the best credit card in South Africa, according to its low interest rate and cashback rewards.

discovery-bank-gold

Discovery Bank Card

Credit CardsAmount
Fee structurePay-as-you-transact
Monthly account feeR30
Monthly Vitality Money premiumR25
Monthly single credit facility feeR35
Total monthly account feeR90
Once-off single credit facility initiation feeR150 if the limit is less than R2,000, else R185

Standard Bank Blue: This credit card offers cashback rewards and is suitable for those who want to earn rewards on their everyday purchases.

Standard Bank Card

Credit CardsAmount
Monthly Fee R40.00
Min Monthly IncomeR5 000
Credit LimitR250 000
Interest RatePersonalised

ABSA Flexi Core: This credit card offers fixed monthly payments that ensure you pay more of your capital debt monthly and allow for easy budgeting.

absa-flexi-core

ABSA Flexi Core Card

Credit CardsAmount
Monthly account feeR14
Monthly credit facility feeR30
Total Monthly feeR44
Monthly income requiredR2 000
Credit limitUp to R90 000
Minimum payment5% of the credit limit

FNB Aspire: This credit card offers an extended interest free period.

fnb-aspire

FNB Aspire Card

Credit CardsAmount
Monthly feeR45
Monthly Credit Facility Service FeeR17
Initiation Fee Up to a max of R175.00
Additional Card FeeR17.50

Nedbank Gold: This credit card is a trusted credit card provider and offers a range of benefits.

nedbank-gold

Nedbank Gold Card

Credit CardsAmount
Monthly service feeR40
Minimum incomeR5,000
Interest-free daysUp to 55
Interest rate Personalised
Maintenance feeR32,28.

Capitec Credit: This credit card has a low initial registration fee and offers a range of benefits.

capitec-credit-card

Capitec Card

Credit CardsAmount
Monthly feeR50
Interest rate11.75% – 22.25%
Initiation feeR100
Credit limit up to R500 000
Interest Free Period (Days)Up to 55 days interest-free

American Express Platinum: This credit card offers a personalized annual interest rate (APR).

american-express-platinum

American Express Platinum Card

Credit CardsAmount
Service and facility feeR490
Minimum incomeR62,500
Interest-free daysUp to 55
Interest ratePersonalised

Factors to consider when choosing a credit card include interest rates, annual fees, rewards programs, perks like travel insurance or lounge access, and any additional benefits offered. It’s crucial to assess which card aligns best with your spending patterns and financial needs.

Best Cashback Credit Cards — Reviews

But I can mention a few cashback credit cards in South Africa that have received positive attention:

Standard Bank Gold Credit Card: This card offers a low-interest rate and a plethora of value-added services, including rewards points, complimentary travel insurance, and exclusive lifestyle discounts. The initiation fee is R165, and the monthly fee is R40.

ABSA Gold Credit Card: This card has a low monthly fee of R23 and offers rewards on every rand spent, cashback on specific purchases, and an array of exclusive deals, including free basic travel and cellphone insurance.

FNB Premier Credit Card: With a monthly fee of R85, this card offers a competitive interest rate and the eBucks rewards system. Additional perks include comprehensive global travel insurance and exclusive lifestyle benefits.

Nedbank Platinum Credit Card: This option has a monthly fee of R58 and stands out among credit cards in South Africa for its Greenbacks rewards program and complimentary travel insurance, appealing to those who enjoy exclusive lifestyle offers.

Capitec Global One Credit Card: This card is renowned for its simplicity and affordability, with a monthly fee of R40. It’s an excellent choice for those who detest hidden fees and desire straightforward pricing, along with basic travel insurance.

Remember, the ‘best’ card can differ based on individual spending patterns and preferences. It’s essential to review the specific terms, conditions, cashback rates, annual fees, and other perks associated with each card directly from the issuing banks in South Africa. Additionally, checking recent customer reviews or financial comparison sites can provide more insights into the experiences of cardholders with these cashback credit cards.

How do Reward Credit Cards Work?

In South Africa, reward credit cards function similarly to those in other countries but may have specific features or nuances. Here’s a breakdown of how they generally work:

Earning Rewards: When you use a reward credit card in South Africa for eligible purchases, you accumulate rewards based on the card’s terms. This accumulation often involves earning points or cashback based on the rand value spent. Some cards offer higher rewards for specific spending categories like groceries, fuel, or entertainment.

Types of Rewards: Rewards earned from these cards in South Africa can typically be in the form of:

Points: These accrue based on spending and can be redeemed for various rewards, including flights, hotel stays, merchandise, or vouchers from partner retailers.

Cashback: Some cards offer a percentage of your spending returned to you as cash or statement credits.

Redeeming Rewards: Once you’ve accumulated enough points or cashback, you can redeem these rewards through the card issuer’s reward program. Common redemption options include:

Travel-related benefits such as flights, accommodation, or car rentals.

  • Merchandise from specific catalogs or online stores.
  • Statement credits to offset your credit card balance.
  • Gift vouchers or cards from partner retailers.
  • Additional Perks: Apart from rewards, South African reward credit cards might offer additional benefits such as:
  • Travel insurance covering aspects like trip cancellations, baggage loss, or medical emergencies.
  • Lounge access at airports.
  • Purchase protections like extended warranties or price guarantees on certain purchases.

It’s crucial to understand the terms and conditions specific to each credit card in South Africa, including annual fees, interest rates, limitations on earning or redeeming rewards, and any associated fees for certain rewards or services.

What type of credit card is best for me?

Selecting the best credit card in South Africa depends on your individual needs, spending habits, and financial goals. Consider these factors when choosing:

Spending Patterns: If you frequently spend in specific categories like groceries, fuel, or travel, look for a card that offers higher rewards or cashback rates in those areas.

Rewards Preferences: Determine whether you prefer points, cashback, or specific rewards like travel benefits, merchandise, or statement credits.

Interest Rates and Fees: Check the annual fees, interest rates for purchases, and any other associated charges. If you plan to carry a balance, a low-interest-rate card might be beneficial.

Additional Benefits: Consider extra perks such as travel insurance, airport lounge access, extended warranties on purchases, or concierge services, and see if they align with your needs.

Credit Score and Eligibility: Some premium cards might have stringent eligibility criteria based on income or credit score. Ensure you meet these requirements before applying.

For example, if you’re a frequent traveler, a card offering travel rewards, lounge access, and travel insurance might suit you. If you prefer simplicity, a cashback card with a flat-rate return on all purchases could be ideal.

Before choosing, compare different credit cards available in South Africa, review their terms and conditions, and assess how well they match your spending habits and financial goals. This comparison can help you find the card that offers the most value for your specific situation.

How to Choose the Right Cashback Credit Card in South Africa?

Choosing the right cashback credit card in South Africa involves considering several key factors to align with your spending habits and financial goals:

Cashback Structure: Look at how the cashback is earned. Some cards offer flat rates on all purchases, while others may have tiered systems or higher rewards for specific spending categories like groceries or fuel.

Cashback Rates: Compare the percentage of cashback offered by different cards. Consider which categories earn the most rewards and if they match your regular expenses.

Annual Fees: Check if the card has an annual fee. Ensure that the cashback you anticipate earning outweighs this fee to make the card worthwhile.

Spending Habits: Choose a card that aligns with your usual spending patterns. For example, if you spend a lot on groceries or fuel, a card offering higher cashback in these categories might be more beneficial.

Redemption Options: Understand how and when you can redeem your cashback. Some cards offer flexible redemption options such as statement credits, direct deposits, or vouchers.

Additional Benefits: Consider other perks like travel insurance, extended warranties, or access to airport lounges. Determine if these align with your needs and add value beyond the cashback rewards.

Terms and Conditions: Read and understand the fine print, including any limitations, caps on cashback earnings, expiration dates, and any conditions for earning or redeeming rewards. Interest Rates: While earning cashback is appealing, don’t overlook the interest rates. If you plan to carry a balance, a card with a lower interest rate might be more cost-effective.


Best Cashback and Reward Credit Cards in South Africa (FAQs)

Are cashback credit cards better than reward credit cards?

The choice between cashback and reward cards depends on personal preferences. Cashback cards offer direct monetary returns, while reward cards provide points or incentives for specific purchases. Assess your spending habits to determine which aligns better with your needs.

What factors should I consider before choosing a credit card?

Several factors play a pivotal role, such as interest rates, annual fees, rewards structure, and additional perks. Assess your spending patterns, payment habits, and financial goals to select a card that complements your lifestyle.

Can I have both a cashback and a reward credit card?

Yes, having both types of cards can diversify your benefits. Using them strategically for different purchases can maximize your returns.

How can I improve my chances of approval for a cashback or reward card?

Maintaining a healthy credit score, managing debts responsibly, and ensuring timely payments enhance your chances of approval.

Are there any hidden charges associated with these cards?

Reading the terms and conditions thoroughly helps uncover any hidden charges. Be vigilant about annual fees, transaction fees, and penalties.

Can I redeem cashback or rewards for cash directly?

Redemption options vary but often include cash equivalents or vouchers. Review the redemption policies of your card issuer for specific details.

Melokuhle

Melokuhle is a publisher at Focus Money with over one years of experience in the financial services industry as a marketer. Leanne has successfully completed the South Africa Securities Course (CSC®) along with the Personal Lending and Mortgages Course offered by the South Africa Securities Institute. In addition, he holds a Bachelor of Arts (Honours) degree in English Literature and Creative Writing from Western University.

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