The Sanlam Money Saver Credit Card stands out for its unique approach to rewarding customers, offering a 5% Wealth Bonus for each swipe when you commit to saving. This makes it an attractive option for those looking to build long-term wealth while managing credit responsibly.
On the other hand, the Capitec Bank Credit Card focuses on flexibility and convenience. It offers a 1% cashback on all spending, free local swipes, and zero currency conversion fees for international transactions, making it a strong option for frequent spenders and travelers.
Fee and Benefit Comparison
| Feature | Sanlam Money Saver Credit Card | Capitec Bank Credit Card |
|---|---|---|
| Initiation Fee | R180 | R100 |
| Monthly Fee | R50 | R50 |
| Interest Rate | 20.25% | 11.50% – 22.00% (based on credit profile) |
| Cashback/Reward | 5% Wealth Bonus with every swipe (when committing to saving) | 1% cashback on all spend |
| Foreign Transaction Fee | Standard conversion rate applies | Zero currency conversion fees |
| Interest-Free Period | Up to 55 days | Up to 55 days |
| Maximum Credit Limit | R500,000 | R500,000 |
| Travel Insurance | None | Free travel insurance up to R5 million |
| Additional Benefits | R1 back for every liter of fuel at TotalEnergies | Free card delivery, 2.75% interest on positive balance |
Benefits of the Sanlam Money Saver Credit Card
- Wealth Bonus: The standout feature is the 5% Wealth Bonus, which allows cardholders to build wealth with every swipe. By contributing 2.5% of each transaction to a savings account, Sanlam matches this with another 2.5%, resulting in a 5% reward.
- Fuel Reward: When filling up at TotalEnergies forecourts, users earn R1 back per liter, making it highly beneficial for drivers.
- Reward Partners: The card offers enhanced benefits when used with Sanlam’s Reward Partners, helping customers maximize their rewards in multiple spending categories.
Benefits of the Capitec Bank Credit Card
- Cashback: Customers earn 1% cashback on every purchase, offering a straightforward reward system that benefits everyday spenders.
- Zero Currency Conversion Fees: For frequent travelers or online shoppers who make international purchases, this card offers significant savings by not charging conversion fees.
- Free Travel Insurance: Capitec offers free travel insurance coverage of up to R5 million, making it ideal for travelers.
- Interest on Positive Balance: The card offers 2.75% interest on any positive balance, helping users grow their money if they maintain a surplus.
- Flexible Repayment Terms: Cardholders can choose between a straight payment option (interest-free for up to 55 days) or a budget option with up to 48 months to repay.
Requirements for Each Credit Card
Sanlam Money Saver Credit Card
- Minimum income: R3,000 per month
- Must be over 18 years old
- South African citizen with a valid ID
- Clear credit record
- Permanently employed or contract worker with a 12-month contract or more
- Self-employed individuals must provide additional documents
- Not under debt review or administration
Capitec Bank Credit Card
- Minimum income: R5,000 per month
- Must be over 18 years old
- Valid ID and latest salary slip
- 3-month bank statement
- Clear credit record
Pros and Cons
Sanlam Money Saver Credit Card
Pros
- 5% Wealth Bonus helps build long-term savings.
- Reward partners provide additional benefits.
- Fuel reward at TotalEnergies is a great perk for frequent drivers.
Cons
- Higher interest rate of 20.25%.
- Requires a commitment to saving for maximum benefits.
- No travel insurance or currency conversion fee benefits.
Capitec Bank Credit Card
Pros
- Lower interest rate starting at 11.50%.
- 1% cashback on all purchases with no spending category restrictions.
- Zero currency conversion fees make it ideal for international purchases.
- Free travel insurance coverage of up to R5 million.
Cons
- No wealth-building bonus like Sanlam.
- Higher income requirement (R5,000 per month).
- Fewer reward partners compared to Sanlam.
Who Are These Credit Cards Suitable For?
Sanlam Money Saver Credit Card
The Sanlam Money Saver Credit Card is perfect for individuals who prioritize long-term savings while managing their credit. The 5% Wealth Bonus is ideal for those committed to saving, as it encourages financial discipline while offering tangible rewards. It’s also great for frequent drivers who can take advantage of the R1 per liter fuel reward at TotalEnergies.
If you have a moderate income (minimum R3,000 per month) and want to grow your wealth while spending, this card offers a unique approach to credit card rewards. However, it’s best suited for those who don’t mind the slightly higher interest rate of 20.25%, provided they clear their balances regularly.
Capitec Bank Credit Card
The Capitec Bank Credit Card, with its lower interest rates, is best for frequent spenders and travelers. The 1% cashback system provides consistent rewards for all purchases, and the zero currency conversion fees make it the perfect companion for international transactions.
Capitec’s travel insurance coverage of R5 million makes it an excellent choice for those who travel frequently. Additionally, with the 2.75% interest on a positive balance, customers can earn some extra cash while managing their finances. The card is suitable for individuals earning at least R5,000 per month and those who prefer more flexibility in rewards without a commitment to saving.
Other Relevant Comparison Indicators
Interest-Free Period
Both credit cards offer an interest-free period of up to 55 days, allowing cardholders to pay off their balances without incurring interest charges. However, this benefit is maximized only if users clear their balances within the specified time.
Credit Limit
Both cards offer a maximum credit limit of R500,000, making them viable options for high earners or individuals with good credit profiles.
Digital Experience
Both Sanlam and Capitec offer user-friendly digital platforms for managing credit cards, from applying online to tracking spending. Capitec’s mobile app also supports digital wallets like Apple Pay and Samsung Pay, giving it an edge in modern payment conveniences.
Conclusion
In summary, both the Sanlam Money Saver Credit Card and the Capitec Bank Credit Card offer distinct advantages based on user priorities.
- Sanlam excels in offering a wealth-building feature with its 5% Wealth Bonus, making it a solid choice for savers.
- Capitec, on the other hand, offers more immediate rewards with 1% cashback, free travel insurance, and zero currency conversion fees, making it ideal for frequent travelers and everyday spenders.
Choosing between the two depends on whether you prioritize long-term savings (Sanlam) or prefer more flexible, immediate benefits (Capitec). For individuals focused on building wealth through saving, the Sanlam Money Saver Credit Card is a worthy option. Meanwhile, those who travel often or spend frequently should consider the Capitec Bank Credit Card for its cashback rewards and travel-related perks.