The Standard Bank Blue Credit Card (formerly known as the BlueBean Credit Card) is a no-frills credit card designed to provide essential credit facilities to South Africans. It is tailored for individuals who require an affordable and accessible credit solution, making it an ideal choice for first-time credit card users or those with basic credit needs. Here’s a comprehensive breakdown of the Blue Credit Card, its features, costs, and considerations.
Application Process
The Blue Credit Card offers a streamlined application process through multiple channels:
- Online Application:
- Existing Standard Bank customers can apply via their Internet Banking profile.
- New customers can create a profile on the Standard Bank website and complete the online application process.
- Visit: Apply Online
- Standard Bank App:
- Download the app from the Google Play Store or Apple App Store.
- Log in and navigate to “Open a new account,” select “Personal Lending,” and choose the “Credit Card” option.
- Cellphone Banking:
- Dial 1202345# and follow the prompts for a quick application process.
- Branch Visit:
- Visit your nearest Standard Bank branch with the required documents for in-person assistance.
Eligibility Criteria
To qualify for the Standard Bank Blue Credit Card, applicants must meet the following criteria:
- Be 18 years or older.
- Hold a South African ID or a valid passport (for foreign nationals).
- Be employed full-time and provide proof of income.
- Submit:
- Recent payslip.
- 3 months’ bank statements.
- Proof of residence not older than three months.
- Have a minimum income of R5,000 per month.
- Pass a credit check and comply with the Financial Intelligence Centre Act (FICA).
Fees and Costs
The Blue Credit Card is competitively priced to remain affordable for users:
- Initiation Fee:
- A one-time fee of R190, VAT-inclusive.
- Monthly Fee:
- R40, VAT-inclusive.
- Interest Rates:
- Personalized rates ranging from 11.75% (prime – 0.25%) to 22.25% (Repo rate + 14%), regulated under the National Credit Act.
- Minimum Repayment:
- 3% of the outstanding balance, with an automatic payment option available.
- Interest-Free Period:
- Up to 55 days interest-free on purchases if the full outstanding balance is paid by the due date.
Features and Benefits
The Blue Credit Card is packed with essential features for convenience and security:
- Global Acceptance:
- Chip-and-PIN enabled Mastercard, accepted at millions of merchants and ATMs worldwide.
- Secure Online Transactions:
- Enjoy peace of mind with 3D Secure verification for safe online shopping.
- Contactless Payments:
- Tap to Pay™ for in-store purchases of R500 or less.
- Mobile Integration:
- Link your card to SnapScan or Masterpass for secure and easy phone payments.
- Digital Management:
- Manage your card via the Standard Bank app, Internet Banking, or ATMs.
- Features include activating or deactivating card functionalities (e.g., till-point, ATM, or online purchases).
- Flexibility:
- Single limit for straight and budget facilities.
- Request changes to your credit limit as needed.
- Lost Card Protection:
- Automatic protection in case of loss or theft.
- Rewards Programme:
- Earn UCount Rewards Points on purchases, redeemable at participating merchants.
Advantages
- Build Credit History:
- Responsible usage reports to credit bureaus, helping you improve your credit score.
- Insurance Benefits:
- Complimentary travel insurance and car rental insurance.
- Convenience:
- Contactless payments and app-based management save time and effort.
- Interest-Free Period:
- Up to 55 days of interest-free credit for purchases when the full balance is paid on time.
Disadvantages
- Interest on Cash Transactions:
- Cash withdrawals, gambling transactions, and transfers incur interest from the transaction date, with no interest-free period.
- Grace Period Complexity:
- The 55-day interest-free period is conditional. For instance:
- Billing Period: 1–31 March.
- Payment Due: 24 April.
- If the full balance isn’t settled by 24 April, interest is charged on all purchases made during the billing period, even those made close to 31 March.
- The 55-day interest-free period is conditional. For instance:
- Customer Service Concerns:
- Mixed reviews on platforms like Hellopeter highlight issues with Standard Bank’s call centre and email support, with an average rating of 1.76/5 from over 350 reviews.
Considerations
- Who Should Get This Card?
- Ideal for individuals with basic credit needs who prioritise affordability and straightforward features over premium perks.
- Managing the Card:
- Pay the full outstanding balance by the due date to maximise the 55-day interest-free period.
- Use the card responsibly to build a positive credit history.
- Alternatives:
- For users seeking more rewards or premium features, Standard Bank offers other credit cards, such as the Gold and Platinum options.
Conclusion
The Standard Bank Blue Credit Card is a reliable entry-level credit solution that offers essential features without unnecessary frills. While it lacks the premium benefits of higher-tier cards, it excels in affordability, ease of use, and basic rewards. Potential applicants should evaluate their spending habits and ensure they can meet the repayment requirements to maximise the card’s benefits. For more detailed terms and updated rates, visit the Standard Bank Blue Credit Card Page.
