The African Bank Black Credit Card and the Sanlam Money Saver Credit Card are both premium offerings in the first-tier credit card category. They offer rewards programs, interest-free periods, and other features designed to provide flexibility and convenience to cardholders.
- African Bank Black Credit Card: This card offers interest-earning on positive balances, a high credit limit, and easy repayment options. It is designed for those looking for flexibility in online shopping, interest-free periods, and easy mobile banking.
- Sanlam Money Saver Credit Card: This card focuses on rewarding users with a Wealth Bonus on every swipe. It guarantees a 5% Wealth Bonus on all transactions (except at TotalEnergies forecourts), making it ideal for those who want to save as they spend.
Below is a comparison of the fees, benefits, and other features of these two cards.
Fees and Benefits Comparison Table
| Feature/Fees | African Bank Black Credit Card | Sanlam Money Saver Credit Card |
|---|---|---|
| Monthly Service Fee | R65.00 | R40.00 |
| Card Replacement Fee | R130.00 | R120.00 |
| Initiation Fee | R140.00 | R165.00 |
| Interest-Free Period | Up to 62 days | Up to 55 days |
| Credit Limit | Up to R350,000 | Dependent on affordability |
| Rewards Program | Earn 3% interest on positive balances | 5% Wealth Bonus on every swipe |
| Online Shopping | Yes | Yes |
| Cashback on Fuel | No | R1 per litre at TotalEnergies |
| ATM Withdrawal Fee | R10.00 (for withdrawals ≤ R100), R14.00 + 2% (for withdrawals > R100) | R8.00 for all withdrawals |
| Minimum Income Requirement | Subject to affordability rules | R3,000 per month |
| SMS Notification Fee | R0.50 | Free |
Benefits of African Bank Black Credit Card
- Earn Interest on Positive Balances: One of the unique features of the African Bank Black Credit Card is the ability to earn up to 3% interest on positive balances. This is an excellent benefit for cardholders who occasionally overpay and have money sitting in their account.
- High Credit Limit: With a credit limit of up to R350,000, this card offers ample credit for those who require larger spending limits.
- Interest-Free Period: Cardholders can enjoy up to 62 days of interest-free purchases, provided the balance is paid in full by the due date.
- Flexible Repayment Options: African Bank makes repayments easy with multiple options, including online, mobile banking, and in-branch payments.
- Instant Issue: Once approved, cardholders can pick up their personalised card at any African Bank branch without delay.
Benefits of Sanlam Money Saver Credit Card
- Guaranteed 5% Wealth Bonus: The Sanlam Money Saver Credit Card rewards users with a 5% Wealth Bonus on every transaction (except at TotalEnergies forecourts). This bonus accumulates in a savings account and can be paid out quarterly or annually.
- Fuel Cashback: For users who frequently fill up at TotalEnergies stations, the card provides R1 back for every litre of fuel, offering a tangible benefit for motorists.
- Lower Monthly Fees: The Sanlam Money Saver Credit Card has a lower monthly service fee (R40) compared to the African Bank Black Credit Card, making it more affordable in the long run.
- Rewards Partners: Cardholders can enjoy additional savings when they use their card at Sanlam’s Reward Partners, making the card even more beneficial for regular shoppers.
Requirements for Each Credit Card
African Bank Black Credit Card Requirements
- You must be a South African resident.
- You must meet the bank’s affordability requirements, though no specific minimum income is listed.
- You need a valid ID and proof of income for the application process.
Sanlam Money Saver Credit Card Requirements
- You must be over the age of 18.
- You must earn a minimum of R3,000 per month.
- You need a valid South African ID, a telephone number, and an email address.
- You must be permanently employed or have a contract of at least 12 months. Self-employed individuals can also apply, but additional documentation is required.
- You should have a clear credit record and not be under debt review or administration.
Pros and Cons of Each Credit Card
African Bank Black Credit Card
Pros:
- High credit limit of up to R350,000.
- 62-day interest-free period.
- Earn interest on positive balances (up to 3%).
- Easy and flexible repayment options.
- Instant card issuance after approval.
Cons:
- Higher monthly service fee (R65).
- Some transaction fees can be higher than competitors, such as R14 for ATM withdrawals over R100.
- No cashback on fuel or similar everyday rewards.
Sanlam Money Saver Credit Card
Pros:
- 5% Wealth Bonus on all transactions, boosting savings.
- Lower monthly service fee (R40).
- R1 cashback on every litre of fuel at TotalEnergies.
- Free SMS notifications for transactions.
- Benefits from Reward Partners.
Cons:
- Lower credit limit based on income and affordability.
- Shorter interest-free period (up to 55 days).
- Higher initiation fee (R165).
Who is Each Credit Card Suitable For?
- African Bank Black Credit Card: This card is perfect for high spenders who want a larger credit limit and the ability to earn interest on positive balances. If you frequently shop online and need a card that offers flexibility in repayments, this is a solid choice. It’s also ideal for those who prioritize fast, in-branch service, as the card is instantly issued upon approval.
- Sanlam Money Saver Credit Card: Best suited for individuals who want to save as they spend. If you prefer a lower-cost card with a rewards focus, especially the 5% Wealth Bonus, this card is for you. Motorists will benefit from the fuel cashback at TotalEnergies, while everyday shoppers will appreciate the savings from Sanlam’s Reward Partners. It’s an excellent card for people looking to accumulate long-term wealth through their spending habits.
Other Relevant Comparison Indicators
- Transaction Flexibility: Both cards offer flexibility for transactions such as online shopping and contactless payments. However, African Bank’s broader repayment options (debit orders, EasyPay, EFT, etc.) may appeal to those who prefer variety in how they pay their credit card balance.
- Security Features: Both cards offer standard security measures, including OTPs for online payments and PIN-required transactions. The African Bank card adds an extra layer of convenience with its mobile banking services.
- Customer Service: African Bank offers instant issue services and in-branch assistance, which can be a plus for users who want personal service. Sanlam’s digital-first approach may appeal more to tech-savvy consumers who prefer to manage everything online.
Conclusion
In conclusion, both the African Bank Black Credit Card and the Sanlam Money Saver Credit Card offer excellent benefits, depending on the user’s needs. The African Bank Black Credit Card is ideal for high spenders who require a higher credit limit, while the Sanlam Money Saver Credit Card offers more significant savings through its Wealth Bonus and fuel cashback. Both cards provide competitive advantages, so the choice ultimately comes down to what kind of user you are—a high spender or a saver looking for rewards with every swipe.