The African Bank Black Credit Card is known for offering a range of benefits, including earning interest on positive balances and up to 62 days of interest-free credit if the balance is settled in full. It also provides ease of use with online shopping, instant issuance, and a credit limit of up to R350,000.
On the other hand, the Standard Bank Gold Credit Card is designed to offer both lifestyle and financial perks, such as discounts on travel, car rentals, hotel stays, and cashback on certain purchases. The card also features an extensive rewards program through UCount Rewards, providing great incentives for everyday purchases.
Fee and Benefits Comparison
Let’s take a closer look at how the fees and benefits of these two credit cards stack up against each other.
| Feature | African Bank Black Credit Card | Standard Bank Gold Credit Card |
|---|---|---|
| Monthly Service Fee | R65 | R63 |
| Initiation Fee | R140 | R190 |
| Card Replacement Fee | R130 | R170 (R500 for express delivery) |
| Minimum Income Requirement | No minimum income requirement | R5,000 minimum monthly income |
| Credit Limit | Up to R350,000 | Up to R250,000 |
| Interest-Free Days | Up to 62 days | Not specified |
| Rewards Program | None | UCount Rewards – Earn up to 3x points on purchases |
| Travel Benefits | None | Discounts on flights, hotels, car rentals, and more |
| ATM Withdrawal Fees | R10 (under R100); R14 + 2% (over R100) | R2.40 per R100 (Standard Bank ATM); R80 + R3 per R100 (branch) |
| International Transaction Fees | R3 per R100 + international transaction fee | R3 per R100 + international transaction fee |
| POS Purchases | Free | Free |
| Late Payment Fee | Not specified | R170 |
| Cashback on Purchases | None | Up to 10% cashback on specific purchases (e.g. Booking.com) |
Key Benefits of the African Bank Black Credit Card
- Earn Interest on Positive Balances: Cardholders can earn up to 3% interest on positive balances, a rare feature for a credit card.
- High Credit Limit: With a credit limit of up to R350,000, this card is suitable for individuals looking for a high credit threshold.
- Interest-Free Days: If you settle your credit card balance in full by the due date, you can enjoy up to 62 days of interest-free purchases.
- Instant Issuance: Upon approval, you can collect your personalized and embossed card at any African Bank branch.
- Convenient Repayment Options: You can make repayments through various channels, including online banking, EFT, EasyPay, and in-branch payments.
Key Benefits of the Standard Bank Gold Credit Card
- Travel Benefits: Enjoy discounts on flights, hotels, car rentals, and other travel-related expenses when you book with your Standard Bank Gold Credit Card.
- Cashback Offers: Cardholders can earn up to 10% cashback on certain purchases, such as bookings made on Booking.com.
- UCount Rewards Program: Earn up to 3x points when using your card for everyday purchases, which can be redeemed for discounts and special offers.
- Lifestyle Discounts: Access a variety of lifestyle-related offers, including discounts on wine, fitness apps, skincare, and more.
- Affordable Fees: With a monthly fee of just R63, the Standard Bank Gold Credit Card offers significant value for its cost.
Requirements for Each Credit Card
African Bank Black Credit Card Requirements:
- No specified minimum income requirement.
- Must meet African Bank’s creditworthiness and affordability criteria.
- Valid South African ID and proof of address.
- Employment verification for salaried individuals.
Standard Bank Gold Credit Card Requirements:
- Minimum monthly income of R5,000.
- Valid South African ID or passport.
- Proof of income (three months’ payslips or bank statements).
- Proof of residence not older than three months.
Pros and Cons
African Bank Black Credit Card
Pros:
- High credit limit of up to R350,000.
- Up to 62 days of interest-free purchases.
- Earn interest on positive balances (up to 3%).
- Flexible and convenient repayment options.
- No minimum income requirement.
Cons:
- Fewer lifestyle benefits compared to the Standard Bank Gold Credit Card.
- Lacks a rewards program like UCount.
- Charges on some common transactions, such as declined transactions and balance inquiries at ATMs.
Standard Bank Gold Credit Card
Pros:
- Competitive travel and lifestyle benefits, including discounts on flights and hotels.
- UCount Rewards program offering up to 3x points on purchases.
- Wide range of cashback offers and discounts.
- Affordable monthly fee of R63.
- Lower ATM withdrawal fees compared to African Bank.
Cons:
- Lower credit limit (up to R250,000).
- Requires a minimum monthly income of R5,000.
- Late payment fee of R170, higher than many other credit cards.
Who is Each Credit Card Suitable For?
African Bank Black Credit Card:
This credit card is best suited for individuals looking for high credit limits and the ability to earn interest on positive balances. It’s also a good choice for those who prefer flexible repayment methods and do not require lifestyle or travel-related perks. The absence of a minimum income requirement makes it accessible to a broader audience, including those with irregular income sources.
Standard Bank Gold Credit Card:
The Standard Bank Gold Credit Card is ideal for individuals who value lifestyle and travel perks. Frequent travelers will appreciate the various discounts available on flights, hotels, and car rentals. Additionally, this card is perfect for everyday spenders looking to earn rewards through the UCount Rewards program. However, the income requirement of R5,000 per month limits its accessibility to middle-income earners.
Other Relevant Comparison Indicators
- Rewards Program: While the African Bank Black Credit Card does not offer any rewards program, the Standard Bank Gold Credit Card shines with its UCount Rewards program, offering points for every purchase.
- Transaction Fees: The Standard Bank Gold Credit Card generally offers more favorable fees for transactions like ATM withdrawals and cashback compared to the African Bank Black Credit Card.
- Flexibility in Usage: Both cards offer online and mobile banking features, but the African Bank Black Credit Card takes the lead with its wide variety of repayment options and instant card issuance.
Conclusion
Both the African Bank Black Credit Card and the Standard Bank Gold Credit Card provide unique benefits tailored to different financial needs. The African Bank Black Credit Card is the better choice for those looking for a high credit limit, flexible repayment options, and interest on positive balances. In contrast, the Standard Bank Gold Credit Card is ideal for individuals who prioritize lifestyle and travel perks, along with the ability to earn rewards on everyday purchases.
Ultimately, the decision depends on your financial habits and lifestyle. If you are a frequent traveler or enjoy cashback offers, the Standard Bank Gold Credit Card is a great option. However, if you need a high credit limit and prefer flexibility in repayments without a minimum income requirement, the African Bank Black Credit Card might be the better fit.
