Getting a MasterCard in South Africa
MasterCard is an American multinational financial services corporation. They have their headquarters in New York. With a global company like this, getting a MasterCard can be to your advantage
MasterCard is a network that processes the payments between the bank and the retailer for the purchases you make using your card.
They rely on the banks in different countries to issue these cards. All the interest rates, rewards, benefits, annual fees, and other related charges, together with your monthly bill, are forwarded to you by the banks that issued your card.
Getting a MasterCard in South Africa and What type of Cards are there?
MasterCard was founded in 1966. In 2006 it converted from a private to a public company. MasterCard has four categories of cards in South Africa –
- MasterCard Credit Card
- Debit MasterCard
- Cash Passport Card
- Prepaid Card
Paying with your debit card means that cash is paid directly from your cheque or savings account to the merchant. It can also be used for cash withdrawals, balance enquiries or to pay online.
There are more than 33 million locations worldwide, where you can pay using your MasterCard Credit card. You have the convenience and security of paying for your purchases wherever you are in the world.
The Gold Card gives you control, convenience, and payment flexibility, it has strong purchasing power and benefits. You must earn a minimum of R5,000 per month, however, there is a spending limit plus R35 monthly fee.
This is an excellent credit card for the young professionals and post-graduates and the benefits, protection and privileges are more than you get on the Gold Card. You must earn more than R25,000 a month. The monthly fee is R42.
The card offers excellent service and amazing benefits for the premium card-holder. Your salary must be above R58,000 per month and the monthly fee is R58.
There are two More cards for the Traveller if Getting a MasterCard
World card. Offers a whole array of travel benefits.
World Elite Card. For the person with an active lifestyle, this is the card to get. A wide range of special offers and benefits to choose from but strictly for customers who have over R10 million in invested assets.
You, or someone else, can load a prepaid card with money so you don’t have to carry around cash. The requirements are –
- Proof of identity and address.
- No credit checks are necessary.
- It is not necessary to open a savings account.
- Add cash to your prepaid card, or do a Direct Deposit.
- Receive all funds electronically.
- You can also draw cash at an ATM.
Multi-currency Cash Passport
There are two prepaid currency cards available from MasterCard. They allow you to store up separate currencies on the card before you travel.
You can then access your travel money from both ATM’s and retail outlets when travelling overseas.
What you Need when Applying and Getting a MasterCard in South Africa
- You need to earn a minimum of R5,000 per month.
- 18 years of age or older.
- ID book.
- You require proof of income, or three months bank statements or payslips.
- Proof of your residential address, not older than 3 months.
Get your MasterCard from Capitec Bank, Nedbank, or Standard Bank. You won’t be sorry when you discover the rewards and benefits on offer.
All info was correct at time of publishing