International travel insurance is a popular financial product offered by Capitec Bank, one of South Africa’s leading banks. It covers unexpected medical expenses while traveling abroad and is automatically provided to cardholders under the age of 75 who purchase and pay for the full cost of their flight ticket with their Capitec credit card. This card offers coverage for medical emergencies and related expenses up to R5 million.
Capitec cardholders can also opt-in for comprehensive top-up cover at their own expense if needed. The Capitec Global One Credit Card offers discounts of R100 on domestic flights and R400 on international flights when used with their activated Capitec card. To qualify for these discounts, cardholders must be below 75 years old.
Capitec cardholders can save R100 on domestic flights and R400 on international flights when they book and pay with their activated Capitec card. They can choose the currency of the country, include transport and accommodation costs, spending money, and other holiday expenses such as insurance, visas, and vaccinations.
Capitec and Travelstart offer regular travel specials and offers access to credit insurance and free travel insurance. By joining 250,000 South Africans, cardholders can make good money choices and enjoy travel benefits like paying less fees when spending overseas with zero currency conversion fees.
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Which is the best bank for international travel in South Africa?
HSBC South Africa has attained a Level 1 BEE rating, thereby establishing itself as one of the foremost international banks in South Africa. This accomplishment is indicative of HSBC’s dedication to South Africa and its investment in its human capital. A robust BEE rating necessitates the ongoing implementation of a strategic plan that extends beyond the minimum criteria. HSBC is dedicated to the maintenance and advancement of transformation efforts.
Which bank gives free travel insurance?
The Co-operative Bank’s Everyday Extra account is a convenient bank account that includes worldwide travel insurance, mobile phone insurance, and UK and European breakdown cover. Travel insurance is often a top priority for holidaymakers, but it can be a tedious task. To ensure you’re covered, consider choosing a bank account with travel insurance included. Some current accounts also offer additional perks like travel insurance, breakdown cover, and mobile phone insurance for a monthly fee. This makes it a good choice for those looking to save money while traveling abroad.
Does debit cards have travel insurance?
Free travel insurance is typically offered by credit cards, but some debit cards also offer it. The minimum spend on a holiday with the card is typically around $500. Basic policies may require a stand-alone policy. There are various ways to get travel insurance, including buying a single policy, annual multi-trip policy, and free credit card travel insurance. Debit card travel insurance is similar to credit cards with travel insurance, but it doesn’t prevent accumulating credit card debt. However, experience shows that this option is not ideal.
How do I know if my card has travel insurance?
To determine if your credit card has travel insurance, check your cardholder benefits guide, visit the card provider’s website, or call their customer service number. Not all credit cards have travel insurance, with higher-tier cards offering more comprehensive coverage. It depends on your coverage needs and whether you meet the requirements for the insurance provided with your card. Some credit cards only offer certain types of travel insurance, such as flight delay insurance but not emergency medical insurance. To understand your coverage, read your card’s certificate of insurance carefully and consider your coverage needs before embarking on a trip.
Who is the owner of Capitec Bank in South Africa?
Michiel Le Roux, a South African billionaire with a net worth of $1. 7 billion, founded Capitec Bank in South Africa, which was named the best bank in the world by the international banking Advisory Group Lafferty’s 2016 Bank Quality Rankings and the cheapest bank in South Africa by the 2015 Solidarity Research Institute (SRI) Bank Charges Report. Capitec Bank aimed to empower the middle class of South Africa to take control of their finances.
AFSIC, a leading event in Africa, brings together African investors and investments outside Africa, making it one of the most important conduits of investment into Africa. The event showcases investment opportunities from across Africa, with the support of the sophisticated AFSIC African Investments Dashboard.
Can I use my capitec card internationally?
The Capitec credit card can be used in conjunction with the Mastercard® sign, and transactions conducted internationally and cash withdrawals are exempt from purchase or currency conversion fees.
What does capitec offer?
We offer a range of cost-effective financial solutions, including credit options tailored to your needs, insurance for you and your family, and incentives for responsible banking practices. These are accessible on our mobile application, providing convenient access to financial services at any time and from any location.
Do I need travel insurance for South Africa?
Travel insurance is essential for travelers visiting South Africa due to the country’s high crime rate. If your belongings are stolen, lost, or damaged during your stay, you may be able to claim them on your policy. For Brits traveling to South Africa, having good health insurance is crucial as the UK does not have a reciprocal healthcare agreement with the country, so the cost of treatment must be covered by you. Healthcare costs, particularly complicated procedures or difficult rescues, can quickly add up.
South Africa requires numerous vaccinations, and if you are traveling for a significant period, you may need to undergo specific tests, such as tuberculosis. Malaria treatment is likely required in South Africa, and it is essential to see your doctor at least two months before your trip to start anti-malarial drugs.
How much money must stay in your Capitec account?
The transactional account provides straightforward transactions at reduced, transparent banking fees, with a minimum balance of R30 and a monthly administration fee of R7. The account offers a 50% discount.
How much is travel insurance coverage?
The cost of travel insurance typically ranges from four to 12 percent of the total cost of the trip, with an average cost of $228 for a trip costing $5, 000. This is a considerably more economical option than undergoing surgical procedures in a US hospital, which can cost up to $3, 000. It is of the utmost importance to have insurance coverage in place to protect against the financial burden of unexpected medical expenses, particularly in the event of serious injuries or illnesses.
What is the best travel insurance in South Africa?
This guide provides a comprehensive list of the top travel medical insurances in South Africa, including Hollard, ABSA, AIG, Standard Bank, and Allianz. These insurances have been tested and verified, offering a comprehensive guide to the best travel medical insurance options in the country. The guide offers a comprehensive overview of the top travel medical insurance options in South Africa.
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News24Video Police are on the hunt for four people who robbed a Vodacom store in KwaZulu-Natal earlier this month.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun…
The only thing I disagree with is automated payments. Automating payments makes people take their hands off the wheel, so to speak, in terms of reviewing their statements and seeing what they are spending on. Please review your statements and see your spending habits. Look at where your money is going and see if you can reduce spending elsewhere. Make sure that there’s nothing fraudulent in there.
One mistake I think a lot of beginners make is being afraid of holding multiple cards. There’s nothing wrong with having more than 5 cards. You arguably get more benefits to having multiple card. The only real downside is managing them, but if you have all or some cards with the same issuer, this isn’t much of a hassle.
I got my first credit card last year at 20. It was a Discover student credit card. I asked for a credit limit of $2,000 and they gave it to me. My credit score after 6 months was 759. They raised my limit to $2,800. I got that card cause they have 5% Cashback on select purchases each quarter and 1% unlimited Cashback. They also will match all my Cashback at the end of my first year (which is coming up this November). Right now I have $150 in Cashback, at the rate I’m going I will probably have $300 to $400 in Cashback which will give me $600 or $800 back at the end of my first year.
It’s always appreciated to learn the fundamentals especially for credit card beginners. Credit can be a double-edged sword; it can be a benefit for people who know how to use it but devastating for those who don’t. It’s important to being able to handle your finances responsibly. Keep up the good work.
I agree with everything you highlighted except old sock drawer cc not used, you don’t need to make a charge every month or even every six months, however one transaction in a calendar year will suffice. I have a old Credit Union Visa and a Chase Freedom I’ve had since 2008 and I’ve gone close to a year with no whisper of Chase closing the account. Over a year then yes that could happen. As for the credit union, I finance a car and have a checking account so I’m sure they wouldn’t close the card for inactivity. Great article!
“I do want to clarify when I say 1 or 2% utilization I do not mean carry a balance. I mean at that statement close date have some utilization but before the due date pay the entire thing off.” This UNLOCKED what I was missing! I thought I need to carry a balance to show utilization but something always felt off about that to me and I wasn’t getting the clarity I needed from others so THANK YOU for helping me understand! I feel so much better!
Things to add (not really specific to beginner mistakes tho and not sure if others have mentioned) 1. Not keeping track of expenses – do this just to make sure nothing fraudulent is happening. Habitually review your credit card expenses and make sure you recognize each transaction. 2. Paying late/after the due date – you will be subject to late payment fees if you do this!
No doubts, A good way of growing and saving your money is through investing . You don’t need to have much before you can invest. “That little money you have now can make you millions if you invest it wisely”. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
For mistake#5: – How do people with over 50 credit cards keep track and use their credit cards? – What if you have multiple of the same cards? For example, im sure a lot of people reapply for Chase cards due to the welcome bonus renewal. Does this process replace the old card or will you just have 2 of the same cards that now you have to use?
Credit utilization is always a topic of misconception, a high credit utilization can be good to create a strong credit profile IF is paid in time and in full every month, that would create a strong credit profile that subjects to credit limit increases, lowering your utilization therefore increasing your credit score, unless you are looking to apply for any new line of credit this is completely unnecessary.
I have a question. So let’s say there’s a reason where you need to use over 30% of your credit limit to buy something. If I pay down this balance to under 30% of my credit limit before my credit statement gets reported, and then pay the remainder of the balance in full by my due date, is this the proper way to handle this?
Why are you recommending to close a credit card just if you aren’t using it anymore? Assuming there is no annual fee, then you should never close the card. You want to have as many lines of credit open as possible with long lifetimes to increase your credit score. Closing a card only hurts your score by reducing your number of credit lines and average lifetime of credit. Am I wrong here?
The only reason you have a high spending limit on your card, like 10-20k, is because that is how much cash you have in your emergency fund and if you need to spend all of it in one go, using the card, then so be it. It would suck to have $15k in emergency cash, but you can’t access it because your card limit is only $5k, and the cash is in the bank, you’re far from home, it’s hard to get at, but you need to solve a $12k emergency right the heck now, and so you want that high spending limit if you need it. Otherwise, like the man said, balance always zero.
Thanks John! As always, it is a great article! I jumped on my credit card journey thanks to your articles. I applied to the Built card but got denied. I was only an authorized user for about 3 years when I applied. I have a CapitalOne Quicksilver card for fair credit for about 5 months now. How long do you think I need to wait to apply for my next card? Built, Citi Custom and Chase Unlimited/Flex are my desired options. My score in TransUnion is 768 and 682 in Equifax. Thanks!
I made every mistake because I didn’t know any better. Thanks for making this article! I am finally learning and back on track. Could you make a follow up article teaching people what to do after you’ve made all the mistakes and you want to be back in good standing and attain high limit credit cards again? When I say all the mistakes don’t mean being 30 days late. I’m talking about getting high limit credit cards and being in the good graces of the bank. I met a lady who said she had been banking with Chase Bank for 30 years and she got behind on a credit card or was late or something and then she got back in the good graces but she only had a $2000 credit limit. I was telling her about the trifecta, but I don’t know how she can begin to get to where she wants to be with Chase again.
“I” am not using my credit card wrong. If anyone genuinely needs the advice of “don’t spend what you don’t have” and “don’t run a balance in your card” they gave bigger financial issues to deal with. It’s not just basic to understand this, it’s a necessity. If you have anything above a zero balance at the end of your statement cycle, you need to SERIOUSLY re-evaluate your spending habits and stop overextending your lifestyle.
Love this article….super complex the way you personally deal with credit card. But on another note, you mention that if the credit card does not benefit us anymore, we should close it and move on… it seems you contradict yourself when at the beginning you mention to not close the oldest credit card because of the credit history. Does that mean i should never close any credit card? Any comments on here would be super helpful for clarity.
To make it short: 1. Dont carry a balance. Pay the debt in full on time. 2. Dont pay only the minimum payment. 3. Dont max out your credit limit. Under 30% is preferable to not affect your credit score. If you do use it max, pay before statement close date. 4. Doing cash advance. Interest rate means death (lol) unless emergency. 5. Not even using the credit card. If not used, banks close the card and this will affect the credit history that is also connected to credit score. 6. Using the wrong type of credit card. Points to take. Spend only what you have. Pay at full statement balance. Be intentional with the card you want. Do not be attached with certain cards.
Wow you gave out some good tips and what’s funny is, when I first got my first credit card, I used all these tips without knowing it lol. I only got a card so I could be able to buy things online as most shops don’t take debit cards. And because I spent little and on that same time paid it back, I was able to increase my limit super fast and super high. Will I need it? Maybe. Will I use it all? Probably not lol.
So from what I have been told, you should just let a card close on its own vs actively closing the account as it lessens the impact on your credit score. If your playing the 0% interest game then you want that card to close at some point so you can apply for it again in the future. your suggestion of using the old cards monthly so it does not close would not help me with this. I have been able to reapply for cards that I have used in the past that closed on its own and still get the 0% interest for how ever months the offer is doing this trick.
Hey John, great articles. I noticed your background lights are flickering and can be annoying for the viewers. ( Issue only noticeable on bigger screens, not phones) You can easily fix this by adjusting the shutter speed on your camera, increase it or decrease it a bit and it will go away. Feel free to reach out if you need assistance.
It really just depends what you’re going to do with that money if it’s okay to pay interest. Personally I have about 5k in debt right now that I plan on carrying over because I have something that’s going to make me a lot more money. So I’m utilizing it for an investment that I otherwise wouldn’t have had enough money for and it’s damn near a guaranteed return.
Do I pay on the due date or before? Does it make a difference if I pay it as soon as I spend it? I usually just use my credit card in place of my debit card, I check what money is in my debit card and then use my credit card and pay it off straight away e.g. groceries came to $120 I pay with my credit card and then pay it off the second I’m out the shop. If it’s better to pay on/by the due date how many days before should I make the payment?
Just a point of note on cash advances… In general yes, DON’T USE THEM! There are times though… I was in Bangkok and lost my debit card. Gone. Squeaked by to continue my trip to Hong Kong. I used a cash advance to get HKD. I needed cash. I also checked daily until I saw the cash advance and paid it off. Yup, it cost me WAY more than a withdrawal from my bank account, but… It was worth it. Yes, rare situation, but…
Hi John, My question is this: You suggested the use of a CITI Custom Cash Mastercard for gas and groceries. Many of us use Costco for gas and groceries, which does not accept Mastercards, so I personally am using my B of A Customized Cash Rewards VISA Signature card for those items. Do you have a better suggestion for those who have to use a VISA card for gas and/or groceries?
So from what I have heard is that you can only hold 2 personal capital credit cards (non-business cards) at one time. Unfortunately I have the quicksilver and savor one cards already. My plan was to have the savor one and venture x as my 2 main cards. I don’t want to upgrade the quicksilver because i know I won’t get to take advantage of the signup bonuses the venture x offers when you apply for a new account? What would you suggest i do to be able to somehow get the venture x and take advantage of the sign up bonuses? The quicksilver is alsonthe cedit card I have had the longest. Please help!!!
Your advice is sound except Amex periodically offers no fee credit plan it deals say for 12 or 18 months. This is basically free money on a charge card that is paid off within time period without anyvimpact on credit score. Second, paying entire balance on due date vs statement close date has only temporary impact. It is not significant unless applying for car or mom or mortgage at that time.
So…if you are not to carry a balance and all those steps and you are supposed to spend ONLY WHAT YOU ARE AVLE TO PAY BACK IN A MONTH…WHAT IS THE CREDIT GOOD FOR??? It seems I have only understood how to not get into bad debt…but how do I benefit from credit cards??…(Sorry, I started today researching, trying to understand)
I was confused on the last part because you were saying once a credit card is no longer beneficial drop it and go to another that benefits you. But earlier in the article you were saying how the longer you have credit accounts open that are ok good standing then it will positively impact your credit score. So what is the solution? Would it be having only one good standing grad option in this case?
3:01 This is not 100% correct. The idea of already having the money you borrow is correct. It doesnt necessarily need to be dollars, but any asset you are currently investing in. You just need to sell some of it for dollars so you can cover the debt in dollars before the due date. But you dont need to use a credit card like this – otherwise you could already be using a debit card in the first place. 13:50 Isnt that gonna hurt my credit score again?
Its crazy that seeing my parents handle credit cards bad is what taught me how to correctly use one. Never go over 30% of your total limit, and if you can, never over 30% on each card (if you have $1000 limit, you have $300 to use, If you have a $3000 credit limit you have $900 to use, etc). 12% or under is ideal but 30% is a MAXIMUM! Pay the full amount you use each month, and like he said never spend more than you have in your savings, no matter how much your limit is because you never know what can happen.
All my parents taught me was “it’s borrowed money” and “rewards points good”. This information would have been useful to me before I turned 19 so I have a question. If I spend let’s say $18/month on a Netflix subscription with my credit card. Would I pay that $18 to the card I spent it on or would I have to pay the interest of fee on top of it?
What about my case? I work as a Mechanic and need to buy tools. I applied with the Home Depot Credit Card. Started at 500$ credit limit, its at 2200$ today. My main reason I got it is because of its Financing. Recently bought tools worth around 1500$ But got 18 Month financing to pay with 0% interest. Im down to 800$ and still got another 11 Months to go. I’ve been paying 100$ every month instead of the minimum of 27$ Am I on the right track? Or did i make a mistake getting the home depot credit card? P.S the 1500$ purchase was the third time I bought using the credit card and every time I bought something I got either the 6 month financing offer, or in the case of this major purchase I got 18 months, so I guess I always get that offer depending on the purchase value.
So if you close a credit card does it harm your credit score? I thought in mistake #5 you advise not to close it and not to leave it dormant but then at the end of article you say it’s okay to close card if you’re not using it. Is there any harm in opening a credit card to get the $200 sign up bonus and then after three months close the card?
What if I use my card for my trip I plan on booking my flight I just got a capital one savor one limit of 3k first card I got so far my flight to the Philippines from Pittsburgh looking to be 2200 to 2999 I have the cash for the flight should I just use the card and pay it off the next day is that ok I didn’t want to just spend it in cash when I realized benefits to having a car that’s a lot of points I can redeem through the Capital One travel portal
You know one thing I find about credit cards that’s just BULL🐂 is that the majority of the time you can’t upgrade your current credit card account to get better rewards and have to apply for a new one which requires a hard credit inquiry and that shouldn’t be allowed ! It’s scummy and screws over your loyal customer base!
i saw a couple years back from another great youtuber that’s not so popular that you should pay your credit card amount due during a certain time frame Prior to your due date, not right-before or on your due date. they said by doing this it helps your credit score more(?). how does this process work??
Could you transfer money to the credit card and set the credit limit of 0$? Also English is my second language and people use “credit card” when referring to a card with which you can pay with in some store which weirds me out. Shouldn’t it be a “card” meaning it’s just a piece of plastic that you can pay with. I expect “credit card” to mean a card with automatic loan creation built-in. But a card could just be “remote control” for your bank account. I also am not really familiar with the financial system, so please help me understand all this mess.
Hi, hope you notice and answer back. You said that never closed the first credit card issued by the bank. What if the bank issued me 2 credit cards? The first was Mastercard and months after issued the same basic card but a Visa. I am planning to use a Visa, especially for gas payments because of the bigger discount per liter compared to Mastercard. Is it wise to close the first (Mastercard) credit card and retain the second (Visa) credit card? Both cards are the same.
Very informative tutorial. Thks for reminding me how foolish it is carry balance on my credit card and actually increase all my purchase expense by 15% ( that card APR_, negating all the sales saving I thought I did enjoy.. ( BTW, can you not zoom too close to you face..lol.. Better to have more graphic to illustrate your point . It may be more useful to the user.. just my 2 cents. 😉
I used credit card for the medical bills. There is no way to get out of debt in USA, is a fact if you live in USA you will ever be in debt., you work and live to pay debts$$ and pray to stay healthy because if you end in a hospital for days you will get a huge bill…..Use your credit card just be aware that is not your money, you’ll have to pay it back. If you want to live free of debts work hard, save a lot of money and retire in another country.
Hi, so 2022 I open a Discover student credit card and I have never used it before, due to inactively that card was close. What should I do? Not to say I am going to a nursing school this year, which mean I need to get a student loan. Now I am so worry if I will be able to get a student loan with the credit score of 659. Not say this was my first and only credit card. Please help me. I do not know what to do? Should I get a new credit with Discover?
When you say avoid carrying a balance, from my history with credit cards you have your billing cycle and then then last day of that cycle @ midnight is when your statement is generated. For the first point are you saying to pay off your balance before they run the statement or are you saying on the statement that is issued for the next month that gives a due date in that new month to pay the balance owed before the due date? Which is it… pay before billing cycle ends or pay balance before due date?
I have had my capital one platinum credit card for years with 500 dollars limit. They have never increased my limit and I have been told not to go over my limit on the card. I was told also not to spend more than 10% on the credit card which is $10 a month and if I did my points would go up and down so I just got tired of the card and stopped using it for a while. Idk if I don’t understand how to use it correctly but at this point I don’t see the point of the card. I want a credit card that I can use on daily bases for all of my bills, groceries, and other expenses but I can’t do that with $500 limit if I can only spend $10 of 10% of the card. Can someone explain me better how to use this freaking card before I burn it 😅 and yes I always always make sure I pay it off all before the due date. So if I have $500 limit on the credit card how much can I spend every month until they increase my limit?
so I am a bit new with credit cards but isn’t it good to build a score if you carry some of said balance over? Like say you have $50 used out of $800. Wouldn’t it generally be good at first to hold some of that $50 used since it is within a “good credit used” range. Yea interest may hit but this style generally builds a credit score until the user qualifies for past credit history?
If you have 0% apr for new credit card, transfer balance for zero interest but use the money for investment like 5% MMF.. technically only high credit card utillazation is issue which trades to “zero interest” money for investment… It may gives a bit of profit, but i prefer pay off all every month
I had no idea about credit cards or how to use them and my ex encouraged me to get one through my bank. I did so and maxed a 3k credit limit and the bank closed my account last year because I “cant pay it fast enough” so please please please anyone out there get educated on how to manage money and your credit cards.
Nope. I’m still confused. I have full payments set up automatically to be withdrawn on the due date which happens to be 3 weeks after the statement closed and when you said that that is bad, i thought…THIS explains why credit score is going to pot. So I called my credit company and asked them to change it to the close date and they said they can’t. So now I still don’t know how I make full payments for every statement and still have a lowering credit score.