Bank Better, Live Better

the one cost you can avoid this festive season

The festive season is known to stretch everyone’s bank accounts. The 55 day interest-free period on our credit card can help you prevent a financial hangover in January.

December can be an extravagant month. Swept up in the excitement of entertaining family and friends and buying presents, your salary can leave your bank account as soon as it enters it. Credit will pile up and January will feel like the longest month of the year.

Fortunately for Capitec clients, January doesn’t have to involve worries about settling credit card balances and paying high interest costs. With the 55 day interest-free period, our clients get some time to recover before paying back their December expenses.

 

How the interest-free period works

The interest-free period on a Capitec credit card is for a maximum of 55 days and a minimum of 25 days. The period starts from the date of the transaction and is payable with the next month’s statement. 

Say, for instance, you treat your family to a start-of-summer lunch on 3 December and pay for it with your Capitec credit card. The amount will reflect on your December credit card statement (which is sent out on 25 December), but will only be payable at the end of January, when you receive your January credit card statement. 

Similarly, if you use your credit card for some last minute holiday shopping on 23 December, this too will reflect on your 25 December credit card statement and will also be payable at the end of January when you receive your January statement.

If you don’t repay the outstanding amount on your credit card in full on the date indicated on your statement, you will pay from 10% interest (depending on your credit profile). 

To make use of the 55 day interest-free benefit and save interest accumulating on credit card purchases, ensure that you make straight credit card transactions. This interest-free period only applies to card swipe transactions, and not to electronic fund transfers (EFTs) and cash withdrawals. You also need to repay the full balance as on your monthly statement to qualify for the interest free period.

 

Simplify. Live better. 

On top of saving you money, there’s another Capitec credit card benefit that makes you money. If your credit card balance is positive, you can earn 4.75% interest, which means your credit card can work like a savings plan.

For more inspiration to simplify your life, follow us on Instagram.

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