South Africans are always on the lookout for ways to get the most value out of their hard-earned money. One way to do this is by choosing a credit card that offers the best rewards. But with so many credit cards on the market, it can be challenging to determine which one is right for you. Whether you’re someone who travels frequently, enjoys the finer things in life or simply wants to get the best rewards and discounts from their credit card, we’ve got you covered. We’ll take a closer look at some of the South African credit cards that offer the best rewards programs so that you can make an informed decision and get the most out of your spending.
When it comes to choosing a credit card, the rewards on offer can make a significant difference in your overall financial strategy and be the final make or break in getting a particular card. For those who value travel and luxury, credit cards that offer lounge access, hotel upgrades, and other exclusive benefits are worth considering. For those that are looking for discounts on groceries and petrol, then there are a number of affordable credit card reward programmes on offer. Although some credit cards come with higher fees, and criteria, the rewards often make them well worth the investment.
We’ve done our research, and our team have rounded up the Top 5 credit cards in South Africa with the best rewards.
1. Woolworths Black Credit Card
Woolworths is synonymous with luxury groceries and goods in South Africa, appealing to a customer that wants it all under one roof. This why it’s so important for them to have built a credit card that really is the cream of the crop. Woolworths Black Credit Card is powered by Absa, and the credit card offers an array of rewards, discounts and benefits. Let’s have a look at some of the main ones:
- 3% back on any Woolworths spend in WRewards, and an additional 1% rewards in Woolies vouchers every 3 months
- Free Woolies online delivery
- 2 free coffees or teas a month
- Free Taste magazine
- Travel insurance and medical assistance abroad
- Extended Warranties
- You can get up to 8 extra cards at no extra cost
Fees for Woolworths Black Credit Card:
- R69 monthly service fee
- R100 initiation fee
2. Discovery Bank Credit Card
Whether you’ve always used Discovery for your medical insurance, or your new to the world of Discovery Bank, either way the financial service provider has launched a pretty epic credit card that is focused on consumer-well being and in this case it’s financial wellbeing. Discovery Bank has a number of different credit card suites you can choose from, each one based on your current earnings and preferred benefits. For this comparison we’re going to look at Discovery Bank Platinum Card. Here’s a couple of it’s main rewards:
- Vitality Money Status determines dynamic interest rate, it can be anywhere from 5.1 to 6.6% on the savings rate, and 20 – 16% credit rate based on your status.
- Dynamic spend discounts – starting from a 7% discount on HealthyFood and HealthCare
- Travel discounts – starting at 4% on fuel and Ubers, 10% on local and international flights
- Earn Discovery Miles for spending, exercising and driving
- Additional discounts and savings with Discovery Vitality
- Vitality Drive – earn fuel cashbacks of up to R800
- Refer your friends and you could earn 5000 Discovery Miles
- Free travel insurance
- Free Vitality Savings Account
- Free virtual cards
- Up to free 6 Discovery Airport lounge visits
Fees for a Discovery Bank Platinum Credit Card:
- R35 credit service fee
- R70 monthly account fee
- R40 – Vitality Money Premium
3. Rand Merchant Bank Credit Card
Although this credit card requires a minimum R750 000 per year, Rand Merchant Bank is one of the best in South Africa in terms of rewards and extra benefits. RMB knows a thing or two about creating financial products tailored for their customers, and part of this is accommodating to their fast-paced lifestyle. Here’s a look at Rand Merchant Bank Credit Card rewards:
- Up ro 40% off flights and car rentals through eBucks travel
- Enjoy up to 36 airport lounge visits
- Up to 24 Slow lounge or Bidvest Premier Lounge visits
- Earn a variety of discounts with eBucks from 15% back on Clicks purchases to R8 back per litre when filling fuel at Engen.
- Travel insurance
- 5 extra credit cards at no extra charge
- FNB connect sim, 1GB data, 30 voice minutes and 30 SMSes
Fees for Rand Merchant Bank Credit Card:
RMB Private Bank Current Account and Credit Card at a single bundle fee of R555 p.m
4. Standard Bank Credit Card
Standard Bank has been creating seamless financial products for decades in South Africa. Consumers can choose from their 3 most popular credit cards being the Gold Credit Card, Titanium Credit Card and Platinum Credit Cards. Each of these cards have lifestyle, travel and insurance benefits. Since we wanted to look at something that had a bit more benefits than others but was still affordable, we took look at the benefits of a Standard Bank Titanium Credit Card:
- Up to 20% off Emirates Flights
- Up to 15% car hire with Avis
- 5% cashback on all Booking.com bookings
- 6 complimentary visits to Bidvest Premier Airport Lounge
- Travel insurance
- UCount Rewards at R25 month means you’ll be given access to a variety of special offers and benefits including up to R10 per litre on fuel from Caltex, and earning up to 20% in rewards for groceries, fashion or lifestyle.
Standard Bank Titanium Credit Card fees:
- R86 monthly fee
5. Capitec Credit Card – Live Better Rewards
Capitec is a game changer when it comes to designing every aspect of their bank around their customer’s needs. Although Capitec’s Credit Card doesn’t necessarily compete with the likes of RMB and Discovery when it comes to rewards, the one aspect in its favour is the lower monthly fees with a few added benefits. Here’s a look at a couple of benefits from a Capitec Credit Card:
- 1.5% cash back when you spend and bank with Capitec
- 0.5% cashback if you reach your monthly banking goals
- Travel insurance up to R5 million
- Live Better rewards: this can include anything from discounts at Capitec’s spend better partners e.g. Dis-chem and Shell
Capitec Credit Card fees:
- R50 monthly fee
- R100 initiation fee
What’s really important to note when comparing all the credit card benefits available in South Africa, surrounds the net worth. If the NET return value does not exceed the banking cost, then it’s not worth it at all.
