Equity Bank provides credit cards for different income earners. The best one for moderate-income earners is the Equity Classic Credit Card. If you qualify for this card based on your income level, you should know how to get it.
In this article, we guide you on how to get Equity Classic Credit Card easily. You will also learn the benefits of this card type. Keep reading!
How to Get Equity Bank Classic Credit Card Easily
If you want to get an Equity Bank Classic Credit Card, here are the steps to follow:
- Gather the documents you need to finish the card application process. These include a copy of your KRA PIN certificate and national ID card or passport. The bank also requires your bank statements for the past six months and the most recent salary slip.
- Ensure you have an account with Equity Bank Kenya and it has an approved credit limit.
- Ensure you earn a minimum net salary of 25,000 Kenyan shillings.
- If you have no approved credit limit, you can give cash over as collateral.
- Know the reason for getting the Classic Credit Card. Do you travel regularly, and would you like to do it without physical cash? You can also use this credit card to shop without the hassle of carrying a lot of money.
- Visit the closest Equity Bank branch and explain yourself at the reception. The bank officer will give you an application form to fill in. Study the Terms and Conditions and the Data Policy of this product to know if you can accept them.
- Pay the initial joining fee of 2,500 Kenyan shillings and submit the credit card application form. Attach your identity documents, 6-month bank statements, and last pay slip.
- Get your Classic Credit Card when you get a notification.
Advantages of Having an Equity Classic Credit Card
Now that you know how to get an Equity Bank Classic Credit Card, here are the benefits of having this card:
- Easy and quick transactions: The card has a PIN that verifies each transaction you do.
- Universal usage: You can buy things from any shop that accepts VISA cards. Also, you can withdraw money from VISA-branded ATMs anywhere globally.
- No Transaction Fees: You can buy things from hotels, hospitals, gas stations, shopping malls, and retail shops with your card. Equity will charge you zero transaction fees.
- Instant and Free SMS Alerts: Each time you transact, you will get an SMS alert. It will show the details of your transaction.
- A 45-day Interest-free Period: Equity Bank will offer you a revolving credit without any interest charges for forty-five days. If you cannot pay the outstanding balance in a month, you can take much longer. Equity Bank Kenya will expect you to pay at least twenty percent of your outstanding debt.
- Detailed Monthly Statements: Equity Bank will not miss a single transaction when it gives you the Classic Credit Card. You will receive a detailed statement with a list of the transactions you did with your card. Once you study the card, you can adjust your spending accordingly to avoid getting into debt you cannot pay back.
- Life Insurance Cover: Every Equity Bank Classic Credit Card holder automatically qualifies for a life insurance cover. This cover will protect you and your family members.
Equity Bank Classic Credit Card Fees
It’s recommended to read the tariff guide online before applying for this credit card. This will help you get a glimpse of what is expected of you while using this card.
After paying the joining fee of 2,500 Kenyan shillings, Equity Bank will charge you an annual fee of the same amount to use this card.
There is a monthly interest rate of 1.5% and up to 45 interest-free days. The minimum debt you can repay monthly is 20%.
Other charges are:
- Late payment penalty charges: 6%.
- Cash advance charges: 6%.
- Card replacement fees: Ksh. 1,000.
- Supplementary Credit Card fees: Ksh. 1,500
The bank will charge you nothing if you spend beyond your credit limit. However, it’s recommended to avoid spending unnecessarily to keep your credit card bill low. Let the card assist you during emergencies and when it’s too risky to carry a chunk of money.
Handling Your Classic Credit Card Safely
Never show anyone your secret PIN code to avoid unnecessary theft cases. If someone discovers your PIN, try to alter it at the nearest ATM.
Additionally, have the bank block your Classic Credit Card if you accidentally share sensitive details about it. Do the same if you drop your card somewhere. Now that you know how to get Equity Bank Classic Credit Card, apply for it. You can contact Equity Bank online for more information before you get the card.