Gold Visa Card
The Gold Visa card is a unique credit card from the stables of KCB bank, a leading financial institution in Kenya but with branches across Africa, including Uganda. The bank provides financial services along with investment advice.
Whether you are interested in shares, government bonds, or treasury bills. The bank has a unit that will advise you on how to go about any of these investments. Due to the credit situation in Uganda, the government through the Central Bank introduced a number of measures to encourage Ugandans to adopt credit card payment systems.
One of which is the introduction of the Gold Visa card. The Ugandan Gold credit card gives you the superpower to stay in control of your finances. The eligibility for the card is for both KCB and non-KCB bank account holders. So, if you are looking for a higher credit card limit, then the KCB Gold credit card has got you covered.
Benefits Of using Gold Visa Card
Interest Free Period & Flexible Repayment Options
Cardholders will enjoy up to 45 days interest free period. This means if you use the card to make online payments. During repayment, you have 45 more days to pay off the interest rate before the late repayment fee will start to count. Also, the Gold Visa card grants holders flexible repayment options of between 10% to 100% of the outstanding balance. Thus, the card is user-friendly.
Exclusive Discounts & Memberships
Card holders are guaranteed exclusive discounts when they make payment with their credit card. The discounts are applicable in over 200 KCB merchants. Being a card holder, you will also enjoy automatic membership to the Visa business club that the bank operates. Access to the Visa business club comes with prestige in Uganda.
Simba Points & Secure Transactions
Simba points are popular among Ugandans, especially those making online payments and international purchases. Earning Simba Points whenever you make payments with the card. You can redeem the points for airtime, cash, and more. What’s more? The bank uses 3D security features to protect every transaction and the personal and financial information of cardholders.
Documents Required To Hold Gold Visa Card
Before submitting an application for consideration by the bank to hold the Gold Visa card. There are a number of documents, which you will need to present to the bank for verification. Whether or not you live in Uganda. You will need to present the Ugandan National ID or at least an international passport if you’re a foreigner.
You will also need to present your tax PIN to enable the bank to verify your financial and tax records. Also to be cited by the bank’s officials is a duly completed credit card application form, which you can find on the official website of the bank, or you walk into any or the closest branch of the bank to pick up the credit card application form.
The bank also requires that you upload your bank statement if you are self-employed of at least 6 months. One of the eligibility requirements to hold the Gold Visa card is that your bank account must have a turnover of between 200000 Ush and 299,999 Ush.
For employed people
For those employed by the government or private firms, the bank requires that they upload their 3 months salary bank account statement so that the bank can verify the inflow and outflow of their accounts. After uploading all of these documents alongside a duly completed credit card application form.
A bank official may reach out to you at any point in time to obtain further information as part of the bank’s KYC protocols. Please remember that no bank official will request for your passwords or PIN to process your credit card application.
If you observe any such request, you need to immediately report to the bank’s customer support desk to enable the bank’s representatives isolate such cases and report the same to the police unit responsible for tracing and identifying frauds.
Interested in Gold Visa Card, Apply Today
To apply for the Visa Gold card, all you need to do is to visit its website and click on the “Apply Now” button. This will take you to the application form. Complete the application form with your genuine information otherwise your application might be rejected if the bank finds out you submitted fake details.
When you are ready to complete the application form enter your full name, email, and phone number. Then select what you need in the drop-down menu. Simply select “Apply for a product,” and click okay. Select the nearest branch closest to you that you can easily pick up the card, and click on the submit button.
Once you’ve successfully submitted the application form, you receive an email notifying you of the status of the application. You will need to give the bank at least 3 working days to enable the bank officials to print your Visa Gold Card so that you can start making online payments or transactions.
In addition to submitting an online application for the card. Is very simple and easy, it has no secrets. What happens is you will need to have all the documents listed above handy to enable them to verify your identity and also verify your financial records.
Be Aware Of The Rates & Fees
Using the Gold Visa Card is not free of charge. There are some fees or rates which you need to be aware of. If you are interested in the card, the bank charges what are known as a joining and annual fees which are pegged at Ush 4000 (waived) and Ush 4000 respectively.
There is also a monthly fee that every card holder is expected to pay, and as at the time of writing this post, the monthly fee stands at 3.5% of the total amount due. The bank also charges a cash advance fee which is pegged at 6% of the amount assessed.
There is also the overlimit fee which starts at 1000 Ush and a card replacement fee of 1000 Ush. That’s not all about the fees; the bank also charges Kes 1000 for supplementary card requests in case you misplace the card before the end of the validity period.
There’s also a late payment fee, which stands at 5% of the total outstanding balance. Please note that all of these fees are not inclusive of tax. Depending on your income earner status, the tax that you will pay for keeping or maintaining the Gold Visa card varies among individual users.
Overview of The Credit Situation In Uganda
The use of credit cards to make online purchases and cross-border transfers is now prevalent in Uganda, thanks to the innovative policies of the Ugandan Central Bank. Ugandans are also attracted towards mobile payment services.
The Central Bank approved a number of vendors to operate in the country. So you’re going to have more options and more places to be directioned to go. Including Wave Transfer, Pegasus Technologies, Micropay Uganda, Mcash Uganda, and Interswitch East Africa. Don’t waste your time and make you choice.