Frequently Asked Questions : Sanlam Money Saver credit card
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Sanlam Money Saver credit card
What is my Wealth Bonus?
Whenever you pay a premium, contribute towards your savings, or make an investment in a qualifying Sanlam Group product, Sanlam will contribute towards a built-in investment that automatically creates more wealth, known as ‘Wealth Bonus’.
How do I qualify for the Sanlam Money Saver credit card?
To qualify for the card, you must:
- Be over the age of 18 years at the time of application.
- Be a South African citizen with a South African ID.
- Earn a minimum of R3 000 per month.
- Have a valid telephone number and email address as well as a clear credit record.
- Be permanently employed or a contract worker with an active contract of 12 months or more. If you are self-employed, you may apply, but will be asked to provide additional information and documentation.
- Not be under debt review, under administration or have been declared bankrupt.
Are there any fees for the Sanlam Money Saver credit card?
There is a monthly R56 card fee and a once-off initiation fee of R165. Interest will be charged daily on your outstanding balance, in line with NCA Regulation.
Where can I use my Sanlam Money Saver credit card?
Because it is a Mastercard, you can enjoy using your Sanlam Money Saver credit card anywhere, both locally and internationally! However, you will earn a bigger cash back saving if you shop at one of our Reward Partners. View a full list of our Reward Partners available on moneysaver.cards. You can also use your card at any ATM for withdrawals and to make payments online. If you wish to use your card overseas, please call us on 0861 444 352.
Do I need to pay for a new card if my card is lost, stolen or damaged?
Yes, you need to pay for a replacement card. Please ensure that you keep your card safe, as a new one will be issued at a cost of R145.
How do I make payment for my Sanlam Money Saver credit card?
We recommend that you set up a debit order facility to settle your Sanlam Money Saver credit card account monthly. Alternatively, you may settle your account via Electronic Funds Transfer (EFT) using the below banking information:
Bank: Mercantile Bank (a division of Capitec Bank Limited)
Account type: Cheque Account
Account number: Use the unique 10-digit number printed on the back of your Sanlam Money Saver credit card (at the bottom)
Branch code: 450 805
Where is my Wealth Bonus saved?
When applying for the Sanlam Money Saver credit card we automatically open a money market account with EasyEquities (FSP 22588). Your Wealth Bonus, in the form of cash back, will be accumulated in this account until it is time for the payment of your Wealth Bonus.
When will I receive my Wealth Bonus?
Your Wealth Bonus pay-out depends on whether you selected quarterly or annual Wealth Bonus pay-outs when you applied for the card. Quarterly Wealth Bonus payments will be paid out in the form of cash back during April, July, October and January, while annual Wealth Bonus payments will be made in January of the following year.
Can I change the frequency of my Wealth Bonus pay-out?
Yes, you can. There is no limit to the number of times you can change the frequency of your pay-out.
How do I receive my Wealth Bonus?
You can select whether your Wealth Bonus should be paid into your Sanlam Money Saver credit card or any other specified bank account.
How do I report a fraudulent transaction on my card?
If you suspect you are a victim of fraud or notice any suspicious activity on card, place an alert by calling 0861 444 352 or +27 (0) 21 597 4038 if you’re abroad.
Will I receive any communication informing me of my Wealth Bonus?
You will receive an SMS once a month and you will be able to view your Wealth Bonus on your online statement.
Do I forfeit my Wealth Bonus if I cancel my account?
No, you do not forfeit your accrued bonus. It will be paid to you at the end of the month.
How does interest work on my Wealth Bonus?
Your personal contributions are deducted from your Sanlam Money Saver credit card monthly. It will attract no interest for up to 55 days and thereafter the card’s regular interest rate applies on your outstanding balance.
All your personal contributions will earn interest at the net money market account rate from the date on which it was transferred to your EasyEquities account.
Sanlam and the Reward Partners’ contributions will be paid into your account shortly before your next bonus payment and will earn money market interest from that point.
Taking Sanlam and Reward Partner contributions together with your interest paid and earned you will always earn a handsome return. For example:
- If you settle your balance in full within your card interest-free period, you can double your cash back within 3 months or more if you spend at Reward Partners. That’s a return of >100% in 3 months!
- If you settle the minimum each month, it will take you longer to settle your cash back contribution. Even so, because we match your contributions at least Rand for Rand, you will still earn a return of over 75%.
Where do I get a tax certificate for my Wealth Bonus from?
Email firstname.lastname@example.org with your ID number, name and surname to receive your tax certificate or request it when viewing your statement on the Sanlam Reality website.
What if I don’t want to save 2.5% of my own money with each swipe?
You can still apply for the Sanlam Money Saver credit card without co-savings and enjoy a rebate of between 1 and 3%, without you contributing any money.
What is the purchase period?
The purchase period is from the 13th of each month until the 12th of the following month.
What do I do if I lose my card or if it has been stolen?
Call us immediately at 0861 444 352 to block your card and to request a new one.
How will the R1 cash back per litre be calculated?
We will use the inland unleaded price to calculate the R1 per litre cash back. This price is subject to change from month to month.
Can a cardholder earn R1 cash back at the convenience store too?
No, the deal is only valid for fuel at Total. Members will not receive any cash back for fuel paid for at the convenience store. Members will earn up to 2.5% cash back for non-fuel related purchases made at the convenience store.
Do cardholders earn rewards at other competitor fuel stations?
No, cardholders can only earn cash back from Total, and only if they swipe their Sanlam Money Saver credit card at Total forecourts.
What is the deal for the cardholder at Total forecourts?
Total and Sanlam have entered into an agreement to offer Sanlam Money Saver credit card cardholders R1 per litre cash back on fuel when they purchase fuel at any Total forecourt nationwide. Swipe the card at any Total forecourt nationwide for fuel, and you will get R1 per litre cash back guaranteed.