After getting a new Capitec card you will often find that the card will automatically be activated for online shopping, but your default limit is set at R0. Of course, you won’t be able to do any shopping with a R0 limit card, so you have to increase your limit before you get started. Even after you have been started, you will often find that your appetite increases with time. For example, if you used to be happy with one small box of pizza delivered to your door, you may soon find yourself wanting to have two.
In the past, increasing limits might have been a stressful activity; needing you to journey to bank branches, wait in queues, and then after all the journeying and waiting in line, you would still need to wait for the new settings to be activated. Note that your online shopping limit is not the same as your card purchase or ATM limits and must be set separately. Once you have done this, you will now be able to enjoy greater freedom to make purchases.
Please remember to ensure that you maintain strict security protocols to ensure the safety of all your banking channels; a higher limit means a higher risk and level of exposure as we will describe at the end of this article.
How to Increase your limits on Capitec banking channels:
Update your Spend Limits on the App:
This is how you change your spending limit on your Capitec app which is a primary channel of transactions on Capitec bank. We assume that you already have the Capitec app on your phone and that you already know how to use it.
In that case, open your app, and log in. Ensure that you have switched on your data connection on your phone.
Sign in with your Remote PIN
From the options select the card you want to increase the limit.
After that go ahead and Tap ‘Update Limits.’
Then it will show you ‘Tap Update,’ so you tap it.
After that, you enter your daily limit (which is the amount you want as your new limit) for Online transactions.
After that, you need to accept the agreement before it can become valid.
If you do not already have the Capitec App on your mobile phone this is how to get it: go to the appropriate download store for the type of mobile phone you are using (google play store, apple store, and Huawei store respectively)
After downloading the app you then need to install it.
Update Limits on Internet Banking
This is how you update the limits of the Capitec Bank account for internet banking, which is another important banking channel on Capitec bank. Of course, you will have to use a mobile phone, tablet, or a computer, with good internet service.
Go to the Capitec bank internet banking portal, Sign in with your password/Remote PIN.
When you have landed in your dashboard you click on ‘View my list of cards.’
If you have several cards, select the relevant card from the list presented to you.
Click Update daily card limits to change the limits of your daily spending.
Enter your new limit for daily online purchases.
After that, you will then accept the agreement, by clicking Update daily card limits.
Update limits at a branch
You can always change your daily spending limits by walking into a branch of Capitec bank. As soon as you are in the bank, ask a service consultant to help you change your account limits.
Authentication process
After the changes have been received by the bank, you will receive communication requesting you to authenticate the request. You may receive the request on the Capitec bank app; you will be given the option of choosing either Approve, Cancel or Suspect Fraud. After tapping Approve, you will then Enter your Remote PIN to authorize the transaction.
If you don’t have the Capitec app installed on your phone, or if you don’t have a data connection, the authentication message will be sent by USSD. In that case, you will receive a USSD push notification verifying your transaction. The options are. Reply 1. Approve, 2. Cancel or 99. Suspect Fraud. Please choose Approve.
How to update Capitec ATM Card limits for ATM
Capitec has an automatic limit for ATM withdrawals set at R50 000. The temporary limit can be set to a maximum of R1 000 000 in order to facilitate larger expenses. In order to do this, go to the online banking platform of Capitec bank, and log in.
From your dashboard you Choose Cards. If you have several cards you have to select the appropriate one. After that enter your secret Remote PIN to sign in. After that, you can then go ahead and select ‘Update Limits’.
Then make sure you select ‘ATM limits.’ Then enter your permanent and/or temporary limits. Please note that your permanent limit cannot exceed R50,000 and that your temporary limits cannot exceed R1,000,000.
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Conclusion:
Capitec bank sounds a loud and clear warning that increasing your banking limits may potentially expose one to a higher risk of fraud. Therefore, it is better not to increase the limits especially on your internet banking and banking app, because they can be compromised especially when a person loses his mobile phone or computer.
The ATM channel is relatively safe as far as one does not write out, or give out his ATM pin, so as not to further increase the risk involved. Therefore, even if you have to increase the limit of your banking options, please ensure that you do responsibly; please do not increase the limit of your banking channels more than what is reasonable for the size of your account.