How to Get a Mastercard in Kenya (2024 Guide)

As the world embraces cashless transactions, debit and credit cards have become integral to modern finance. Several banks in Kenya have partnered with Mastercard to offer credit and debit cards. 

Mastercard cards give you the freedom and convenience you deserve. There are plenty of exceptional benefits that make the cards worth it. If you’re wondering how to get a Mastercard in Kenya, this post is for you. 

In this article, we’ll look at the steps involved in applying for a Mastercard. We also look at factors you should consider when applying for Mastercard and some of the benefits of using the cards. 

How To Get a Mastercard in Kenya

You can apply for a Mastercard credit or debit card from several banks in Kenya. The process may differ depending on the specific bank, but it should be fast and straightforward. Below is a list of some of the banks that offer Mastercard cards in Kenya:

• Equity
• KCB 
• GTB
• I&M

How to Apply for a Mastercard in Kenya

To get a Mastercard in Kenya, you need to take the following steps:

• Visit the official website of the bank you’re getting the Mastercard from. You can also use the bank’s app. 
• On the dashboard, there should be a section for the Mastercard application. Follow the prompts to begin the process. 
• Fill in the application form, and ensure you provide all the information required. 
• Upload all the necessary documents for verification and authorization. 
• Wait for approval and confirmation from the bank. 
• After your application is accepted, your Mastercard will be processed.
• Once the card is ready, you can pick it up from the bank you applied at. 

This is the easiest and fastest way to apply for a Mastercard, but you can also visit your bank branch if you want a more personalized feel. 

Requirements for Mastercard Application

Different banks will have different requirements for issuing Mastercard cards, but the following are standard requirements that cut across the board:

• National ID or passport
• KRA PIN or certificate
• Alien ID or work permit for foreigners
• Passport-sized photos
• Fully filled application form
• Pay slip
• Bank statements ranging between three and six months prior to the application

It’s important to understand that application approval is not guaranteed. The bank may deem you ineligible for a credit card for various reasons. If your application is denied, it could be due to a poor credit score, low income, or missed credit card payments. 

If your application is denied, you should find out why and try to take steps to remedy the situation. For instance, if the denial was due to a lack of specific information, you can provide clarification or add the information and ask for reconsideration. 

If bad credit was the reason for the denial, you can take time to improve your credit history by paying loans and credit card debts on time. Afterwards, you can apply for another credit card. 

Factors to Consider When Applying for a Mastercard

Applying for a Mastercard credit card is an important financial decision that should be taken after much thought. It’s important to consider several factors to make an informed decision that aligns with your current financial situation and your future goals. 

Here are some important factors to consider:

Your Financial Position

The most important factor you should consider is your current financial situation. What is your income? What are your expenses and existing debts? 

Understanding this will help you determine how much credit you can take on without falling into debt. This way, you will determine how a credit card fits into your overall budget. 

Your Credit Score

It’s important to consider your credit score because it determines whether your application will be accepted, what limit you’ll be given, and the interest rate you’ll get. A higher credit score leads to better options and lower interest rates. 

Checking your credit score beforehand gives you a clearer picture of what to expect. You can also take time to improve it before applying to improve your chances of approval and getting better interest rates. 

Fees

You’ll be charged annual fees for your credit cards, and the amount ranges depending on the card’s features. Before applying for a credit card, consider the annual fee and whether it’s worth it based on the perks offered by the card. 

Interest Rates

Credit cards also carry various interest rates that tend to fluctuate with the market. It’s important to consider these rates and choose credit cards with relatively low-interest rates to save more. 

Credit Limit

Your credit card limit determines the maximum amount you can charge. It’s crucial to have a credit limit that allows you to meet your expenses without overreaching. 

While a higher credit card is good for your credit utilization ratio and, ultimately, your credit score, you may end up overspending and accumulating too much debt. 

Before making a major financial decision like applying for a credit card, it’s important to carefully consider factors like your current financial state, card fees, and credit score, among others. This way, you’ll make an informed decision that will align with your goals and lifestyle.

Benefits of a Mastercard

Why should you apply for a Mastercard? A credit card can be an incredibly valuable financial tool when used responsibly. It has various benefits, as highlighted below:

Convenience

With a Mastercard, you enjoy the flexibility and convenience of paying for goods and services anytime and anywhere without carrying cash. A credit card can be especially useful in case of emergency expenses when you’re caught unprepared. 

Improves Your Cash Flow

Credit cards help improve your cash flow significantly. You can use your Mastercard to pay bills or make purchases when your cash is low and then pay it off when your cash flow improves. 

Better Budgeting

Using a credit card for expenses makes it easier to track your spending and gain a clearer picture of your budget and how you can manage it effectively. Your credit card can be a good budgeting tool because you can track how much you spend. 

Protection Against Fraud

Credit cards can easily get lost or stolen, but Mastercard has several measures to protect users against fraud. You won’t be held liable for fraudulent use of your card. The company monitors your account for suspicious activity and notifies you immediately when there’s potential fraud so you can reverse the charges made on your card. 

Credit card benefits go beyond making purchases. Mastercard cards can be beneficial for both individuals and businesses. However, it’s important to use the cards responsibly. Practicing good financial habits will help you turn your credit card into a tool for achieving your financial goals. 

Closing Thoughts

Applying for a Mastercard is often a straightforward process that can be completed within a few days. If your bank offers the services, you can apply in person at the branch, via the bank’s website, or by visiting the branch.

Before applying for the Mastercard, ensure you consider all important factors. You can talk to a financial expert to help you make an informed decision on the best way forward.  

If your application is denied, ensure you find out why so you can work on fixing it. If you have bad credit, you can improve your credit score before applying for the card again.