First National Bank (FNB), the oldest bank in South Africa has mutated and adapted to the latest banking systems over the years, offering a wide range of services which includes credit cards for both business and personal use. In this review, we will focus on personal credit cards only.
FNB offers four different credit cards for individuals. The credit cards aim at catering for different income earners and benefits from each card vary. The bank offers gold, premium, private clients and private wealth credit cards for low income, moderate earners, high earners, and wealthy individuals respectively.
All these cards come with eBucks rewards that you earn whenever you use your card be it online or through direct purchase. Income plays a vital role in what card you qualify for, FNB doesn’t compromise on this. Your credit score plays a central role in your credit card application.
Strict measures are put on black cards being private clients and private wealth credit cards. For example, if you apply for a black credit card your SARS ITR3 document will be needed for submission in order for your application to be processed. This is done to prove that you earn a certain amount of money that is required.
If you are ever going to apply for an FNB black card then make sure that your tax returns are in order.
Let us go through all four personal credit cards offered by FNB
FNB gold credit card is a first-tier credit card from FNB. It is not your typical first-tier credit card, this credit card comes with some freebies that are not expected from a gold credit card.
The Features on the gold credit card are beyond comparison compared to other bank first tiers credit cards. This card is packed with so many benefits that you don’t need to pay for and eBucks, for example, may come in handy over time.
This gold card compared to Nedbank and Capitec bank gold credit card has rewards points on purchases, something that you don’t get from other cards. With eBucks bonus rewards, you are better off spending your money knowing that you are rewarded for your spending.
The card comes with an AA free roadside assistance something you cannot find in any of the gold credit cards in South Africa. The AA roadside assistance is probably the best free feature that comes with the card and it is very enticing for those who have cars. For a AA roadside assistance, you will need to pay R99. 00 per month.
Having the gold credit card from FNB saves you R99.00 per month in AA cover for just having a credit card with FNB. This card is fully packed with freebies of which you don’t get from gold credit cards from other banks in South Africa.
This FNB credit card comes at a hefty minimum income of R84,000.00 which is the highest in South Africa for a gold card compared to the big 5 banks. Capitec has its minimum annual salary requirement at R34,000.00 which is very low for a credit card. Nedbank starts with R64,000.00 minimum income requirement. The difference in minimum income requirement dearly poses a problem for many South African credit buyers. One can easily argue that FNB should start thinking about reworking the minimum annual income requirement because it is ridiculously high for a 1st tier credit card.
This credit card is popular among young adults in South Africa. This is a premium credit card designed for young professionals. Unlike the gold credit card, the premium credit card requires the account holder to retain a minimum of R50,000.00 for their monthly fees to be waived. Probably a good idea if you have R50,000.00 just laying around but not many of us can afford to have that kind of money saved up.
Let’s look at the card features, rates, and requirements
Compared to its counterparts Fnb premier credit card offers access to slow lounges across the country and to over 1000 airports across the world. This is unexpected for a second-tier credit card. Nedbank premium credit card is definitely lacking when it comes to providing luxury that is at the level of Fnb premier card. The premier credit card boost with a reward program for purchases on Uber, Uber eats, Shoprite, engine, etc. There are countless advantages whenever you shop on this card as you will get eBucks rewards for every purchase.
You need to be earning more than R25,000.00 per month to have your hands on the premier credit card. Not so much expected for a 2nd tier credit card to have such a huge income requirement. It best to say that FNB isn’t taking any chances when it comes to lending. Their requirements are higher than expected.
This credit card will set you apart from the ordinary. If you are looking for a cheaper private banking card with minimal requirements then FNB private clients’ credit card may be what you are looking for. This card comes with a private banker who is at your disposal 24/7. For anything that you want from FNB, your private banker will help you get it whether is information, loans or banking.
Let’s take a look at features requirements and rates on this FNB credit card
FNB private clients credit card Features
Unlike Capitec credit card that bundles everything in one credit card, Fnb has cards for private clients. The private clients’ credit card comes with a 24/7 dedicated private banker.
Compared to other black cards on the market, the card comes with a 12 free visit to slow lounges across the country every year. You get rewards when travelling using the card to book your tickets of up to 40% cashback in eBucks way high than the standard bank UCount rewards on the same purchases.
Free ATM withdrawals on this card are unmatched when compared to other credit cards in the same category from the big 5 banks.
Income requirement for this card is high compared to Absa 1st tier private banking card. Looking at it you need to earn at least R300,000.00 per annum to get an Absa premium banking credit card and on the other hand, earn R750,000.00 or more to get an FNB private client card. The cards differ since they are from two different companies although they offer the same credit facility.
This is the most prestigious credit card from FNB. Not everyone can qualify for this card, you will need to earn at least R1, 500,000.00 or have assets worth R15,000,000.00 or more. According to biznews.com South Africa has 39, 200 dollar millionaires as of 2019. Taking this statistic into account we can conclude that this credit card can be owned by 39,200 South Africans when converting to Rands. This statistic is only applicable if we use the R15,000,000 net worth requirement. It seems like this card is made for the ultra-rich.
Let’s look at the features, rates, and requirements of the FNB private wealth credit card
It is only fair to compare this card with the Standard bank Diners Club credit card or Nedbank’s American Express platinum credit card. When it comes to shopping points FNB private wealth credit card is the best. This card will earn you eBucks points like no other FNB card even the Diners Club or American Express credit cards can’t challenge. Up to 40% cashback on selected purchases in eBucks rewards. You get many points from shopping on household and luxury items and this is something that Amex or Diners Club credit cards don’t offer.
High net individuals are known for travelling the world. FNB only gives access to slow lounge but doesn’t give out travel bonuses for miles travelled. This is something that Fnb has ignored on this card yet Nedbank American Express platinum credit card and Standard bank Diners Club credit card offer travellers with miles rewards. The qualifying amount is high for a card that you need to apply for. R1,500,000.00 minimum requirement is high compared to Standard Bank Diners Club which requires only R500,000.00 to qualify. Maybe if it was only my invitation card like the American Express black card it would make sense but for a card that needs to be applied for has a high requirement.
You will need to get a few things in order to apply for an FNB credit card. Choose the card that you want to apply for then get the following in order ;