The Investec Black Card is a well-known private banking account in South Africa, particularly among young professionals. This is because the account appeals to young professionals more than any other group. Young professionals can benefit from lower fees and exclusions, such as 100% loans. The account provides access to unit trust investments, estate planning, private banking, and other services.

Investec Private Account summary

The Investec bank account is a private cheque account available to individuals earning R800,000 or more per year. If self-employed, the applicant must have a minimum annual earnings of R800,000 or a total asset value of R10 million, excluding business assets. When applying for an Investec bank account, self-employed individuals must have a 3 year earnings history.

Foreign temporary residents who earn R1.5 million or more per year can also open an Investec Private Bank account. Individuals with no formal qualifications who have worked in the same industry for 10 years and earn more than R1 million can also apply for the account. IT professionals without a degree or diploma who earn R800,000 per year are eligible for the account.

The monthly account fee for the Investec bank account is R575.00. When depositing cash at an Absa ATM, account holders are charged 1.29% of the deposit value. The cash deposit fee at an Investec branch is 1.41% of the deposit amount, with a minimum fee of R47.00 per transaction.

Special conditions for young professionals

Banking fees for young professionals under 30 are lower than the general fees charged by the Investec bank account. For young professionals under the age of 30, the monthly account fee is R295.00. Young professionals who are certified Chartered Accountants, Pilots, Actuaries, Medical Practitioners, Computer Scientists, and Lawyers are eligible for this fee.

Actuaries, pilots, engineers, and medical interns must earn R600,000 or more per year to qualify for the account. The Aforementioned professionals earning between R300,000 and R550,000.00 per year may be considered. An Investec Black Card is also available to young professionals under the age of 30 who hold a Certificate in Accounting Theory (CTA).

Investec black card features

Dedicated private banker

You will be assigned a personal banker when you open an account with Investec Bank. Your private banker will help you with all of your banking needs. If you need money, are planning a vacation, or want to invest, you should contact your banker. Your banker will help you with every aspect of banking. You will have access to the private banker 24/7. Unless  unavailable, your private banker will refer you to another private banker.

Vehicle finance

Black cardholders can get car loans from Investec. Based on your income, you may be able to qualify for a vehicle loan. One type of vehicle financing is lending for a new or used car. You can also get low-cost insurance for your car. You will not be charged for an accident if your car is written off during the first year of the loan if you combine this loan with insurance.

Home loans

A 100% mortgage can be obtained with no down payment. Your credit score is solely determined by you, not by a scoreboard. If you take out a home loan and pay it from your Investec account, you will not be charged a monthly service fee. Because of the discount, your bond registration costs are reduced. If you have an Investec Black Card, you can extend the term of your mortgage by up to 30 years.

Offshore banking

As a private bank account holder, you have the option of having an additional account. The account is a pound sterling account that will store your wealth in British pounds.

Online share trading

You can trade shares online as a member of the Investec private banking. Not only will you be able to trade local shares but you will be able to trade shares of international companies as well.

Investec Private Account Benefits

• You have exclusive access to Travel by Investec as an Investec client. Travel by Investec is a full-service travel agency exclusively for Investec clients.
• When you use Travel by Investec, you will receive competitive quotes for domestic and international flights, car rentals, cruises, rail tours, and vacation packages.
• You can save up to 40% on car hire, 35% on flights, and 30% on hotels and lodges when you book through Travel by Investec.
• With Travel by Invest, you not only save money, but you also earn points when you spend. 1 point is awarded for every R5 spent on your Investec Black Card.
• Points can be redeemed, and for every 5000 points redeemed, you will receive R250 in spending money.
• When traveling, you have free access to local and international airport lounges. You have unlimited complimentary access to over 1100 international lounge key Airport lounges worldwide as a black cardholder.
• You also have unlimited access to South Africa’s SA-owned and Bidvest Premier domestic and international departure lounges.

Investec Black Card Fees 2022

Fee Description
Amount


Monthly Service fee for Investec Black card
575


Monthly service fee for young professionals under 30 years of age
295


Purchase of data and airtime, purchase using card at point of sale devices, cash withdrawals at local and international ATMs, online banking transactions, debit order against your account, online statements, lost card protection, card replacement 
Included on the monthly service fee


Select monthly card fee
30


Select card transaction fee
5.50


Cash withdrawal at local and international branches 
65


International card delivery
595


Local emergency card delivery
375


Unsuccessful transaction dispute
245


Returned payment fee on returned automatic payment orders
160


Cash send
11


Real time cash clearing
40


Debit order resubmission fee
165

Competitive Advantages of the Investec Private Bank Account

• New graduates with a less established banking record may be eligible for home loans.
• Young professionals can obtain home loans with no down payment of up to 100% of the purchase price.
• The card comes with a personal banker. The private banker is available to you 24 /7.
• As a black cardholder, you will receive discounts on bond registration fees when purchasing a home.
• It includes travel benefits such as up to 40% off car rentals and 35% off flights.
• If you are a professional aged 30 or younger, you can get a discount on your monthly service fee.
• Have the option of opening an offshore bank account.
• Share trading platforms are available to Black cardholders.
• Cardholders can receive assistance from anywhere in the world.
• Free access to the Investec rewards program as a black cardholder.
• Cardholders can invest in unit trusts.

Competitive Disadvantages of the Investec Black Card

• The majority of the Investec black card benefits are reserved for young professionals under the age of 30.
• If you are not a professional or are over the age of 30, your monthly bank fees is higher.
• Young professionals have special minimum qualification requirements. For example, the minimum income to qualify for an Investec Black Card is R800,000.00, but candidate attorneys can qualify even if their income is only R300,000.00.

How to qualify for the Investec Black Card

1. You must earn R800,000.00 per annum or have assets worth R10 Million, or
2. Earn R300,000.00 per year if you are a candidate attorney, and R600,000.00 if you are a Pilot, Actuary, or Medical Practitioner.
3. Must have a be over the age of 18 years at the time of application.
4. Must have a South African ID or passport if you are not a South African citizen.
5. Recent bank statement showing proof of income.
6. Proof of residence not older than 3 months at the time of application.

Conclusion

The Investec Black Card is one of South Africa’s most distinguished black cards. A lot of bonuses and discounts that come with the card justify the price. According to SARS annual filings, only about 1.5 million persons in South Africa earn more than R600,000. It is apparent that having an Investec Black Card is reserved for a select few with higher-than-average incomes.