Nedbank Credit Card review 2024

Nedbank offers a range of credit cards tailored to different needs. They cater to individuals with a minimum monthly gross […]

Nedbank Credit Card

Nedbank offers a range of credit cards tailored to different needs. They cater to individuals with a minimum monthly gross income of R5,00000, as well as frequent travelers seeking discounts and rewards through travel credit cards.

In addition, Nedbank provides American Express credit cards, such as the Gold and Platinum options, known for their superior travel and lifestyle benefits compared to other Nedbank credit cards.

We will delve deeper into the details of Nedbank’s credit card offerings shortly. But first, let’s clarify what exactly a Nedbank credit card entails.

Nedbank Credit Card Summary

The Nedbank Credit Card series is a lineup of credit cards provided by Nedbank, requiring a monthly income ranging from R5,000.00 to R62,500.00. These cards entail a minimum monthly repayment of 5% of the outstanding balance and come with a 55-day interest-free period. It’s important to note that these credit cards are exclusively available to individuals aged 18 and above.

Nedbank credit card series include:

  • American Express Platinum Credit Card;
  • American Express Gold Credit Card;
  • Nedbank Gold Credit Card; Nedbank Platinum Credit Card;
  • SAA Voyager Gold Credit Card; and
  • SAA Voyager Premium Credit Card.

The aforementioned Nedbank credit cards are discussed in detail below.

Nedbank Gold Credit Card

The Nedbank gold credit card has a monthly fee of R50.00. The credit card has the lowest monthly gross income requirement of R5,000.00. Credit card holders earn GreenBacks rewards on every purchase made with their credit card.

The Nedbank Gold Credit Card comes with insurance, travel, rewards and security benefits. Here are the benefits of the Nedbank Gold Credit Card. 

Nedbank Gold Credit Card Benefits 

  • Travel insurance of up to R2 million when you use your Nedbank Gold Credit Card to purchase air tickets. 
  • Discounts of car hire from Hertz and Avid with Greenbacks. 
  • Card includes purchase protection with a chargeback option. 
  • Credit card holders get an option credit life cover which can cover account holders in case of death, disability, critical illness or retrenchment. 
  • Chance to win R20,000.00 worth of fuel when shopping at BP garage. 
  • Deals on restaurants dining, car hire, flights and accommodation. 

The Nedbank Gold Credit Card has low transaction and service fees, as well as some of the best features available on a Gold Credit Card. The following are the benefits of the Nedbank Gold Credit.

Nedbank Gold Credit Card Features

  • Get access to international ATMs
  • Free transactional SMSs
  • Comes with a tap and go functionality. 
  • Has a credit facility fee of R20.00 per month. 
  • Greenbacks linkage charges a fee of R27.00 per month. 
  • Can link your credit card to Apple Play, Samsung Play, Fitbit Pay or Garmin Play. 
  • No charges of credit card swipes. 

Requirements Nedbank Gold Credit card

  • Must earn at least R5,000.00 per month to qualify.
  • Need to have a valid South African ID book or smart card or a passport with a valid work permit if you are foreign national.
  • Must be old than 18 years
  • Must have a good credit score

Nedbank Platinum Credit Card

The Nedbank Platinum credit card is available to those who earn at least R29,000.00 per month. Clients are charged a one-time initiation fee of R180.00 shortly after opening the card. The Nedbank Platinum Credit card charges a monthly service fee of R99.00 and has a personalised interest rate. 

The Nedbank Platinum Credit Card offers rewards and discounts, as well as insurance and travel benefits. The following are the benefits of the Nedbank Platinum Credit Card.

Nedbank Platinum Credit Card Benefits

  • Up to 12 Bidvest premier club domestic Airport lounge visit per year. 
  • Discounts on car hire from Hertz and Avis with Greenbacks. 
  • Travel insurance cover of up to R3 million. 
  • Optional credit life insurance. 
  • Card protection with a charge back option. 
  • Access to the Greenback Shop Card which can be used in stores that accepts American Express cards.
  • Discounts on accommodation and flight tickets. 
  • Access to special deals on shopping, airtime, data vouchers, electricity and more. 

Features for the Nedbank Platinum Credit card

  • Have 0 transaction fees
  • R27.00 Linkage fee to the Nedbank Greenback reward program
  • Free credit life cover
  • Free transactional SMSs
  • Global ATM access
  • 55 days of a grace period
  • Automatic basic travel insurance

Requirements of the Nedbank Platinum Credit

  • Must earn at least R29,000.00 in gross income per month,
  • You need a good credit score to qualify,
  • Must be a South African resident with a valid South African ID book or smart card or a passport with a valid permit if you are a foreign national,
  • Must be 18 years or older

American Express Gold Credit Card

The American Express Gold Credit card is the most difficult to obtain in South Africa for an entry level credit card because it requires a monthly income of R17,000.00. The credit card has a R120.00 monthly account fee. Credit cardholders are eligible for a 5,000 welcome membership rewards bonus. Furthermore, credit card holders receive an Avo voucher every month when they spend R3,500.00 or more on their credit card.

The American Express Gold Credit Card comes with a slew of travel, insurance, and other perks. The following are the benefits of the American Express Gold Credit Card.

American Express Gold Credit Card Benefits

  • Get up to R4 million in travel insurance.
  • Bidvest Premier Club domestic lounges are available up to 12 times per year.
  • Vacations can be booked using Membership Rewards points.
  • Local car rental discounts from Hertz and Avis can help you save money.
  • Optional credit life insurance in the event that you die, become disabled, contract a critical illness, or are laid off.

Requirements of the American Express Gold Credit Card

  • Must be over the age of 18 at the time of application.
  • Earn R17,000.00 or more per month.
  • Have a valid South African ID book or Smart card or a passport and a valid permit if you are a foreign national.
  • Must have a healthy credit score at the time of application.
  • Provide proof of residence that is not older than 3 months at the time of application.
  • Payslips for the past 3 months or stamped bank statements for the past 3 months.

American Express Platinum Credit Card

Individuals earning R62,500.00 or more per month are eligible for the American Express Platinum Credit Card. The monthly service fee for the credit card is R490. Credit card holders are required to make a monthly minimum repayment of 5% of the credit card’s outstanding balance.

The American Express Platinum Credit has the best Credit Card benefits offered by Nedbank. The benefits of the Nedbank Platinum Credit Card are listed below.

The American Express Platinum Credit Card Benefits

  • Earn 30,000 Membership Rewards points after applying for the Card and spending R10,000 in the first 3 months.
  • Exclusive access to the Amex for Foodies dining program, which offers up to 20% off your bill at 30 premium restaurants.
  • Enjoy one year of free access to Hole19’s premium4 features. With Hole19, you can make confident decisions on the golf course by using accurate GPS distances.
  • When you use your Platinum Card to pay for Netflix, Amazon Prime, Spotify, Showmax, or Audible, you’ll receive 3 months of free streaming.
  • Tsogo Sun automatically grants you Platinum status, granting you access to discounts on movies, dining, and lodging.
  • Priority Pass allows you to relax in over 1,200 lounges in 400 cities worldwide. Get unlimited access to any Bidvest Premier Lounge in your area.
  • Enjoy The Centurion Lounge, which is only available to American Express Platinum Credit Card Members.
  • Enjoy access to over 1,400 airport lounges in 650 cities worldwide with the American Express Global Lounge Collection.
  • With fastrack VIP meet and greet services at select airports worldwide, you can enjoy a worldwide and domestic upgrade to your airport experience.
  • Use your Amex Platinum card to get a 20% discount on Fastrack VIP Airport meet and greet services at airport lounges.
  • Travel insurance of up to R10 million.

American Express Platinum Credit Card Features

  • Can add multiple cards at no charge. 
  • Credit card holders are issued with the American Express metal credit card. 
  • The credit card charges a monthly service fee of R490.00.
  • Free membership to the rewards program. 
  • There are no charges on card swipes. 
  • Scan to pay, and tap and go functionalities. 

Requirements of the American Express Credit Card

  • Must at least earn R62,500.00 per month before tax.
  • Must be over the age of 18 at the time of application.
  • Have a valid South African ID book or Smart card or a passport and a valid permit if you are a foreign national.
  • Must have a healthy credit score at the time of application.
  • Provide proof of residence that is not older than 3 months at the time of application.
  • Payslips for the past 3 months or stamped bank statements for the past 3 months.

What To Do To Get the Nedbank Credit Card

To apply for a Nedbank Credit Card, you must be a South African citizen or Permanent Resident over the age of 18 and have a good credit score. You must be employed or self-employed, and if you are not a Nedbank client, you must provide the bank with your last three months’ bank statements.

Here is a full list of what you will need to apply for a credit card with Nedbank:

  • Choose a credit card from Nedbank that you want to apply for
  • Check that your income qualifies you for that credit card
  • Must have a South African ID or a passport with a valid work permit
  • Have your payslips in order
  • Must be 18 years or older
  • Have a good or excellent credit score
  • Have your three months bank statement showing proof of salary
  • You can start your application using the Nedbank mobile app you have an app and you have an account with Nedbank
  • Alternatively, apply online or
  • Go to your nearest Nedbank branch to apply for your credit card

How long does a Nedbank Credit Card Application take?

Nedbank Credit Card Application takes between 24 hours to 7 days, sometimes it can take less time, sometimes more time. This is largely due to the fact that Nedbank seems to process each application on a case by case basis. On the website the Nedbank credit card division has indicated that once approved it can take about 2 days to be delivered to the branch for collection.

Can I withdraw money from my Nedbank credit card?

Yes, you can use your credit card at any ATM to withdraw cash. It is however important to take note that the 55-day interest-free period does not apply to cash withdrawals, and you will be charged interest on this transaction beginning on day one.

How to make your Nedbank credit card payments?

You can transfer funds directly from another account to your credit card account. This can be accomplished by an electronic funds transfer (EFT) or a transfer from another Nedbank account. It is very important to keep in mind that not making your credit card payments will attract additional interest and will have negative impact on your credit score.

FAQ for Nedbank Credit Card

Q1: What is a Nedbank credit card?

A1: A Nedbank credit card is a payment instrument offered by Nedbank, a leading South African bank, allowing customers to make purchases on credit and repay the borrowed amount later. Nedbank offers various types of credit cards with different benefits, rewards, and features to cater to the diverse needs of its customers.

Q2: How do I apply for a Nedbank credit card?

A2: You can apply for a Nedbank credit card online through the bank’s website, by visiting a local branch, or by contacting the bank’s customer service. You will need to provide your personal information, proof of income, and other relevant documents to complete the application process.

Q3: What are the eligibility criteria for a Nedbank credit card?

A3: To be eligible for a Nedbank credit card, you must be at least 18 years old, have a valid South African ID or passport, and meet the minimum income requirement for the specific credit card you are applying for. You must also have a good credit history and be able to provide proof of income and residence.

Q4: What types of credit cards does Nedbank offer?

A4: Nedbank offers a range of credit cards, including:

  1. Classic Credit Card
  2. Gold Credit Card
  3. Platinum Credit Card
  4. World Credit Card
  5. Affinity Credit Cards Each card type comes with unique features, benefits, and reward programs to suit different customer needs.

Q5: How can I earn rewards with my Nedbank credit card?

A5: Nedbank credit cards offer various rewards programs, such as Greenbacks Rewards, which allow you to earn points for every purchase made with your credit card. These points can be redeemed for cash, vouchers, or other rewards, depending on the card and the rewards program.

Q6: How do I make payments on my Nedbank credit card?

A6: You can make payments on your Nedbank credit card through various methods, such as online banking, EFT, debit order, or by visiting a Nedbank branch. It’s essential to make at least the minimum payment due each month to avoid penalties and maintain a good credit history.

Q7: What is the interest rate on a Nedbank credit card?

A7: The interest rate on a Nedbank credit card varies depending on the specific card and the customer’s credit profile. The bank usually offers a competitive interest rate based on the South African prime lending rate, and it can be either fixed or variable.

Q8: Can I get a Nedbank credit card with a bad credit history?

A8: It may be difficult to get a Nedbank credit card if you have a bad credit history, as the bank assesses the risk associated with lending to you. However, you may still be eligible for certain secured credit cards, which require a cash deposit as collateral. It’s best to contact the bank to discuss your options.

Q9: How can I check my credit card balance and transaction history?

A9: You can check your credit card balance and transaction history through Nedbank’s online banking platform, the Nedbank Money App, or by contacting the bank’s customer service. You will also receive monthly statements detailing your transactions and outstanding balance.

Q10: What should I do if my Nedbank credit card is lost or stolen?

A10: If your Nedbank credit card is lost or stolen, immediately contact the bank’s 24/7 customer service to report the incident and block your card. The bank will then assist you in obtaining a replacement card and, if necessary, guide you through the process of disputing fraudulent transactions.

Q11: How can I increase my Nedbank credit card limit?

A11: To increase your Nedbank credit card limit, you can submit a request through the online banking platform, the Nedbank Money App, by visiting a local branch, or by contacting customer service. The bank will assess your creditworthiness and income before approving or declining your request for a credit limit increase.

Q12: Can I use my Nedbank credit card for international transactions?

A12: Yes, you can use your Nedbank credit card for international transactions, both online and at physical stores. However, keep in mind that foreign currency conversion fees and other charges may apply when making transactions in a currency other than South African Rand (ZAR).

Q13: How do I redeem my rewards points?

A13: To redeem your rewards points, log in to the Nedbank Greenbacks Rewards website or the Nedbank Money App, and browse the available redemption options. You can redeem your points for cash, vouchers, or other rewards, depending on the program and the points you have accumulated.

Q14: Can I transfer my credit card balance to a Nedbank credit card?

A14: Yes, Nedbank may offer balance transfer promotions for customers who wish to transfer their outstanding balances from other credit cards to a Nedbank credit card. These promotions typically provide lower interest rates for a specified period, allowing you to save on interest charges. Contact the bank to inquire about any ongoing balance transfer promotions.

Q15: How can I set up a debit order for my Nedbank credit card payments?

A15: To set up a debit order for your Nedbank credit card payments, you can submit a request through the online banking platform, the Nedbank Money App, visit a local branch, or contact customer service. You’ll need to provide your banking details and specify the amount you’d like to be debited from your account each month.

Q16: How can I add an additional cardholder to my Nedbank credit card account?

A16: To add an additional cardholder to your Nedbank credit card account, you’ll need to complete an additional cardholder application form. This can be done online, through the Nedbank Money App, by visiting a local branch, or by contacting customer service. The additional cardholder must meet the bank’s eligibility criteria, and once approved, they will receive a supplementary card linked to your account.

Q17: What do I do if I encounter fraudulent activity on my Nedbank credit card?

A17: If you suspect fraudulent activity on your Nedbank credit card, immediately contact the bank’s customer service to report the issue. The bank will investigate the matter, block your card if necessary, and help you with the process of disputing the fraudulent transactions. It’s essential to monitor your account regularly and report any suspicious activity as soon as possible.

Q18: Can I link my Nedbank credit card to a digital wallet?

A18: Yes, you can link your Nedbank credit card to digital wallets such as Apple Pay, Samsung Pay, or Google Pay, allowing you to make contactless payments using your smartphone or smart device. To link your card, simply follow the instructions provided by the respective digital wallet app to add your Nedbank credit card information.

Q19: What fees are associated with a Nedbank credit card?

A19: Fees associated with a Nedbank credit card may include an annual fee, monthly service fee, cash advance fee, foreign currency conversion fee, balance transfer fee, late payment fee, and over-limit fee, among others. The specific fees applicable to your credit card will depend on the card type and your usage. It’s essential to read the card’s terms and conditions to understand all the applicable fees.

Q20: How can I close my Nedbank credit card account?

A20: To close your Nedbank credit card account, contact the bank’s customer service or visit a local branch to submit your request. Before closing your account, ensure you’ve paid off your outstanding balance in full, and any pending transactions have been settled. Once your account is closed, you should also destroy your physical credit card to prevent unauthorized use.

Q21: Can I use my Nedbank credit card to withdraw cash from an ATM?

A21: Yes, you can use your Nedbank credit card to withdraw cash from an ATM. However, be aware that cash advances typically incur higher interest rates and fees compared to regular purchases. It’s advisable to use cash advances only in emergencies and repay the withdrawn amount as soon as possible to minimize interest charges.

Q22: Can I manage my Nedbank credit card through the Nedbank Money App?

A22: Yes, you can manage your Nedbank credit card through the Nedbank Money App, available for both Android and iOS devices. The app allows you to view your balance, transaction history, rewards points, and make payments. You can also manage your debit orders, report lost or stolen cards, and perform other banking tasks using the app.

Q23: What should I do if I’m struggling to make payments on my Nedbank credit card?

A23: If you’re facing financial difficulties and struggling to make payments on your Nedbank credit card, it’s essential to contact the bank as soon as possible. The bank may be able to provide assistance, such as restructuring your debt or offering a temporary payment plan, to help you manage your credit card obligations during challenging times.

Conclusion

Nedbank offers a variety of credit cards, and this evaluation is created to help you choose the best credit card for you. Understanding your monthly budget as well as other expenses can assist you in making the best decision. Check your credit score before deciding which credit card to apply for. This will increase your chances of getting the credit card you want.

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