Credit Cards

Nedbank Credit Card review 2022

Published by
Staff Writer

Nedbank offers a variety of credit cards to suit the needs of different credit card users. Nedbank has a credit card for you if you have a monthly gross income of at least R5000.00. Greenbacks credit cards, Nedbank credit cards, and American Express credit cards are the three credit card types offered by Nedbank. Greenbacks credit cards are designed specifically for people who wish to be rewarded for their everyday purchases. Nedbank credit cards are no-frill credit cards designed for everyday use with modest credit advantages and limitations. American Express cards are designed for frequent travelers and offer a bonus point program that may be used for travel and other purposes.

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Nedbank Credit Card Summary

The Nedbank Credit Card is designed for people who are employed or self-employed and have a consistent income. To be eligible for a Nedbank Credit Card, you must be at least 18 years old, have a high credit score, be gainfully employed, and earn at least R60,000.00 per year. The card has a monthly service fee of R69.00 and an annual interest rate of 19.65 percent.

Nedbank greenbacks credit cards

‘The Nedbank Greenbacks Credit Card is a South African credit card that rewards you for your everyday spend,’ according to the Nedbank website. The amount of points you receive is determined by the sort of Greenbacks credit card you have. Nedbank offers two American Express greenbacks credit cards: the Nedbank greenbacks gold and platinum credit cards. You must earn R100,000.00 or more to be eligible for a Greenbacks gold credit card. You must earn a minimum of R350,000.00 per year to qualify for a greenbacks platinum credit card.

Let’s look at the Features for both Nedbank greenbacks gold and platinum credit card.

Features

  • Get access to international ATMs
  • Free transactional SMSs
  • Zero transaction fees
  • 55 days grace period
  • Get automatic basic travel insurance when you purchase travel tickets
  • A service fee of not more than R69.00 and depends on your credit score
  • Earn greenbacks on selected purchases

Greenbacks credit cards include conventional benefits such as a 55-day interest-free period and travel insurance. Zero transaction fees on a first-tier card is something to brag about, as this is generally reserved for platinum cards. When compared to Capitec Bank, which has a minimum annual salary of R36,000.00 on their credit card, the minimum yearly gross is higher. The R64,000.00 gap is significant, and Nedbank may need to improve their stats on the greenbacks gold card.

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Nedbank greenbacks gold and platinum credit card requirements

  • R100,000.00 Minimum annual gross salary required for greenbacks gold credit card and R350,000.00 minimum annual gross salary required for greenbacks platinum card.
  • Applicant must be a South African resident
  • Must be old than 18 years
  • Must have a good credit score

Types of Nedbank Credit cards

Nedbank offers a variety of credit cards for everyday use, including the Nedbank Black Card, Platinum Credit Card, Gold Credit Card, and Classic Credit Card. These cards are extremely similar to the greenbacks credit cards, but with a few differences. The features of the Nedbank credit cards are similar, however the qualifying criteria differ.

Features for the Nedbank credit card

  • Have 0 transaction fees
  • Free credit life cover
  • Free transactional SMSs
  • Global ATM access
  • 55 days of a grace period
  • Automatic basic travel insurance

Greenbacks and Nedbank credit cards, it appears, have identical features on their credit cards. Greenbacks credit cards provide greenbacks bonus points, however Nedbank credit cards do not. The platinum credit card is made for professionals, the gold credit card is for new credit holders, and the classic credit card is for low-income individuals.

Requirements for all their Nedbank credits cards

  • Must earn a minimum of R60,000.00 or more per annum to qualify for a classic credit card,
  • Earn a minimum of R100,000.00 or more per annum to qualify for a gold credit card,
  • Must earn a minimum of R350,000.00 or more per annum to qualify for a platinum credit card,
  • You need a good credit score to qualify,
  • Must be a South African resident,
  • Must be 18 years or older

American Express credit cards

Nedbank provides its customers with an American Express credit card. The bank offers two American Express credit cards: the American Express gold and the American Express platinum. Because these are American Express cards, you can expect nothing but elegance. These aren’t your typical gold and platinum credit cards; they’re specifically created for international travelers and come with a slew of perks.

Features of both the American Express gold and platinum credit card

  • Automatic travel insurance of up to R4,000,000.00 on American Express platinum credit card,
  • Automatic basic travel insurance of up to R1, 000,000.00 on American Express gold credit card,
  • Get up to 12 free domestic Airport lounge visits per annum on AmeEx platinum credit card,
  • Repayment of a minimum of 5% of the outstanding balance on your AmeEx platinum and gold credit cards,
  • Get a free supplementary card for family or friend,
  • Earn one membership point for every R5 spent of any American Express card
  • Get 55 days grace period.

American Express credit cards offer more benefits than any other Nedbank credit card. It is definitely not easy to get an American Express credit card of any kind so you need to be earning a good income.

Competitive Advantage

In comparison to the FNB gold credit card, the Nedbank platinum credit card is easier to obtain because the FNB minimum salary requirement is R64,000.00, but the Nedbank classic credit card minimum salary need is R60,000.00. The advantage of Nedbank credit cards is that their interest rates are based on your credit score. The lesser the amount of interest that must be paid annually, the better your credit rating, as it will be changed in your favor.

Standard Bank and FNB have a fixed interest rate percent on certain of their credit cards, which may hurt those with a good credit rating, although Nedbank does not. Nedbank is the only bank in South Africa to provide the coveted American Express credit and debit cards. Because so many people like American Express products, it’s easy for foreigners and nationals to connect with the company.

Competitive disadvantage

On their websites and brochures, Nedbank ignores the written down rates that apply to their credit cards. Customers should have immediate access to this information so that they may make educated decisions. Their American Express credit cards don’t have any rate tags on them, so you’ll have to go to the branch to find out what the rates are. Standard Bank, on the other hand, offers Diners Club credit cards and displays the rates for each card.

Qualifying income isn’t mentioned anywhere on the American Express credit cards, which raises a lot of problems for cardholders. Because such information is not inscribed on the cards, exclusivity is written all over them.

Nedbank credit card requirements

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

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
  • Must be 18 years or older
  • Have a good or excellent credit score
  • Have your payslips in order
  • 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 2 -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.

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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.

Conclusion

Nedbank provides a wide range of credit cards to choose from, and this evaluation was created to assist you in selecting the best credit card for you. Understanding your monthly budget and other expenses can help you make the best decision. Your credit score is important, so check it before deciding which credit card to use. This will improve your chances of being accepted for the credit card you want.

Nedbank Credit Card review 2022
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