Nedbank Black Card Review 2024

Published by
Lethabo Ntsoane

The Nedbank black card is a private banking card meant for people who earn more than R2,000,000.00 per year and have investable assets worth more than R5,000,000.00.

It comes with a R530.00 monthly service fee. The Nedbank black card is one of South Africa’s most recognizable black cards.

In terms of ‘income requirement,’ the Nedbank black card is the 3rd most difficult private banking card to obtain. The card has the lowest monthly charge of all the private banking accounts/cards offered in South Africa.

The Nedbank black card is intended for South Africans who are extremely wealthy. The account comes with a dedicated private banker who is available to the account holder 24/7. Philanthropy services are also available for those who want to give back.

With Nedbank’s partnership with American Express, Nedbank black card holders can upgrade to the “Centurion Black Card,” a much more premium black card. The AmeEx Centurion Black card is the most prestigious black card in the world, but it is only available by special invitation.

The America Express Platinum Credit Card is a less expensive option from American Express. The AmeEx platinum credit card offers numerous benefits and is one of the most prestigious credit cards in South Africa due to its many travel benefits.

Nonetheless, the Nedbank black card is among the most prestigious in the private banking industry. The Nedbank black card comes with the following free benefits:

  • Greenbacks membership rewards program,
  • Supplementary cards,
  • SMS notifications, and
  • Card replacements.

Aside from free products and services, the Nedbank black card has numerous benefits and fees. These and other benefits are discussed further below.

Nedbank Black Card Fees 2024

ServiceFee
Monthly Maintenance FeeR530
Optional Overdraft
– Monthly Facility FeeR69
– Once-off Initiation Fee (NCA clients)R165 plus 10% of limit value > R1,000
– Once-off Initiation Fee (Non-NCA)1% of limit value (min R165, no max)
Optional Garage Debit Card
– Annual Service FeeR185
Manual Transfers and Payments
– Nedbank to Nedbank AccountsR200
– Nedbank to Other Banks (<R150,000)R1,050 per payment
– Nedbank to Other Banks (>R150,000)R850 per payment
– Third-Party Instant PaymentR85 + applicable manual payment fee
– Interaccount Transfer at BranchR200
Cash Transactions
– Withdrawal at BranchR90 + R2.25 per R100 or part thereof
– Withdrawal at Other Bank’s ATMR12 + R2.65 per R100 or part thereof
– International ATM WithdrawalR65 + R2.65 per R100 or part thereof
– Deposit at BranchR9.40 + R2.25 per R100 or part thereof
– Deposit at Nedbank ATMR4.70 + R1.13 per R100 or part thereof
– EasyPay Deposit at TillpointR2 per R100 or part thereof
Self-Service Options
– Cellphone Top-Up (Another Bank ATM)R10
– Third-Party Instant Payment (<R3,000)R10
– Third-Party Instant Payment (>R3,000)R49
– PayShap Payment to ShapIDR1
– PayShap Payment to AccountR7.50
Other Fees
– Account Confirmation LetterR45
– Archive Image of Deposit SlipR45
– Copy of A4 Account StatementR45 per statement
– Copy of IT3 CertificateR45 per certificate
– Denied Transaction FeeR5
– Dishonoured Payment FeeR30 per item
– Disputed Debit Order FeeR5
– Fuel Transaction FeeR3.50
– International Currency Conversion Fee2%
– LOTTO Payment FeeR2 + notification fee
– Pay to Cellphone NumberR10 for values up to R5,000
– Replacement Card FeeR150
– Stop-Payment Instruction FeeR75
– Transaction List FeeR45 per page

Nedbank black card requirements

  • Must earn a personal income of more than R2,000,000.00 per year, and/or
  • Have investable assets with a value of R5 Million or more excluding the property you live in.
  • Must be over the age of 18 years when applying,
  • Possess a South African ID,
  • Have a good credit rating.

To ensure that the private wealth platform meets its goal, Nedbank’s black card has restrictions, just like any other bank’s black card. To be considered for qualification, you must be in the top 3% of South Africans who earn over R2 million per year.

Nedbank Black Card Benefits

  • Comes with lost card protection.
  • Has one year purchase protection with Visa Infinite.
  • Credit life insurance is available on request.
  • Comes with extended manufacturer’s warranty of purchases made with Visa Infinite of up to 24 month.
  • Travel insurance of up to $2.5 million with Visa Infinite or R3 million cover from American Express with a top up option.
  • Lifestyle benefits when travelling such as accommodation and car rental.
  • Double Greenbacks points when using American Express dual credit and cheque cards.
  • Can swipe Greenbacks Shop Card at any store that accepts American Express cards.
  • Free membership to the Greenbacks rewards program.
  • Comes with exclusive investment opportunities at top rates.
  • Option of an overdraft facility which comes at a competitive rate.
  • 24/7 access to a private banker.

Every black card comes with certain privileges, and the stakes for black card issuers are always high. Here’s how Nedbank entices high-net-worth clients to bank with them.

Competitive Advantages of the Nedbank black card

  • There are travel benefits.
  • Free membership subscription to the Nedbank Greenbacks rewards program
  • Comes with an app that is designed to meet the specific needs of a private high net individual.
  • You get opportunities to invest locally and abroad.
  • The account comes with its own dedicated app.
  • There is 24/7 support for banking and other services.
  • Comes with an option to choose between bundle, product suite and pay as you use accounts.

Competitive Disadvantages of the Nedbank black card

  • Has the second-highest salary requirement in South Africa which makes it almost impossible for 96% taxpayers in South Africa to get one.
  • Branch transactions are high.
  • Charges fees that most competitors don’t charge for a black card. For example, RMB black card doesn’t charge instant cash while Nedbank charges for the service.

Conclusion

Private banking has many advantages, but one of the most major disadvantages is the cost. So, unless you can afford to maintain your current lifestyle while not jeopardizing your loved ones’ livelihoods, obtaining a black card may be a good option. 

The Nedbank black card offers account holders numerous ways to save and invest. Investing both onshore and offshore is simple thanks to the Nedbank Private app. The account also provides a platform for account holders to give back through the Nedbank philanthropy platform.

You may also be interested in our FNB Black Card Review

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo