Posted on Aug 26, 2021 by Staff Writer
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The Gold Business Credit card gives businesses the opportunity to climb the FNB’s credit card lending ladder. As a first-tier credit card, the FNB Gold Business Credit card introduces small businesses to the credit card lending sphere offering an opportunity for the business to upgrade as it grows.
Only registered companies can apply for the FNB Gold Business Credit card. The main requirement to attain the Gold Business credit card is to have a business bank account with FNB. Businesses that don’t have an account with FNB are disqualified from acquiring the FNB Gold Business Credit card.
The FNB Gold Business Credit card offers a credit facility account for businesses as well as a transactional account. The transactional account is then linked to a single credit card offering convenience when transacting. You can then use the credit card to purchase online or in-store.
The FNB Gold Business credit card is very affordable and comes with a number of free services. Free services include:
- Credit card monthly rewards fee,
- Courier delivery,
- Branch delivery,
- Prepaid transaction on FNB digital platforms,
- Linked account transfers,
- IVR Smart transfer to FNB,
- FNB credit card purchases,
- FNB credit card budget purchases, and
- Cash withdrawals at tills.
The above-listed free services come at no additional cost and hence they render the Gold Business Credit card somewhat affordable to its tier competitors.
Table of Contents
FNB Gold Business Credit Card Summary
FNB Gold Business Credit card is a first-tier business credit card for businesses which have a cheque account with FNB. The credit card is primarily targeted at companies with a low annual turnover. The credit card charges a monthly fee of R52.00 and has a maximum Initiation fee of R175.00 depending on the business’s qualifying credit.
Businesses that need additional cards are charged R17.50 per card with free delivery of the card by courier or collection at a selected FNB branch . Credit card purchases and withdrawals at tills are free as well. However, withdrawals at an FNB ATM come at a cost as every R100.00 withdrawn FNB charges R2.00.
Transfers to a linked FNB account don’t cost anything whereas transfers from third-party cost R9.00. Telephone banking and transfers at an FNB branch both cost R80.00 per transaction, therefore, call-assisted transfers and branch transfers should be avoided.
FNB Gold Business Credit card Benefits
- The credit card comes with unlimited free card swipes both local and international.
- Businesses get personalized interest rates that are competitive. Interest rates are determined based on the business’s individual risk profile.
- Credit Cardholders get an opportunity to earn eBucks rewards points on selected purchases. A maximum of 40% in cashback can be earned on qualifying purchases.
- Businesses get access to a budget facility with repayment periods of 6 – 60 months for purchases of R200.00 or more.
- Businesses get exclusive recurring FNB offers from retailers such as:
- The Pro Shop,
- Cycle lab,
- iStore, and more
- Credit cardholders get free automatic debt protection.
- Clients get free global travel insurance covering them locally and internationally when they buy their return travel tickets using their FNB Gold Business Credit card. This travel insurance offer is for flights and road travel.
- The credit card charges a relatively low monthly service fee of R52.00
- Clients get 24/7 assistance globally through the GCAS program by Visa.
- Comes with an option to move unexpected medical transactions to a budget of over 6 months at a promotional interest rate.
FNB Gold Business Credit card Fees 2021
| Fee description | Fee |
|---|---|
| Credit facility services fee | R52.00 |
| Initiation fee | Up to R175.00 |
| Credit card monthly account fee | R35.00 |
| Additional card fee | R17.50 |
| FNB credit card purchase fee | Free |
| FNB credit card budget purchase fee | Free |
| Cash Withdrawal at an FNB ATM | R2.00 per R100.00 |
| Cash Withdrawal at other banks’ ATMs | R10.00 + FNB ATM fee |
| FNB mini ATM withdrawal fee | R2.00 per R100.00 |
| FNB branch withdrawal fee | R80.00 + R2.50 per R100.00 |
| Cash on budge fee | R80.00 + R2.85 per R100.00 |
| International ATM and branch withdrawal fee | R80 + R2.50 per R100.00 |
| Cash at till withdrawal fee | Free |
| Deposit at an FNB ATM | R1.10 per R100.00 |
| Deposit at an FNB branch | R80.00 + R2.50 per R100.00 |
| IVR Smart linked transfers to FNB | Free |
| Linked account transfers | Free |
| Third-party payments | R9.00 |
| Consultant assisted payments | R80.00 |
| Transfers and payments at FNB branch | R80.00 |
| Voucher request local | R105.00 |
| Voucher request international | R295.00 |
| International card delivery fee | R700.00 |
| Card replacement fee | One free replacement per year, thereafter R120.00 per card |
| Courier and branch card delivery fee | Free |
Competitive Advantages of the FNB Gold Business Credit card
- Clients have the opportunity to earn cash back when they make purchases with their credit cards.
- The monthly fee is low.
- The credit card comes with a number of free transactions.
- Clients get free card replacement each year.
- The credit card comes with free automatic debt protection.
- Clients get free travel insurance when they buy return tickets with their FNB Gold Business Credit card.
- Comes with a flexible budget facility
Competitive Disadvantages of the FNB Gold Business Credit card
- The credit card doesn’t have interest-free purchases.
- The credit card doesn’t have hotel and car rental benefits.
How to qualify for the Credit card
- Must have a registered business in South Africa.
- Have an account with FNB
- Have ID documents of the authorized signatory.
- The ID of the person you want the card for.
- A mandate to appoint an authorized signatory.
Conclusion
The FNB Gold Business Credit card offers a savvy way to get a credit card for your business. The credit card doesn’t have many transactional charges and yet it offers freebies to encourage customers to bank with FNB. However, branch fees cost more and even come with a R2.00 extra fee for every R100.00 withdrawn, as such, branch transactions should be avoided.
