Categories: Banking Credit Cards Reviews

FNB Gold Business Credit Card Review 2021

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. 

FNB Gold Business Credit Card Summary

FNB Gold Business Credit card is a first-tier business credit card for companies with a cheque account with FNB. The credit card is for businesses with an annual turnover of R0.00 or more. 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 However, withdrawals at an FNB ATM come at a cost as every R100.00 withdrawn FNB charges R2.00.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

  1. The credit card comes with unlimited free card swipes both local and international.
  2. Businesses get personalized interest rates that are competitive. Interest rates are determined based on the business’s individual risk profile.
  3. 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.
  4. Businesses get access to a budget facility with repayment periods of 6 – 60 months for purchases of R200.00 or more.
  5. Businesses get exclusive recurring FNB offers from retailers such as:
    1. The Pro Shop,
    2. Cycle lab,
    3. iStore, and more
  6. Credit cardholders get free automatic debt protection.
  7. 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.
  8. The credit card charges a relatively low monthly service fee of R52.00
  9. Clients get 24/7 assistance globally through the GCAS program by Visa.
  10. 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

#Fee description Amount
1Credit facility services feeR52.00
2Initiation feeUp to R175.00
3Credit card monthly account feeR35.00
4Additional card feeR17.50
5FNB credit card purchase feeFree
6FNB credit card budget purchase feeFree
7Cash Withdrawal at an FNB ATM R2.00 per R100.00
8Cash Withdrawal at other banks’ ATMsR10.00 + FNB ATM fee
9FNB mini ATM withdrawal feeR2.00 per R100.00
10FNB branch withdrawal feeR80.00 + R2.50 per R100.00
11Cash on budge  feeR80.00 + R2.85 per R100.00
12International ATM and branch withdrawal feeR80 + R2.50 per R100.00
13Cash at till withdrawal feeFree
14Deposit at an FNB ATMR1.10 per R100.00
15Deposit at an FNB branchR80.00 + R2.50 per R100.00
16IVR Smart linked transfers to FNBFree
17Linked account transfers Free
18Third-party paymentsR9.00
19Consultant assisted paymentsR80.00
20Transfers and payments at FNB branchR80.00
21Voucher request localR105.00
22Voucher request international R295.00
23International card delivery feeR700.00
24Card replacement feeOne free replacement per year, thereafter R120.00 per card
25Courier and branch card delivery feeFree

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

  1. Must have a registered business in South Africa.
  2. Have an account with FNB
  3. Have ID documents of the authorized signatory.
  4. The ID of the person you want the card for.
  5. 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.

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Lethabo Ntsoane

Lethabo Ntsoane 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 reviews and financial tips.

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