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Investec Black Card Review 2021


Inestec Black Card is one of the well known private banking accounts in South Africa and it is most popular with young professionals. This is because the account caters more for young professionals than any other demographic.

Young professionals get to enjoy reduced fees and get exceptions such as 100% loans and more. All card holders get to enjoy investments in unit trusts, estate planning, private banking, etc.

Investec Black card summary

The Investec Black Card is a private banking account that comes with a dedicated private banker that is available to you 24/7. The account comes with an international transaction fee of 2.50% and a monthly fee of R535.00 or R295.00 per month if you are under the age of 30.

To qualify for the Investec Black card, you need to earn a minimum of R800,000.00 per annum. However, young professionals can qualify for the Investec Black card if the earn between R300,000.00 to R600,000.00 per annum depending on their profession.

As a black cardholder, you will have a dedicated private banker who will help you make sound financial decisions.

You will be able to save money, plan your retirement and manage your finances. All these benefits come with having an Investec Black Card.

Special conditions for young professionals

Special conditions apply to young professionals especially those below the age of 30. If you are below 30, you get to enjoy low banking charges.

Those that are below 30 only pay R295 for monthly service fees. But this applies to professionals only, those that are above 30 or not professionals pay a monthly service fee of R535.

Additional benefits that young professionals receive is that Actuaries, Pilots, Engineers and Medical interns earning R600,000 plus can open an account.

Candidate attorneys earning between R300,000.00 and R550,000.00 can also qualify. Trainee CAs under the age of 30 with Certificate in the Theory of Accounting (CTA) can also qualify for an Investec Black Card.

Investec black card features

Dedicated private banker

When opening an account with Investec Bank, your own private banker will be assigned to you. Your private banker will help you with all your banking needs.

You can call your banker if you want finances, plan to take a holiday, want to invest etc. Your banker will help you in all regards to banking.

The private banker will be at your disposal 24/7. Unless unavailable, your private banker will refer to you another private banker during the period of absence.

Vehicle finance

Investec offers black cardholders vehicle finance. Depending on how much you earn, you can qualify for a vehicle loan. Vehicle finance options include lending for a new car or used car.

You can also add insurance cover for your vehicle with low costs. With this loan added with insurance, you won’t be charged for an accident should your vehicle be written-off in the first year of the loan.

Home loans

You get a 100% home loan with no deposit. Your credit assessment is purely based on you and not on a scorecard.

Should you take a home loan and pay your loan from your Investec account, you won’t incur any monthly service fee.

You receive discounts on bond registration fees. The home loan repayment can stretch up to 30 years if you are an Investec Black Cardholder.

Offshore banking

As a private bank account holder, you have the option of having an additional account. The account is a pound sterling account that will store your wealth in British pounds.

Online share trading

You can trade shares online as a member of the Investec private banking. Not only will you be able to trade local shares but you will be able to trade shares of international companies as well.

Benefits of the Investec Black Card Card

As an Investec client, you have exclusive access to Travel by Investec. Travel by Investec is a fully-fledged travel agency for Investec clients only.

When using Travel by Investec you will get competitive quotes for local and international flights, car hire, cruises, rail tours and holiday packages.

With Travel by Investec, you get up to 40% savings on car hire, up to 35% savings on flights and up to 30% savings on hotels and lodges.

You not only save with Travel by Invest, but you also gain points when you spend. For every R5 you spend on your Investec Black Card you get 1 point.

Points are redeemable and for every 5000 points, you redeem you get R250 to spend.

When travelling you get complimentary local and international Airport lounge access. As a black cardholder, you will enjoy unlimited complimentary access to over 1100 international lounge key Airport lounges worldwide.

You also get unlimited access to SA-owned and Bidvest Premier domestic and international departure lounges in South Africa.

Investec Black Card Fees 2021

Fee Description Amount
Monthly Service fee for Investec Black card 535
Monthly service fee for young professionals under 30 years of age 295
Purchase of data and airtime, purchase using card at point of sale devices, cash withdrawals at local and international ATMs, online banking transactions, debit order against your account, online statements, lost card protection, card replacement Included on the monthly service fee
Select monthly card fee 30
Select card transaction fee 5.50
Cash withdrawal at local and international branches 50
International card delivery 535
Local emergency card delivery 340
Unsuccessful transaction dispute 220
Returned ppayment fee on returned automatic payment orders 150
Cash send 30
Real time cash clearing 50
Debit order resubmission fee 150

Competitive Advantages of the Investec Black Card

  • Newly graduates can get home loans with less proven banking record.
  • Young professionals can get up to 100% home loans without paying any deposit.
  • The card comes with a dedicated private banker. The private banker is at your disposal 24/7 whenever you need him/her.
  • When buying a house as a black cardholder, you will receive discounts on bond registration fees.
  • Comes with travel rewards such as saving up to 40% on car hire and 35% on flights.
  • You get cuts on monthly service fee if you are a 30 year old professional or younger.
  • Have an option to have an offshore bank account.
  • Black cardholders have access to share trading platform.
  • Cardholders can get support from anywhere around the world.
  • You get free access to the Investec rewards program as a black cardholder.
  • Gives the opportunity for cardholders to invest in unit trusts.

Competitive Disadvantages of the Investec Black Card

  • Most of the Investec black card benefits are for young professionals that are under 30 years of age.
  • Standard monthly bank fees are higher if you are not a professional or over 30 years of age.
  • Special minimum qualifying requirements only exist for young professional. For example, the minimum income to qualify for an Investec Black Card is R800,000.00 yet candidate attorneys can qualify for the card even if they earn R300,000.00.

How to qualify for the Investec Black Card

  1. You must earn R800,000.00 per annum or have assets worth R20 Million, or
  2. Earn R300,000.00 per year if you are a candidate attorney, and R600,000.00 if you are a Pilot, Actuary, or Medical Practitioner.
  3. Must have a be over the age of 18 years at the time of application.
  4. Must have a South African ID or passport if you are not a South African citizen.
  5. Recent bank statement showing proof of income.
  6. Proof of residence not older than 3 months at the time of application.

Conclusion

Investec Black Card is one of the most prestigious black cards in South Africa. The card’s monthly service fee is the 2nd highest for a private banking card in South Africa as of 2020.

The pricing is justified by a number of benefits and rewards that the card comes with.

Only 1,5 million-plus people in South Africa earn above R600,000 according to SARS annual returns. It is clear that owning an Investec Black Card is only for a few who are earning more than an average income.

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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 at [email protected]

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