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Investec Black Card Review 2022

In South Africa, the Investec Black Card is a well-known private banking account, especially among young professionals. Because the account appeals to young professionals more than any other category, this is the case. Reduced costs and exclusions, such as 100% loans, are available to young professionals. Unit trust investments, estate planning, private banking, and other services are available to all cards.

Investec Black card summary

The Investec Black Card is a private banking account that includes a personal banker who is available 24 hours a day, seven days a week. The account comes with a 2.50 percent foreign transaction fee and a monthly fee of R535.00 (or R295.00 if you’re under 30). You must earn a minimum of R800,000.00 per year to be eligible for the Investec Black card. Young professionals, on the other hand, who earn between R300,000 and R600,000 per year, depending on their profession, may be eligible for the Investec Black card. You will be assigned a private banker as a black cardholder who will assist you in making wise financial decisions. You’ll be able to save money, make retirement plans, and manage your finances. An Investec Black Card provides all of these benefits.

Special conditions for young professionals

Young professionals, especially those under the age of 30, face unique challenges. You can take advantage of low banking costs if you are under the age of 30. For those under the age of 30, monthly service fees are simply R295. This, however, only applies to professionals; anyone over the age of 30 or who is not a professional must pay an R535 monthly service fee. Actuaries, pilots, engineers, and medical interns with a salary of R600,000 or more are also entitled to enrol. Candidates with a salary range of R300,000 to R550,000.00 may be considered. An Investec Black Card may also be available to trainee CAs under 30 who hold a Certificate in the Theory of Accounting (CTA).

Investec black card features

Dedicated private banker

When you open an account with Investec Bank, you will be assigned a personal banker. Your private banker will assist you with all of your banking requirements. You can contact your banker if you need money, are planning a vacation, or want to invest. Your banker will assist you in all aspects of banking. The private banker will be available to you 24 hours a day, seven days a week. Unless he or she is unavailable, your private banker will direct you to another private banker during your absence.

Vehicle finance

Investec provides automotive financing to black cardholders. You may be able to qualify for a vehicle loan based on your income. Lending for a new or used car is one option for vehicle financing. You can also add low-cost insurance coverage to your vehicle. If you combine this loan with insurance, you will not be charged for an accident if your car is written off during the first year of the loan.

Home loans

With no down payment, you can acquire a 100% house loan. Your credit score is determined solely by you, not by a scoreboard. You won’t have to pay a monthly service fee if you take out a home loan and pay it from your Investec account. Your bond registration expenses are reduced because of the discount you receive. If you have an Investec Black Card, you can extend the payments period on your house loan by up to 30 years.

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 2022

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

The Investec Black Card is one of South Africa’s most distinguished black cards. As of 2020, the card’s monthly service cost is the second highest in South Africa for a private banking card. A lot of bonuses and prizes that come with the card justify the price. According to SARS annual filings, only about 1.5 million persons in South Africa earn more than R600,000. It is apparent that having an Investec Black Card is reserved for a select few with higher-than-average incomes.

Investec Black Card Review 2022

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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