Investec Black Card Review 2020

Investec Bank is commonly known as a bank for professionals. Indeed, Investec provides banking and investment options for professionals. Investec Bank is not like your normal retail bank, you can easily differentiate it from other banks.

Investec Bank only provides private banking. Private banking is the highest level of banking in South Africa. This means that private banking is Investec’s forte.

The Investec black card targets young professionals. This is written on the Investec website and it acknowledges such.

This minimum requirement is applicable to anyone who wants to bank with Investec bank.

The Investec black card doesn’t have as many restrictions as other black cards such that new graduates can get one.

As much as the minimum amount of income to qualify is R800,000.00, young professionals have their own qualifying criteria that they need to meet depending on their profession.

Owning an Investec Black Card gives you a better edge in banking and the card comes with many rewards.

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 and Rewards of owning an Investec Black 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.

Fees applicable to Investec private banking black card

Service NameCost in rands
Monthly Service fee for Investec Black card535
Monthly service fee for young professionals under 30 years of age295
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 replacementIncluded oon the monthly service fee
Select monthly card fee30
Select card transaction fee5.50
Cash withdrawal at local and international branches50
International card delivery535
Local emergency card delivery340
Unsuccessful transaction dispute220
Returned ppayment fee on returned automatic payment orders150
Cash send30
Real time cash clearing50
Debit order resubmission fee150

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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