Nedbank Black Card Summary
Nedbank black card is a private banking card designed for the wealthy or high income earning individuals earning R1,500,000.00 per year and or having investable assets worth R5,000,000.00. It comes with a monthly service fee of R452.00.
Nedbank black card is one of the most recognisable black cards in South Africa. The Nedbank black card is the second hardest private banking card to get in terms of ‘income requirement’. Of all the private banking accounts/cards available in South Africa the card comes with the lowest monthly fee.
It is no surprise that Nedbank is trying to make the black card an exclusive card. The card is generally made for the ultra-wealthy. This is shown by the benefits that come with being a holder of the card.
Offerings such as the ‘philanthropy services’, set the card apart in terms of prestige from any other Nedbank card. This is further proof that the card is for those with extra money to spend.
The Nedbank black card is, however, not the most elite black card that you can get from the bank. With the help of American Express, Nedbank issues the most prestigious black card in the world known as the Centurion black card. The Centurion black card is esteemed as ‘the black card’ and is only available through invitation by American Express.
The Nedbank black card comes with an entire plethora of benefits from travel benefits to investing benefits. We will now examine it in full below.
By qualifying for a black card, you get to have unlimited first-class banking with consultants at your disposal whenever you need them. You also get to use Nedbank’s stockbroking facilities at no additional charge and invest locally and abroad.
Nedbank Black Card Fees 2020
The table below shows the rates that Nedbank charges on the bundle, product suit and pay as you use accounts in 2020.
|Fee description||Bundle and Product suite||Pay-as-you-use|
|Monthly Maintenance Fee||R452.00||R200.00|
|Monthly Overdraft Fee||R69.00||R69.00|
|Stop Order Fee||R19.00||R19.00|
|Cash Withdrawal at a branch||R65.00 plus R1.70 per R100.00||R65.00 plus R1.70 per R100.00|
|Cash Withdrawal at another bank’s ATM||R10.00 plus R2.00 per R100.00||R10.00 plus R2.00 per R100.00|
|International ATM Withdrawal Fee||R50.44 plus R2.00 per R100.00||R50.44 plus R2.00 per R100.00|
|Manual payment to the external bank for an amount less than R150,000.00||R950.00 per payment||R950.00 per payment|
|Immediate Clearance Fee on cheque||R130.00||R130.00|
|Balance Enquiry at another bank’s ATM||R8.00||R8.00|
|Non-resident management fee||R48.00||R48.00|
|Third-party instant payment below R2000.00||R10.00||R10.00|
|Third-party instant payment for an amount above R2000.00||R49.00||R49.00|
|Manual payment to the external bank for amounts between R150,001.00 to R4,999,999.99||R750.00||R750.00|
|Point of sale balance enquiry||R1.00||R1.00|
Nedbank black card requirements
- Must earn a personal income of more than R1,500,000.00 per year, and/or
- Have investable assets with a value of R5 Million or more excluding the property you live in.
- Must be over the age of 18 years when applying,
- Possess a South African ID,
- Have a good credit rating.
Just like any other bank’s black card requirements, Nedbank has put strict requirements on their black card to make sure that the private wealth platform achieves its purpose.
You won’t just need to earn an average salary but you need to be in the top 3% in South Africa, to be considered for qualification. Those who are really deserving to get their hands on one of the most prestigious black cards in South Africa will need to meet the following minimum requirements.
Nedbank black card benefits
- Clients get to use a more spot-on and complete mobile app designed only for private clients.
- Nedbank offers advisory services on investing, banking, and tax planning services.
- Get access to a dedicated private banker who is at your service 24/7.
- Can do your local and international banking from anywhere using the Nedbank private wealth App.
- Have the opportunity to save and invest in unit trusts and tax-free investments.
- Comes with philanthropy services to leave a long-lasting legacy.
Every black card comes with exceptional benefits and the stakes are always high for black card issuers. Here is how Nedbank woos high net individuals to bank with them.
Competitive Advantages of the Nedbank black card
- Has the lowest monthly service fee for a private wealth bank account.
- Comes with an app that is designed to meet the specific needs of a private high net individual.
- You get opportunities to invest locally and abroad.
- There is 24/7 support for banking and other services.
- You have an option to choose between bundle, product suite and pay as you use accounts.
Competitive Disadvantages of the Nedbank black card
- Has the second-highest salary requirement in South Africa which makes it almost impossible for 96% taxpayers in South Africa to get one.
- Charges fees that most competitors don’t charge for a black card. For example, RMB black card doesn’t charge instant cash while Nedbank charges for the service.
Private banking comes with many advantages but one main disadvantage that comes with private banking is cost. So unless you really can afford to maintain your lifestyle and still not compromise the livelihood of your loved ones then getting a black card can be a great idea.
The black card is meant to make life easy, not difficult, so you really need to consider the benefits that come with it. If you are into investing, travelling and banking in style then it is surely for you.
You may also be interested in our FNB Black Card Review