Reviews

Nedbank Black Card Review 2022

Published by
Lethabo Ntsoane

The Nedbank black card is a private banking card meant for people who earn more than R1,500,000.00 per year and have investable assets worth more than R5,000,000.00. It comes with an R452.00 monthly service cost. The Nedbank black card is one of South Africa’s most recognizable black cards. In terms of ‘income requirement,’ the Nedbank black card is the second most difficult private banking card to obtain. The card has the lowest monthly charge of all the private banking accounts/cards offered in South Africa.

It’s unsurprising that Nedbank wants to make the black card an exclusive one. The card is usually reserved for the ultra-rich. This is demonstrated by the benefits that come with owning the card. Offerings like ‘philanthropy services’ set the card apart from any other Nedbank card in terms of prestige. This demonstrates that the card is intended for people who have additional cash to spend. The Nedbank black card, on the other hand, is not the bank’s most prestigious black card. Nedbank issues the Centurion black card, the world’s most distinguished black card, with the support of American Express.

The American Express Centurion black card is known as “the black card” and is only available via invitation. The Nedbank black card comes with a slew of perks, ranging from travel perks to investment perks. We’ll take a closer look at it now. You have unlimited first-class banking with consultants at your disposal anytime you need them if you qualify for a black card. You can also invest locally and internationally for free using Nedbank’s stockbroking services.

Nedbank Black Card Fees 2022

Fee description Bundle and Product suitePay-as-you-use
Monthly Maintenance FeeR452.00R200.00
Monthly Overdraft FeeR69.00R69.00
Stop Order FeeR19.00R19.00
Cash Withdrawal at a branchR65.00 plus R1.70 per R100.00R65.00 plus R1.70 per R100.00
Cash Withdrawal at another bank’s ATMR10.00 plus R2.00 per R100.00R10.00 plus R2.00 per R100.00
International ATM Withdrawal FeeR50.44 plus R2.00 per R100.00R50.44 plus R2.00 per R100.00
Manual payment to the external bank for an amount less than R150,000.00R950.00 per paymentR950.00 per payment
Immediate Clearance Fee on cheque R130.00R130.00
Balance Enquiry at another bank’s ATM R8.00R8.00
Non-resident management feeR48.00R48.00
Third-party instant payment below R2000.00 R10.00R10.00
Third-party instant payment for an amount above R2000.00 R49.00R49.00
Manual payment to the external bank for amounts between R150,001.00 to R4,999,999.99R750.00R750.00
Point of sale balance enquiryR1.00R1.00
Nedbank Black Card fees

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.

Nedbank’s black card has tight restrictions, just like any other bank’s black card standards, to ensure that the private wealth platform meets its goal. To be considered for qualification, you must not only make an average wage, but also be in the top 3% of South Africans. Those who are truly deserving of receiving one of South Africa’s most renowned black cards must achieve the following basic 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 certain privileges, and the stakes for black card issuers are always high. Here’s how Nedbank entices high-net-worth clients 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.

Conclusion

Private banking has several benefits, but one of the most significant disadvantages is the cost. So, unless you can afford to keep your current lifestyle while not jeopardizing the livelihood of your loved ones, acquiring a black card may be a good option. The black card is supposed to make life easier, not harder, so you should think about the advantages it provides. It is undoubtedly for you if you enjoy investing, traveling, and banking in elegance.

You may also be interested in our FNB Black Card Review

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 lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: Nedbank