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Nedbank Business Card Review 2023

Nedbank Business Card

The Nedbank Business Card is a corporate transaction account designed for established businesses and comes with an annual service fee of R420.00. The account also has a one-time initiation fee of R420.00.

Businesses with a minimum annual turnover of R1,000,000.00 are eligible for a Business Card. The account includes a free American Express card that can be used at Nedbank ATMs, other banks’ ATMs, and at point of sale.

The account allows the option to link Greenbacks, with the cost of linking being R588.00. When making purchases with the American Express card, the account earns double Greenbacks rewards.

The Nedbank Business Card provides a range of benefits to the account holder, which are discussed below.

Benefits of the Nedbank Business Card

Greenbacks Rewards

Account holders with the Nedbank Business Card have access to the Greenbacks rewards program. Enrollment and linking to the Greenbacks rewards program have a one-time cost of R588.00.

Businesses that use their business card earn double points through the Greenbacks rewards program.

Digital Facilities

Cardholders of the Nedbank Business Card have access to Nedbank’s digital platforms. They can manage their garage card and make online transactions using the Nedbank digital platforms.

Account holders also have access to the Nedbank accounts portal, where they can manage their business and personal accounts. Inter-account transactions, such as transferring money from one account to another, are simple with the Nedbank money app.

The Nedbank online profile supports multiple users, allowing the account holder to add additional users to the profile. Secondary users will have limited access to the business profile and will be able to use the Nedbank Business Card.

Nedbank Business Card holders can also utilize the Money Tracker feature. The Money Tracker assists businesses with their finances and enables them to send invoices.

Value Added Benefits

Businesses gain access to the SwiftReg functionality, which enables them to register their business from a sole proprietorship, Close Corporation, or partnership to a company. SwiftReg provides Business Card holders with access to the CIPC’s BizPortal platform to register and amend their company details.

Small businesses receive business guidance from Nedbank through Nedbank’s Essential Guide For Small Business Owners. The Essential Guide for Small Business Owners can be downloaded by any Nedbank Business Cardholder to receive guidance on running a successful business and more.

Another additional service that comes with the Nedbank Business Card is Avo services. Through Avo, businesses can gain free access to over 1 million registered users on the Avo app and sell to them. This helps businesses expand their reach, especially for those that sell goods.

Nedbank also offers SimplyBiz to Nedbank Business Card holders, providing free access to the platform. SimplyBiz is a free networking and resource platform for entrepreneurs and business owners that simplifies business networking.

Nedbank Business Card charges fees for selected transactions, and the details of these transactions, as well as the ones that are free, are provided in the table below. Here are the advantages and disadvantages of the Nedbank Business Card:

Nedbank Business Card Fees 2023

Fee Description Amount 
Yearly Fee R420.00
Greenbacks enrolment and linkage R588.00
Nedbank American Express Premium Card FeeFree
Online Banking Monthly Subscription FeeFree
Transaction feeFree
Transactional SMS feeFree
Statement request feeR12.00 
Branch counter statement feeR40.00
Balance enquiry at a branchR22.00
Nedbank ATM bal enquiry Free
SASWITCH ATM enquiryR10.00 
International balance enquiryR10.00 
Point of sale balance enquiry R2.00
Card replacement feeR150.00
Cash withdrawal at a Nedbank ATMR2.50 per R100.00 
Cash withdrawal at a SASWITCH ATMR12.00 + R2.50 per R100.00 
Point of sale cash withdrawalN/a
Nedbank branch counter cash withdrawal feeR100.00 + R2.50 per R100.00 
Cash withdrawal overseasR60.00 + R2.50 per R100.00 
Branch deposit feeR100.00 + R2.50 per R100.00 
ATM deposit feeR1.50 per R100.00 
Envelope cash deposit feeR100.00 + R2.50 per R100.00 
Dishonuoured payment feeR35.00
Incorrect disputed transaction feeR165.00
Incorrect disputed transaction overseasR200.00

Advantages of the Nedbank Business Card

  • Enrollment into the Nedbank Greenbacks rewards program.
  • The account has a low maintenance fee of R420.00 per year.
  • No interest is charged if the account balance is settled in full every month.
  • Multiple cards can be issued, allowing the business card to be used by those who spend on behalf of the business.
  • Free access to the Nedbank digital platforms.
  • Access to the Avo online store for business owners, where the business can sell its products.
  • Free access to SimplyBiz and SwiftReg.

Disadvantages of the Nedbank Business Card

  • The product requires a R588.00 Greenbacks rewards program enrollment fee to start earning cash back.
  • The initiation fee of R420.00 is relatively high.

Nedbank Business Card Application

To apply for the Nedbank Business Card, you must meet the following criteria:

  • Earn a minimum annual turnover of R1,000,000.00.
  • Registered companies need to provide their business financials.
  • Be an established business that is at least 2 years old.
  • Provide the IDs of directors or business owners.
  • Have the mandate to open the account if the business has more than 1 shareholder or owner.

Conclusion

The Nedbank Business Card allows businesses to save on interest payments while also earning rewards when using their American Express Card. It is one of the most cost-effective options for established businesses, with a yearly fee of R420.00.

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