Nedbank Platinum credit card review 2023

Nedbank Platinum Credit card

The Nedbank Platinum Credit Card is a mid-tier credit card that offers a variety of travel, lifestyle, and entertainment benefits. The credit card provides clients with platinum benefits and discounts through the Nedbank Greenbacks rewards program.

Travel Insurance is also included as part of the platinum credit card’s benefits. When using the credit card to purchase airline tickets, cardholders can receive free travel insurance. Furthermore, when making purchases with the credit card, the credit card itself is protected by the purchase protection.

Access to the Greenbacks rewards program provides many advantages to the user, as it allows account holders to earn discounts and rewards for using the credit card. It is always beneficial to join the Nedbank Greenbacks rewards program in order to earn discounts and rewards with the Nedbank Platinum Credit card.

The Nedbank Platinum Credit Card is an excellent starting point for those looking for a mid-tier credit card. For a better understanding of the credit card, we discuss the features that come with the Nedbank Platinum Credit card below.

Nedbank Platinum Credit card summary

The Nedbank Platinum credit card is available to those who earn at least R29,000.00 per month. Clients are charged a one-time initiation fee of R180.00 soon after opening the card. Credit card holders are required to pay a minimum repayment of 5% on their credit card’s outstanding balance each month.

Other fees associated with the Nedbank Platinum credit card include the monthly service fee of R60.00 and the credit facility fee of R30.00. The credit facility comes with an American Express credit card and a Mastercard credit card to transact with.

A secondary credit card can be obtained for an additional R35.00. There is no limit on the number of additional credit cards that can be taken out. For an R25 linkage fee, credit card holders can also link their platinum credit card to the Nedbank Greenbacks rewards program.

Credit cardholders can earn rewards, discounts, and travel benefits through the Greenbacks reward program. These benefits of the Nedbank Platinum Credit Card are detailed below:

Travel benefits on the Nedbank Platinum Credit card 

  • Travel insurance of up to R3 million if a credit card holder purchases air tickets with the credit card. 
  • Credit card holders get 12 complimentary Bidvest premier club domestic airport lounges per year. 
  • There are discounts on car hire from Hertz and Avis with the Greenbacks rewards program. 

Insurance benefits on the Nedbank Platinum Credit card 

  • Credit card includes purchase protection with a chargeback option. 
  • An optional credit life insurance where the credit card holder is covered should he/she get retrenched, become critically ill, become disabled or die. 

Discounts and rewards on the Nedbank Platinum Credit card

  • 50% off on NuMetro movie tickets. 
  • A chance to win R20,000.00 worth of fuel if you swipe your credit card at BP garages. 
  • Can earn GreenBacks points on all eligible spending. 
  • There are restaurant deals and discounts on car hire and accommodation.
  • Deals when shopping prepaid. 

Nedbank Platinum Credit card fees 2023

Fee descriptionAmount 
Monthly maintenance feeR64.00
Monthly credit facility service fee R32.00
Extra card monthly feeR35.00
Monthly Greenbacks linkage feeR27.00
Once off initiation feeR180.00
Self service banking feeFree
Cash deposit at a Nedbank ATMR100.00 + R2.50 per R100.00 or part thereof 
Cash deposit at a Nedbank branch R1.50 per R100.00 or part thereof 
Withdrawals at a Nedbank ATM R2.50 + R100.00 or part thereof
Cash withdrawal at another bank’s ATM R12.00 + R2.50 per R100.00 or part thereof 
Withdrawal at a Nedbank branch R100.00 + R2.50 per R100.00 or part thereof 
Withdrawal at an international ATM R60.00 + R2.50 per R100.00 or part thereof 
Point of sale balance enquiry feeR2
Balance enquiry at a Nedbank branch R22.00
Balance enquiry at another bank’s ATM R10.00
Nedbank online banking payment notification by email or smsR0.50
Same day card delivery feeR450.00
Card replacement fee R150.00
International currency conversion fee2%
Tracing feeR410.00
Personal card delivery feeR170.00
Failed payment feeR35.00
Lotto ticketsR2.00
Airtime purchase fee R1.50
Data purchase feeR1.50
Electricity and water purchase feeR1.50

Advantages of the card 

  • Every year, there are free visits to airport lounges.
  • Car rental and lodging are discounted, and free travel insurance is provided when purchasing airline tickets with a credit card.
  • Free use of Nedbank’s digital platforms.
  • The monthly gross income requirement of R29,000.00 is reasonable for a mid-tier credit card.
  • There is a free credit card replacement.
  • For the first 55 days, there is no interest on the credit card.
  • Card swipes are free of charge.

Disadvantages of the Credit card 

  • Membership in the Greenbacks rewards program costs R27.00 per month.
  • There is no dedicated private service, as is common with midtier credit cards.

Requirements of the Nedbank Platinum Credit card 

  • Must be 18 years or older at the time of application. 
  • Earn at least R29,000.00 per month in gross income. 
  • Must have a good credit score and good credit history. 
  • Have a valid South African ID book or Smart card or a passport and a valid permit if you are a foreign national. 
  • Provide payslips for the past 3 months or bank statements. 
  • Provide proof of residence that is not older than 3 months at the time of application. 

Conclusion 

The Nedbank Platinum Credit card has some of the best credit card features available. Travel and insurance benefits can be claimed using the credit card. The credit card also has a low monthly service fee, which is a plus for a credit card in the middle tier.

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