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Nedbank Small Business Credit Card Review 2023

Nedbank Small Business Credit Card

The Nedbank small business credit card is designed for small to medium-sized businesses and/or sole proprietors. This credit card is one type of credit line that a small business owner can use to supplement their business’ cash flow requirements. Account holders can also get a revolving credit facility with the credit card.

Small businesses’ cash flow can be difficult, affecting their profitability; as a result, the small business credit card can solve short to medium-term cash flow needs for a small business. The credit card comes with flexible repayment options, which enable a small business to thrive without having to make further credit applications.

The Nedbank Small business credit card provides numerous benefits to account holders. We detail the features and the advantages of the Nedbank small business credit card below. 

Nedbank Small Business Credit Card summary 2023

The Nedbank small business credit card costs R57.00 per month and is intended for small to medium-sized business owners and sole proprietors. To open a credit card, a company must have a minimum annual turnover of R150,000.00. To activate the credit card, an initiation fee of R262.00 is required.

Individuals who are over the age of 18 at the time of application are eligible for small business credit cards. The Nedbank business credit card gives credit card holders three options for making card payments:

  • A 5% minimum monthly repayment, 
  • A budget facility, or
  • An interest-free 55 days full payment option. 

Account holders receive numerous benefits from the Nedbank Small Business credit card. With three repayment options, the Nedbank small business credit card is one of the most flexible business credit cards available in the market.

Account holders can earn GreenBacks points by swiping their credit card on participating purchases. Despite the fact that the Nedbank small business credit card is not a premium credit card, it  includes up to four complimentary visits to Bidvest lounges.

Other benefits of the Nedbank small business credit card are listed below for credit card holders to enjoy.

Nedbank Small Business Credit Card benefits

  • 5% discount on the AVIS SME rate and daily rate. 
  • Automatic travel insurance when using the card to purchase air tickets with top-up options for comprehensive insurance.
  • Comes with an automatic lost card protection. 
  • Greenbacks points earned on the credit card never expire. 
  • There is no transaction fee when using the credit card to purchase at retailers. 
  • Up to 4 complimentary visits to the Bidvest lounges on a minimum of R4,000.00 spend per month. 

The Nedbank small business credit card may have many benefits, however, it also charges fees on certain services and transactions. Below are the fees that the Nedbank small business credit card charges. 

Nedbank Small business credit card fees 2023

Fee descriptionAmount
Primary monthly card feeR57.00
Secondary monthly card feeR57.00
Monthly garage card feeR57.00
Greenbacks enrolment feeN/a
Greenbacks enrolment accrued to cardholderFree
Nedbank AmEx premium cardFree
Online banking subscription feeFree
Monthly business online banking subscription feeFree with business account
Once off initiation feeR262.00
Credit facility service feeR20.00
Transaction feeFree
Transactional SMS feeFree
Statement request feeR12.00
Branch counter statement feeR40.00
Balance enquiry at a branch R22.00
Nedbank ATM enquiry Free
SASWITCH ATM enquiry R10.00
International Bal enquiry R10.00
Point of sale Bal enquiry R2.00
Fuel purchase fee on garage cardR4.30
Card replacement fee R150.00
Transaction fee (settlement) Free
Fund reservation (authorisation) Free
Cash withdrawal at Nedbank ATMR2.50 per R100.00 or part thereof 
Withdrawal at SASWITCH ATM R12.00 + R2.50 per R100.00 
Cash withdrawal at POSN/a
Nedbank branch cash withdrawalR100.00 + R2.50 per R100.00 
Cash withdrawal overseasR60.00 + R2.50 per R100.00 
Branch cash deposit feeR100.00 + R2.50 per R100.00 
Cash deposit at Nedbank ATMR1.50 per R100.00 

Advantages of the small business credit card 

  • The credit card doesn’t charge any enrollment fee to the Greenbacks rewards program. 
  • The first credit card is issued free. 
  • There are free Bidvest airport lounge stays if a minimum spend per month is met. 
  • A revolving credit facility can be opened on the credit card. 
  • Account holders get access to SimplyBiz which provides free networking and resources for entrepreneurs and business owners. 
  • Account holders can open an Avo store and start selling their products and services to over 1 million registered users. 
  • The credit card profile can be shared through multiple profiles and can also be switched from one profile to another. 
  • Account holders can double their Greenbacks rewards when they use the American Express card. 

Disadvantages of the small business credit card

  • Cash deposits and withdrawals at a Nedbank ATM charge a fee. 
  • There is not much insight into business management to help small business owners to run their businesses as other banks provide such modules for small business owners. 
  • The minimum turnover can be too high for many sole traders, especially for those that need credit to survive. 

Requirements of the Nedbank Small business credit card

  • Must be over the age of 18 at the time of application. 
  • Be a small to medium business or a sole proprietorship. 
  • Be a South African resident or have a valid work permit. 
  • Have an operating business that makes an annual revenue of R150,000.00 or more. 
  • Provide a recent payslip. 

Conclusion 

The Nedbank small business credit card is a better way for small business owners to obtain credit and select a payment plan that meets their company’s cash flow needs. With the small business credit card, the account can accommodate both unregistered and private businesses and provide them with a credit head start.

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