Rand Merchant Bank Black card review 2023

RMB Private Bank Account is a black card reserved for ultra-wealthy individuals with an annual income of R750,000.00 or with net asset value of more than R15 million. Private bank account holders can earn up to 3% back in eBucks on in-store and online purchases.

The monthly service fee for the RMB Private Bank Account is R555.00. Account holders receive free access to over 1000 international lounges as part of their monthly service fee. Furthermore, account holders receive up to 40% off flights and accommodations when using the account to make such purchases.

An RMB Pay As You Use Private Bank Account is also available to individuals that don’t want a bundled account. The PAYU option includes a monthly account fee of R130.00. Spouses receive a 50% monthly service fee reduction, paying only R277.50 per month.

More services and transactional benefits are available with the RMB Private Bank Account. Account holders are entitled to the following transactional and service benefits:

• Free FNB ATM deposits of up to R20,000.00.
• Unlimited cash withdrawals at FNB ATMs, Point of Sale, Cardless cash withdrawals, other bank’s ATMs and international ATMs.
• Unlimited virtual cards.

As a RMB black card holder, there are financing benefits that one can take advantage of. The benefits that the RMB black card come with are discussed in detail below.

What you get from owning a Rand Merchant Bank black card

Borrowing

• You get an overdraft facility. With this facility, you are able to access cash when your bank balance is R0. The interest rate on overdraft is personalized based on your credit profile and other factors taken into account. You have an option of increasing the overdraft limit at any time.
• With the RMB black card, you can apply for a temporary loan payable within 31 days. Note that after taking this temporary credit, any deposit to your account will be used to pay off the loan amount.
• You get access to revolving loan without having to reapply for credit. After repaying 15% of the revolving loan you will again have access to funds.
• With the help of your private banker, you can apply for home loans and personal loans. You can apply for a personal loan of up to R250,000.00 with same day approval.
• As a Rand Merchant Bank black cardholder, you can apply for an RMB black credit card. To qualify for an RMB black credit card you need to earn at least R750,000.00 per annum.

Savings

• When opening an account you get a free savings account. Your savings account is linked to your cheque account. On your savings account, RMB will give you interest on a positive balance. Interest on savings will be subject to your credit rating.
• You save money through eBucks rewards. EBucks points are earned when shopping or through transactions at RMB partner stores.

Investments

• You get a chance to get advice from qualified wealth advisors. They will advise you on wealth management and plan for your retirement.
• With RMB offshore investment channel, you will be able to invest offshore by buying foreign stocks, investing in unit trusts and more.
• You can set up a fixed deposit with a minimum opening balance of R10,000.00. Interest on fixed deposit account is 7.25% per annum. There are no monthly service fees and investment term is from 7days to your own maturity date.

Rewards and benefits

• Gift service like ordering flowers, wine, gift vouchers and hampers.
• Dinning reserves.
• Sourcing events tickets that include party tickets, exclusive sporting events etc
• Golf reservations as well as discounted green fees.
• You get reservations for lifestyle experiences such as hot air balloon rides and luxury picnics.
• Up to 8 complimentary Avis Point 2 Point local transfer per year.
• You receive a 15% discount on speed pass service.
• Up to 12 complimentary priority pass international lounge per year.

RMB black card rates 2023

Fee Description	Amount
Monthly account fee – Fusion Account	R525.00
Monthly account fee – single facility	R555.00
Monthly service fee for spouse account – Fusion Account	R262.50
Monthly account fee for spouse – Single facility account	R277.50
Card ppurchases, pay and clear now, payments and transfers, airtime purchases, debit orders, card delivery by courier, eBucks rewards membership, cash withdrawals @till or FNB ATM or Other banks’ ATM or international ATMs, payments and transfers, FNB ATM deposits up to R20,000.00	Free
Card withdrawals at FNB ATMs	Free
Cash withdrawal at other bank’s ATM	Free
Prepaid purchases	Free
Unsuccessful transaction fee	Free

Advantages of RMB Black Card

• Free enrollment into the eBucks rewards program.
• Comes with private airport lounge visits.
• Access to private banking services.
• Comes with an improved metal debit card.
• Free access to the RMB digital platforms.
• Travel discounts are available.

Disadvantages of RMB Black Card

• The monthly service fee may be too high for someone that doesn’t transact much.

RMB black card requirements

• Must be 18 years or older at the time of application
• Must have a South African ID book or Smart card
• You need to earn at least R750,000.00 per annum or own assets in excess of R15 Million.
• Proof of income is required and must not be older than 3 months from the day of lodging an application.
• If employed, 3 months of your payslips are needed.

How to apply for a RMB black card

To start your RMB black card application you can simply click here. You will leave your details and a consultant will contact you regarding your RMB black card application.

Conclusion

 RMB black card fees are reasonable and affordable for someone earning R750,000.00 or more per year. The account comes with many free transactions and services that a high net individual can enjoy. Moreover, account holders get to enjoy travel benefits and the highest rewards through the eBucks rewards program.