Reviews

Rand Merchant Bank Black card review 2022

Published by
Lethabo Ntsoane

Like most black cards, the Rand Merchant Bank black card is connected with prestige and success. Obtaining a black card can open doors for you that were previously closed, and the benefits of having a black card extend beyond banking. The expense of maintaining a Black Card is also included in the status. There are a variety of reasons to obtain a Black Card, but is it truly worthwhile? Yes, it is well worth the effort. Believe it or not, holding a Black Card provides you with more benefits than you might imagine.

The black card from Rand Merchant Bank will open several doors for you. You must first establish your priorities when purchasing for an RMB Black Card. The advantage of holding an RMB Black Card is not available to everyone. If you don’t know what you want to achieve with a Black Card, it might be an unpleasant experience. Don’t get a Rand Merchant Bank Black Card solely for the sake of status. Make sure you understand what you’re getting and that the perks of your card correspond to your needs.

Back cards are available from RMB to both private individuals and corporations. You can get a black credit card if you have an RMB cheque account. So, let’s see what the costs, requirements, and advantages of having an RMB black card are.

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 2022

DescriptionFee
Monthly account fee – Fusion AccountR470
Monthly account fee – single facilityR499
Monthly service fee for spouse account – Fusion AccountR269
Monthly account fee for spouse – Single facility accountR299
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 R20,000.00Free
Monthly ooverdraft service feeR69
Monthly rebate on overdraft service feeR69
Once off revolving facility Initiation feeR155
Monthly revolving facility service feeR69
RMB black card rates 2022

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

The RMB black card gives you access to a whole new universe. If you are a fan of international sports, you can request sporting tickets from your private banker. Getting things done is simple. You are not susceptible to the same constraints that many people are. Your life will be made easier if you have an RMB black card. You will be able to accomplish things that you would not have been able to do on your own. Many people with black cards have hectic schedules, so banking or making plans for entertainment aren’t high on their priority list.

All of these benefits, however, come at a price. Naturally, the price isn’t as low as the American Express Black Card. For someone earning R750,000.00 or more per year, RMB black card fees are reasonable and economical. How much you travel in a year, how frequently you invest and make transactions, and how frequently you choose entertainment, among other factors, will determine if you are eligible for an RMB black card. Having an RMB black card will bring no value to your life if your life is simple. However, if you are a social person who enjoys traveling and entertainment, the RMB black card is for you.

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