Rand Merchant Bank Black card review 2020

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  • Post last modified:Jul 25, 2020
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The Rand Merchant Bank black card like most black cards is associated with prestige and success. Getting a black card can open new doors that were once closed for you and the advantages of having a black card go beyond banking. The status of a black card also comes with the cost of maintaining it.

There are many reasons for getting a black card but is it really worth it? Yes, it is worth it.

Believe it or not, you get more by having a black card than you may think. The Rand Merchant Bank black card will open many doors for you.

Before you go shopping for an RMB black card you first need to get your priorities straight.

Not everybody benefits from the virtue of having an RMB black card. Your black card experience can be bad if you don’t know what you want to achieve with a black card.

Don’t get a Rand Merchant Bank black card for status only. Know what you are getting and ensure that your card benefits are in line with your needs.

RMB offers back cards to both private individuals and businesses. With a cheque account from RMB, you can opt to take a black credit card.

Well, let’s find out what are the charges, requirements and benefits of owning an RMB black card.

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

Service NameRate in rands
Monthly account fee – Fusion Account470
Monthly account fee – single facility499
Monthly service fee for spouse account – Fusion Account269
Monthly account fee for spouse – Single facility account299
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 fee69
Monthly rebate on overdraft service fee69
Once off revolving facility Initiation fee155
Monthly revolving facility service fee69

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 opens a whole new world. If you are a lover of international sports, you can call your private banker to arrange sporting tickets for you.

It is simple to get things done. You don’t get subjected to a number of restrictions that many faces.

Having an RMB black card will make your life easy. You will be able to accomplish things that you couldn’t on your own.

Many people with black cards have a busy schedule and banking or planning for entertainment isn’t their biggest priority.

However, all these advantages come at a cost. Of course, the cost isn’t like that of the American Express Black Card.

RMB black card charges are moderate and affordable for someone earning R750,000.00 and above per year.

Opening an RMB black card will be dependent on how much you travel in a year, how often you invest and make transactions and how you frequently opt for entertainment etc.

If your life is simple, having an RMB black card will not add any value in your life. But if you are an outgoing person, like travelling and entertainment then the RMB black card is definitely for you.

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Lethabo Ntsoane

Lethabo Ntsoane 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 reviews and financial tips.