Rand Merchant Bank Black card review 2024

Rand Merchant Bank black Card

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 R355.00. 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 2024

CategoryOption 1Option 2
SINGLE FEE PRICING OPTIONS
Monthly FeeR355R460
Electronic Debit Transactions (in bundle)50 Transactions100 Transactions
RMB Private Bank Business Current Visa Card PurchasesUnlimitedUnlimited
FNB ATM Cash Withdrawals (in bundle)34
Cash Deposited at FNB ATM with ADT (in bundle)No charge on up to R50,000No charge on up to R100,000
TransfersUnlimitedUnlimited
Electronic Debit Transactions (out of bundle)R12R12
Cash Deposited at FNB ATM with ADT (out of bundle)R4.70 + R0.95 per R100R4.70 + R0.90 per R100
Cash Withdrawn at FNB ATM (out of bundle)R2.40 per R100R2.40 per R100
Express Clearing Payments (online banking, FNB Branch)1 at no charge then R151 at no charge then R15
BANK CHARGES – PAYMENTS
RMB Private Bank App, Telephone Banking, FNB ATM, OnlineR8.50R8.50
Telephone Banking (consultant assisted)R80R80
FNB BranchR80R80
Internal Debit OrdersNo chargeNo charge
External Debit OrdersR19R19
International Card Purchase Fee2% of Transaction value (max R100)2% of Transaction value (max R100)
Pay and Clear NowR30R30
Real Time Payments (FNB to Other Bank)<=R100: No charge<=R100: No charge
>R100: R0.65 per R100>R100: R0.65 per R100
Real Time Payments (RMB to RMB/FNB)Refer to electronic payment feeRefer to electronic payment fee
DEBIT ORDER MANAGEMENT
Stop Payment – Digital ChannelsNo chargeNo charge
Stop Payment – Telephone Banking (consultant assisted)R80R80
Stop Payment – BranchR80R80
Debit Order Dispute – App and Online (digital channels)R5R5
Debit Order Dispute – Telephone Banking (consultant assisted)R47R47
Debit Order Dispute – Branch (consultant assisted)R47R47
BANK CHARGES – SCHEDULED PAYMENT RELATED
Online BankingNo chargeNo charge
FNB BranchR20R20
CONVENIENCE AND VALUE ADDED SERVICES
FNB Connect Prepaid PurchaseNo chargeNo charge
LOTTOTM/PowerBallR2.70R2.70
Prepaid ElectricityR0.50 (spend <R75)R0.50 (spend <R75)
R2 (R75 < spend < R150)R2 (R75 < spend < R150)
R3 (spend > R150)R3 (spend > R150)
Daily LottoR1R1
Prepaid Airtime Purchase (other banks’ ATMs)R15R15
Vouchers (Entertainment, gaming, music, transport, etc.)R2.70R2.70
Traffic FinesR2.70*R2.70*
Prepaid Airtime Transaction Fee (App and Online)No chargeNo charge
Cellphone Banking (Transactions between R0.01 – R10)R0.50R0.50
Cellphone Banking (Transactions between R10.01 – R25)R1R1
Cellphone Banking (Transactions greater than R25)R2R2
BANK CHARGES – BALANCE ENQUIRIES
Using eChannels and mobile channelsNo chargeNo charge
Point-of-Sale (RMB Private Bank Fusion/Debit Cards only)R1.90R1.90
Other banks’ ATMs, International POS, Branch, TelephoneR8R8
STATEMENTS
FNB ATM Transaction ListR4 (per statement)R4 (per statement)
Printed Statements (Smart Kiosk)R4 (per page)R4 (per page)
Interim/Provisional StatementsR25 (per page, max R50)R25 (per page, max R50)
Printed/Emailed Statements (FNB Branch, Telephone Banking)R50 (per statement)R50 (per statement)
Statements – Online Banking (download/view/email)No chargeNo charge
Posted StatementsR26R26

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.

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