Reviews

Standard Bank Gold Credit Card Review 2022

Published by
Lethabo Ntsoane

The Standard Bank Gold Credit Card offers some of the best advantages available in South Africa for a first-tier credit card. With a plethora of first-tier credit cards available in the South African market, few compare to the Standard Bank Gold Credit Card, which includes insurance, travel, and lifestyle advantages. Additionally, the account is appropriate for first-time credit card purchasers. Additionally, the Standard Bank Gold Credit card offers some of the most inexpensive rates and fees in South Africa, with monthly service fees as low as R54.00.

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Standard Bank Gold Credit Card Summary

The Standard Bank Gold Credit Card is a first-tier credit card with a credit limit of R250,000.00. Monthly service fees of R54.00 apply to the credit card, and the minimum income criterion is capped at R7,500.00 in 2022. As a Gold credit card customer, you are required to pay at least 3% of the balance on your Gold credit card each month. Standard Chartered Bank The Gold credit card offers up to 55 days of interest-free credit when the debt is paid in full. Interest rates on the Gold credit card are variable and are determined by your credit profile. A Gold credit card holder’s minimum interest rate is equal to the prime rate. The maximum annual percentage rate on the Gold credit card is the repo rate plus 14%.

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Standard Bank Gold Credit Card Benefits

  1. The Standard Bank Gold Credit Card is protected with 3D Secure verification for a safer online shopping experience.
  2. You can get up to 35% off on ticket purchases for Emirates flights when you book via ‘Leisure Desk’ using your Gold credit card.
  3. The credit card comes with automatic basic travel insurance when you purchase your ticket using the Gold credit card. The insurance covers medical expenses for the first 90 days of up to R1,000,000.00. Only those below the age of 75 are eligible for basic travel insurance.
  4. You can enjoy ‘Buy 1 get 1’ promos on food and lifestyle offers using the ‘Mastercard App’.
  5. You get free access to Standard Bank digital platforms services.
  6. The card comes with a ‘Tap to Pay ™’ function so that you can tap your card to make purchases of R500.00 or less.
  7. You can get a credit limit of up to R250,000.00 on your Gold credit card.
  8. You can get 11GB free data when you buy 1GB of ‘Always On Wi-Fi’ services using your credit card.
  9. Can get 4 Ster Kinekor tickets for the price of 3 when you buy your Ster Kinekor tickets using your Gold credit card.
  10. When you swipe R300.00 or more on ‘Pro Gifts’ using your credit card, you get 10% off.
  11. When you swipe R300.00 or more at ‘A Place to Shop’ you get up to 10% off.
  12. By using your Gold credit card, you stand a chance to earn UCount Rewards Points. This is when you use your card every time and at every store.
  13. By booking a treatment at ‘Health Spa retailers’ using your credit card, you get 10% off your Health Spa voucher.
  14. You get 10% off when you swipe your card at Hirsch’s in-store.
  15. You get 15% off at AA when you use your credit card to pay for your subscription.

Standard Bank Gold Credit Card Fees 2022

Fee description Amount
Monthly Service FeeR54.00
Cash deposit at ATMFree up to R3000.00 and R10.00 per R1000.00 thereafter
Cash deposit at Standard Bank branchR18.00 per R1000.00. Min R60.00
Withdrawal at Standard Bank ATMR7.50 per R1000.00
Cash withdrawals at Standard Bank branch R20.00 per R1000.00
Cash withdrawals at other banks ATMR10.00 per R1000.00
International ATM cash withdrawals R20.00 per R1000.00 plus 2.75% international transaction fee
Cash advance on casino chips purchasesR2.00 per R100.00
Online inter-account transfersR4.00
Branch inter-account transfersR75.00
Online account paymentsR9.00
Branch account payments R75.00
Card Initiation feeR180.00
Point of sale purchase with cashback R1.40 per R100.00
Point of sale cash back onlyR1.40 per R100.00
International transaction fee2.75%
Standard bank gold credit card fees 2022

Competitive Advantages of the Standard Bank Gold Credit Card

  • You get rewards every time you make a purchase through the UCount Rewards program.
  • The credit card allows for a 55 days interest-free credit when you pay your outstanding balance in full and on time each month.
  • It’s easy to manage payments with SnapScan, MasterPass, ‘Tap and Go’ mobile banking, and internet banking.
  • The credit card is attainable for many South Africans as it requires a gross income of R7,500.00.
  • The credit card has a lost card protection feature that is there to prevent liability from fraudulent transactions after the card gets lost or stolen.
  • With a credit limit of R250,000.00, the credit card has one of the highest credit limits for a first-tier credit card.
  • Comes with zero charges for purchases on Point of Sale.
  • There is travel insurance for those that use their credit card to purchase flight tickets.
  • The credit card has many discounts from different stores and online shops.

Competitive Disadvantages of the Standard Bank Gold Credit Card

  • The credit card doesn’t have free transactions and charges for almost every action that you perform with the credit card except for balance enquiries and point of sale purchases.
  • The credit card has a high international transaction fee which is 2.75% for every transaction that you make plus other applicable charges/fees.

How to qualify Gold Credit Card

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  1. Must earn at least R7500.00 or more.
  2. Must be over the age of 18.
  3. Have a South African ID book or Smart card or if you are not a South African citizen you need to have a passport.
  4. Must have a recent 3 months bank statement showing income. This is only for those that don’t bank with Standard Bank.
  5. You need to have a proof of residence that is not older than 3 months at the time of application.
  6. Have the most recent payslip.

Conclusion

Owning the Standard Bank Gold Credit Card is the best move that you can make as an amateur credit cardholder. This credit card will allow you to understand how credit cards work while providing you with full exposure and experience to the credit world without spending a lot of money.

Standard Bank Gold Credit Card Review 2022
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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
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