The Standard Bank Platinum Credit Card is a private banking credit card that comes with impeccable benefits. This credit card is mainly designed for those that have a higher expenditure budget as compared to the average South African.
Because the Platinum credit card is a private banking card, the card comes with a dedicated private banker and financial experts that will be at your disposal at no additional cost. The Platinum credit card also comes with travel benefits and lifestyle benefits.
Standard Bank Platinum Credit Card Summary
The Standard Bank Platinum Credit Card is a private banking credit card that has a monthly service fee of R94.00. To qualify for the Platinum credit card, you need to earn at least R58,000.00 per month. The maximum credit limit allowable for the Platinum credit card is R250,000.00. As a Platinum credit cardholder, you need to pay at least 3% of your outstanding credit balance every month.
Interest on the credit card is personalised. However, you can enjoy interest-free credit if you pay your outstanding credit balance every month. The interest rate on the Platinum credit card is subject to the prime rate, therefore, the lowest credit interest rate on the Platinum credit card is the prime rate. The maximum interest rate is the repo rate + 14%.
To get started with the Platinum credit card, you need to pay a once-off initiation fee of R180.00. The Platinum credit card comes with insurance benefits, lifestyle benefits and travel benefits. You can get discounts of up to 35% when you use your Platinum credit card to make purchases at selected stores.
Standard Bank Platinum Credit Card Benefits
- You get to collect UCount Rewards every time you shop.
- You get up to 35% off on Emirates flights when you book through ‘Leisure Desk’.
- Free electronic statements, budget facilities, and account limit changes.
- You get to enjoy up to 15% off your next car rental when you book with Avis.
- You get 10% off when you swipe your card in-store at Hirsch’s.
- Get up to 20% off trips in the Middle East and Africa when using the ‘Careem cab-hailing app’.
- You get 10% off your health spa voucher when you pay with your Platinum credit card to book a treatment at “Health Spa retailers”.
- You get automatic basic travel insurance of up to R1,000,000.00 when you use your credit card to purchase travel tickets. Travel insurance is only available for individuals who are younger than 75 years.
- Can access handpicked experiences and offers in cities around the world with ‘Priceless Cities’.
- You get 15% off on your AA subscription when you use your Platinum credit card to pay for your subscription.
- You can get an optional credit card protection plan to ensure that your credit card debt is covered in case of an unfortunate event.
- When you rent a car with ‘Gold Plus rewards’ from Hertz, you can get up to a 10% discount at participating Hertz locations worldwide.
- You get 10% off when you book accommodation through “hotels.com” on selected properties.
- When you spend R300.00 or more on ‘Pro Gifts’ using your Platinum credit card, you get 10% off.
- You get 10% off when you spend R300.00 or more at “A Place to Shop”.
- By using your credit card at “Gift Experience”, you get 5% off your experience voucher.
- You get 11GB of free data when you purchase 1GB of ‘AlwaysOn Wi-Fi’ data for R19.00.
- You get up to 33% off purchases when you purchase online at ‘Wine of the Month’.
Standard Bank Platinum Credit Card Fees 2022
| # | Fee description | Amount |
|---|---|---|
| 1 | Monthly service fee | R94.00 |
| 2 | Initiation fee | R180.00 |
| 3 | International transaction fee | 2.50% |
| 4 | Cash deposits at Standard Bank ATM | Free up to R3000.00, thereafter R10.00 per R1000.00 |
| 5 | Cash deposits at Standard Bank Branch | R18 per R1000.00 |
| 6 | International ATM cash withdrawals | R20 per R1000.00 + 2.50% transaction fee |
| 7 | Cash withdrawals at a Standard Bank ATM | R7.50 per R1000.00 |
| 8 | Cash withdrawals at a Standard Bank Branch | R20.00 per R1000.00 |
| 9 | Online inter-account transfers fee | R4.00 |
| 10 | Branch inter-account transfers fee | R75.00 |
| 11 | Cash withdrawals at other banks’ ATMs | R10.00 per R1000.00 |
| 12 | A cash advance on casino chips purchases | R2.00 per R100.00 |
| 13 | Online accounts payments fee | R9.00 |
| 14 | Branch account payments fee | R75.00 |
| 15 | Point of sale purchase with cashback fee | R1.40 per R100.00 |
| 16 | Point of sale cashback only fee | R1.40 per R100.00 |
| 17 | Prepaid airtime, SMS, data recharge fee | R0.50 |
| 18 | Prepaid electricity recharge fee | R1.50 |
| 19 | Payment confirmation SMS | R1.35 |
Competitive Advantages of the Standard Bank Platinum Credit Card
- You get travel benefits that allow you to earn 35% back in discounts.
- The credit card allows you to shop at over a million merchants worldwide.
- Comes with free purchases on Point of Sale.
- You earn cashback every time you use your Platinum credit card.
- The credit card comes with security functionalities for purchasing online, and in-store.
- The credit card comes with automatic lost credit card protection.
- You can change your credit limit by reducing or increasing at any time.
- You can link your credit card to SnapScan or MasterPass to pay using your phone.
- The Platinum credit card gives you access to ‘Cafe Blue’ lounges at OR Tambo and Bidvest Lounges.
- There is no monthly fee if the Platinum credit card is bundled with a Private banking account.
Competitive Disadvantages of the Standard Bank Platinum Credit Card
- Has a high international transaction fee.
- Comes with many transaction fees for those that transact a lot.
- Branch fees are high and in some cases they are over 8 times the amount charged for transacting online.
How to qualify for the Credit Card
- You need to earn at least R58,000.00 or more,
- Must be over the age of 18 at the time of application,
- Have a South African ID book or Smart card or if you are not a South African citizen you need to have a passport.
- Have a recent payslip and 3 months bank statement showing your income.
- Proof of residence that is not older than 3 months.
Conclusion
The Platinum credit card is best suited for professionals and high-income earners who have more special banking needs than the average South African. Since the credit card gives you access to a team of dedicated consultants and financial experts, you can manage your money like a professional and you will avoid making uninformed decisions.
