The Nedbank Business Card is designed for established businesses, offering a range of features and benefits tailored to enhance business financial management. This review provides an in-depth look at the updated features, fees, and advantages of the Nedbank Business Card as of 2024.
Overview
The Nedbank Business Card is ideal for businesses with a minimum annual turnover of R360,000. It features a yearly fee of R445 and a one-time initiation fee of R472. This card allows businesses to earn rewards, manage finances digitally, and access various value-added services.
Key Features
- Annual Fee: R445
- Initiation Fee: R472
- No Interest: No interest is charged if the outstanding card balance is settled in full every month.
- Rewards: Earn double Greenbacks rewards on American Express Card spend.
- Card Issuance: Can be issued to employees for business-related spending.
- Card Types: Dual-issued Mastercard and American Express (one statement).
Digital Banking
- Money App & Online Banking: Manage personal and business banking in one place.
- Profile Management: Link multiple profiles and switch between them easily. Share your profile with secondary users for limited access.
- MoneyTracker: Track business finances and send invoices through the MoneyTracker feature.
Value-Added Services
- Business Registration: Register your business online through BizPortal or in-branch via SwiftReg.
- Networking: Join SimplyBiz, a free platform for networking and resources.
- Business Guidance: Download the Essential Guide for Small-business Owners for valuable business insights.
- Sales Platform: Sell products and services on Avo, which connects businesses with over one million registered users.
2024 Fees and Charges
The following table summarizes the fees associated with the Nedbank Business Card for 2024:
| Fee Description | Amount |
|---|---|
| Annual Fee | R445 |
| Initiation Fee | R472 |
| Greenbacks Enrollment and Linkage Fee | Free |
| Online Banking Monthly Subscription Fee | Free |
| Transaction Fees | |
| – Nedbank ATM Balance Inquiry | Free |
| – SASWITCH ATM Balance Inquiry | R10.00 |
| – International Balance Inquiry | R10.00 |
| – Point of Sale Balance Inquiry | R2.00 |
| – Card Replacement Fee | R150.00 |
| – Cash Withdrawal at Nedbank ATM | R2.50 per R100.00 |
| – Cash Withdrawal at SASWITCH ATM | R12.00 + R2.50 per R100.00 |
| – Point of Sale Cash Withdrawal | Not Available |
| – Branch Counter Cash Withdrawal Fee | R100.00 + R2.50 per R100.00 |
| – Overseas Cash Withdrawal | R60.00 + R2.50 per R100.00 |
| – Branch Deposit Fee | R100.00 + R2.50 per R100.00 |
| – ATM Deposit Fee | R1.50 per R100.00 |
| – Envelope Cash Deposit Fee | R100.00 + R2.50 per R100.00 |
| – Dishonored Payment Fee | R35.00 |
| – Incorrect Disputed Transaction Fee | R165.00 |
| – Incorrect Disputed Transaction Overseas | R200.00 |
Advantages
- Low Annual Fee: At R445 per year, it is competitively priced.
- Interest-Free Balance: No interest is charged if the balance is settled in full every month.
- Greenbacks Rewards: Double rewards on American Express Card spend.
- Digital Banking: Comprehensive digital banking solutions through Money App and Online Banking.
- Value-Added Services: Access to SimplyBiz, BizPortal, Avo, and the Essential Guide for Small-business Owners.
Disadvantages
- Relatively High Initiation Fee: The initiation fee of R472 is higher compared to some competitors.
- Transaction Fees: Some fees for cash withdrawals and deposits may be higher than other accounts.
Application Requirements
To apply for the Nedbank Business Card, your business must:
- Have a minimum annual turnover of R360,000.
- Be a registered legal entity with valid business financials.
- Be established for at least two years.
- Provide IDs of directors or business owners.
- Have the mandate to open the account if multiple shareholders or owners are involved.
Conclusion
The Nedbank Business Card is a robust financial tool for established businesses. It offers competitive annual fees, rewards on spending, and extensive digital and value-added services. While the initiation fee and some transaction costs may be higher than other options, the card’s benefits, including interest-free balance management and rewards, make it a strong contender for businesses looking to enhance their financial management and earn rewards.