The Nedbank Small Business Credit Card is designed to offer flexible financial solutions to startups, small businesses, and sole proprietors. With a focus on enhancing cash flow and providing financial flexibility, this card is a valuable tool for managing short to medium-term business expenses.
Key Features
- Monthly Service Fee: R57
- Once-off Initiation Fee: R277
- Credit Limit: Based on individual needs and affordability
- Revolving Credit Facility: Available
- Interest-Free Credit Period: Up to 55 days
- Flexible Repayment Options: Multiple repayment methods
Benefits of the Nedbank Small Business Credit Card
Flexible Repayment Options
The Nedbank Small Business Credit Card offers three flexible repayment options:
- Minimum Monthly Repayment: 5% of the outstanding balance.
- Budget Facility: Spread the repayment over a fixed term.
- Interest-Free Full Payment: Pay off the full balance within 55 days to avoid interest.
These options help businesses manage their cash flow and adapt repayment schedules according to their financial situation.
Reward Programs
Cardholders can earn Greenbacks rewards on their spending. Notably:
- Greenbacks Rewards: Earn points on eligible transactions, which can be redeemed for various benefits.
- Double Rewards: Get double Greenbacks points when using the American Express Card.
Travel and Purchase Benefits
- Bidvest Lounge Access: Up to four complimentary visits per month, with a minimum spend of R4,000.
- Automatic Travel Insurance: Basic coverage with options for top-up insurance when purchasing air tickets.
- Purchase Protection: Built-in protection for goods purchased but not delivered.
Digital Banking Features
The Nedbank Small Business Credit Card integrates seamlessly with Nedbank’s digital platforms:
- Money App and Online Banking: Manage your account on the go, track expenses, and send invoices using MoneyTracker.
- Profile Management: Link and switch between multiple profiles easily, and share access with secondary users.
Business Management Tools
Nedbank supports business owners beyond credit:
- BizPortal Registration: Register your business online or in a branch.
- SimplyBiz Membership: Join a free networking and resource platform for entrepreneurs.
- Avo Super App: Sell products and services to over one million users.
Fees and Charges
Understanding the fee structure is crucial for managing costs effectively. Here is a breakdown of the fees associated with the Nedbank Small Business Credit Card:
Monthly and Transactional Fees
| Fee Description | Amount |
|---|---|
| Primary Monthly Card Fee | R57.00 |
| Secondary Monthly Card Fee | R57.00 |
| Monthly Garage Card Fee | R57.00 |
| Once-off Initiation Fee | R277.00 |
| Credit Facility Service Fee | R20.00 |
| Transaction Fee | Free |
| Statement Request Fee | R12.00 |
| Branch Counter Statement Fee | R40.00 |
| Balance Enquiry at Branch | R22.00 |
| Nedbank ATM Enquiry | Free |
| SASWITCH ATM Enquiry | R10.00 |
| International Balance Enquiry | R10.00 |
| Point of Sale Balance Enquiry | R2.00 |
| Fuel Purchase Fee on Garage Card | R4.30 |
| Card Replacement Fee | R150.00 |
| Cash Withdrawal at Nedbank ATM | R2.50 per R100.00 or part thereof |
| Withdrawal at SASWITCH ATM | R12.00 + R2.50 per R100.00 |
| Cash Withdrawal at POS | N/A |
| Nedbank Branch Cash Withdrawal | R100.00 + R2.50 per R100.00 |
| Cash Withdrawal Overseas | R60.00 + R2.50 per R100.00 |
| Branch Cash Deposit Fee | R100.00 + R2.50 per R100.00 |
| Cash Deposit at Nedbank ATM | R1.50 per R100.00 |
Digital and Other Fees
| Fee Description | Amount |
|---|---|
| Electronic Deposit | Free |
| Cash Deposit at Retailer’s Tillpoint | Varies by retailer |
| Cellphone Banking | Free |
| Debit Order (Internal) | Free for 6 months, then R2 |
| Stop Order | Free for 6 months, then R15 |
| Payment Notifications (SMS/Email) | R0.50 |
| Instant Payment Fee (<= R3,000) | R10.00 |
| PayShap Payment Fee | R1.00 and R7.50 |
Advantages
- No Enrollment Fee: Greenbacks rewards program enrollment is free.
- Free First Card: The initial card issued is at no cost.
- Complimentary Lounge Stays: Enjoy free Bidvest lounge access with a minimum spend.
- Revolving Credit Facility: Flexibility to manage cash flow.
- Business Networking: Access to SimplyBiz for networking and resources.
- Avo Store Access: Sell products to over one million users.
Disadvantages
- Fees for Cash Deposits and Withdrawals: Some fees apply for transactions.
- Limited Business Management Tools: Fewer management tools compared to other banks.
- High Minimum Turnover Requirement: R150,000 annual turnover may be high for some small businesses.
Qualification Criteria
To qualify for the Nedbank Small Business Credit Card, applicants must:
- Be 18 years or older.
- Operate a small-to-medium-sized business or be a sole proprietor.
- Be a South African resident or hold a valid work permit.
- Have an annual turnover of at least R150,000.
- Provide a recent payslip or proof of income.
Conclusion
The Nedbank Small Business Credit Card is a robust financial tool for small business owners seeking to manage cash flow and access flexible credit options. With competitive benefits, rewards, and digital banking features, it is designed to support businesses in navigating financial challenges effectively. However, potential applicants should consider the associated fees and requirements to ensure it aligns with their business needs.