The Standard Bank Business Credit Card is a versatile financial tool aimed at simplifying expense management and offering valuable rewards for business transactions. With competitive fees, interest-free periods, and extensive global acceptance, this card is a strong contender in the business credit card market.
Key Features
- Monthly Fee: R45.00
- Interest-Free Days: Up to 55 days
- Minimum Monthly Repayment: 5%
- UCount Rewards for Business: Earn points on eligible transactions (terms and conditions apply)
Benefits
1. Global Acceptance
- Visa and MasterCard Options: Choose between Visa or MasterCard, both widely accepted worldwide.
- ATM Access: Use the card at over 900,000 ATMs globally.
2. Interest-Free Credit
- Up to 55 Days: Enjoy up to 55 days of interest-free credit if the balance is settled in full by the due date. This feature aids in better cash flow management.
3. Security Features
- Corporate Liability Waiver: Automatic protection against fraud and misuse.
- Fraud Prevention: Standard Bank will never request OTP (One-Time Password) via email or phone. Always verify requests directly with the bank.
4. Travel Benefits
- Discounts: Receive up to 20% off Emirates flight tickets.
- Travel Insurance: Automatic cover of up to R2 million for travel bookings made with the card.
5. Rewards Program
- UCount Rewards for Business: For an additional R30 per month, earn rewards points on purchases. Points can be redeemed for various products and services.
Costs and Fees
The 2024 fee structure for the Standard Bank Business Credit Card includes:
Monthly Fees
- Business Credit Card: R45.00
- Corporate Card: R43.58
- Travel Lodge and Aviation Cards: R523.00 annually
Initiation Fees
- Business Credit Card: R309.00
- Corporate Card: R309.00
Transaction Fees
- Standard Bank ATM Withdrawal: R2.40 per R100
- Other Bank ATM Withdrawal: R2.40 per R100
- International ATM Withdrawal: 2.75% of the transaction amount + R3 per R100 (minimum R70)
Cash Deposits
- ATM Deposit: R4.80 + R1.20 per R100
- Branch Deposit: R8.50 + R2.20 per R100 (minimum R60)
Statement Fees
- AutoPlus Statements: Free
- Branch Statements: R32.00
Card Replacement
- Standard Replacement: R145.00
- Emergency Replacement: R450.00
Pros and Cons
Pros
- Wide Acceptance: Accepted globally at millions of merchants and ATMs.
- Interest-Free Period: Up to 55 days interest-free credit.
- Rewards Program: Optional UCount Rewards program allows for earning points on business expenditures.
- Travel Perks: Discounts on Emirates flights and automatic travel insurance coverage.
Cons
- Rewards Program Fee: Membership to UCount Rewards for Business incurs an additional fee, unlike some competitors who offer similar programs for free.
- High International Conversion Fee: The 2.75% international transaction fee is higher than the typical 2% charged by other banks.
Requirements
To qualify for the Standard Bank Business Credit Card, applicants must meet the following criteria:
- Registered Business: The business must be registered in South Africa.
- Valid ID: A South African ID book or smart card is required.
- Age Requirement: The company representative must be at least 18 years old.
- Proof of Address: The business must provide proof of address dated within the last three months.
- Business Duration: The company should have been operational for at least 24 months.
Conclusion
The Standard Bank Business Credit Card offers a robust set of features designed to support businesses in managing expenses effectively. With its global acceptance, interest-free credit period, and valuable travel benefits, it presents a strong option for businesses seeking financial flexibility and rewards.
However, prospective users should consider the additional costs associated with the UCount Rewards program and the higher international transaction fees. For businesses that can leverage the rewards and manage their international transactions efficiently, the Standard Bank Business Credit Card could be a valuable addition to their financial toolkit.
For more information or to apply, visit Standard Bank’s Business Credit Card page.