Although you have to pay more than other banking options, much of the appeal of credit cards is the lavish rewards and perks that come with them.
Whether it’s up to 100% discount on travel expenses offered by Discovery Bank or 24/7 personal financial assistance with Nedbank, local banks cater to people high-income earners with special lifestyle and business needs.
The cards themselves have become status statements; many follow the same design layout of being all black and minimalist, but some banks differentiate, notably Discovery with its glossy purple vertical card.
BusinessTech has reviewed some of the most exclusive bank cards available in South Africa:
Discovery Bank Purple Wealth Suite
Discovery Bank offers two different banking products, the Discovery Bank Purple Suite for the wealthy in South Africa and the Discovery Bank Purple Wealth Suite for the super-rich.
The qualifications to be considered for an invitation are unknown; however, Discovery Bank Purple Suite’s standard requirements are still high. A potential cardholder must earn at least R2.5 million, equivalent to a monthly salary of R208,000.
According to Discovery, the Wealth Suite is offering its cardholders a metal credit card that can reward cardholders with up to 100% off local and international business class flights for themselves and a spouse.
Other rewards include luxury accommodation through the Purple Hotel Collection, unlimited airport lounge visits, a more personalized banking experience, better rates on investments, and free gym memberships at any location. Virgin Active health club or Planet Fitness in South Africa.
Private Wealth ETFs
the Private Wealth ETF Credit Card is available to people with an annual income of more than R1.8 million or people with a net asset value of more than R15 million.
According to FNB, the card itself is made of metal, which makes it more resistant, durable and environmentally friendly. The main appeal of this card is the exclusive eBucks lifestyle benefits that come with it, up to 55 days of interest-free purchases and personalized interest rates.
At a relatively low initiation fee compared to other exclusive cards of R175, cardholders have exclusive access to benefits such as private banking advice, specialist loans and access to over 1,000 business lounges. airport in the world.
Nedbank Private Wealth
the Nedbank Private Wealth Package The account costs R468 per month and gives members; a current account, a Nedbank Private Wealth Visa Infinite, an American Express Check Card and a Nedbank Private Wealth Visa Infinite and an American Express credit card.
It is, however, only available to those who apply or are invited. For your application to be considered, you need a personal annual income of at least R1.5 million or investable assets worth at least R5 million, at least exclusion from the property in which you live.
Nedbank highlighted that its 24-hour suite of services, available exclusively to these cardholders, is dedicated to assistance with banking enquiries, lifestyle needs, event booking, flower delivery or the exchange of rewards.
Travel benefits include multi-trip travel insurance with Visa Infinite which can cover up to $2.5 million (R38,300,000).
Standard bank signature
the Standard bank signature credit card sports a classy black and blue look, a monthly fee of R480 and a minimum monthly income requirement of R92,000.
Although the card is not invite-only, you must contact Standard Bank if you wish to own the card. Key benefits of owning this card include the ability to grow wealth through bespoke portfolio management, a dedicated banker to answer all financial queries, the ability to bank overseas, and 24/7 emergency.
Investec Private Bank
Investec, through its Private bank account, offers potential customers a Visa Platinum credit card with up to 45 days interest-free on card purchases, unlimited free withdrawals at local and international ATMs, and free access to local and international lounges.
This credit card is reserved only for people with an annual salary of R800.00.
Private RMB Merger Account
All metal RMB credit card allows personalized credit solutions, free access to SLOW and Bidvest Premier lounges and 55 days without interest.
The RMB Private Fusion account shares similar benefits to the FNB eBucks reward system, which provides savings on technology, travel, and accommodation.
According to RMB, you must earn R750,000 or more per year or have a net asset value above R15 million to qualify for this card.
Absa Private Bank
The second purple card on this list, the Absa Private Banking credit card, is Absa’s solution to the needs of its high-income clientele. To qualify, you need a monthly salary of R62,500.
This card offers customers no transaction fees on purchases, up to 57 days interest free, a credit limit of up to R228,000 and a swipe limit of R90,000.
The Visa Signature credit card also includes exclusive global assistance services, travel insurance, and medical or legal referrals.
Read: Alcohol price and tax changes proposed for South Africa.