Nedbank Business Credit Card Full Review

Mastercard and American Express cards with rewards in dollars!

The Nedbank Business Card is one of the bank’s credit card services designed to cater to businesses with a minimum annual turnover of R360,000, offering zero interest if the outstanding balance is settled each month. In addition to Mastercard and American Express, the Nedbank Business Card offers the opportunity to accumulate rewards in dollars!

Nedbank provides various financial solutions for South African clients, offering different plans to the public. Regarding credit cards, they provide different levels of financial management for companies, including entrepreneurs starting their businesses.

The Nedbank credit card can assist the company in managing expenses and making investments, as this type of corporate card centralizes spending, working well for various daily business situations.

If you believe that the Nedbank Business Credit Card could be a good option for your company, keep reading.

How Does the Nedbank Business Credit Card Work?

Nedbank is a financial institution initially established in the Netherlands and subsequently introduced to the South African market, boasting an operating history of nearly 130 years.

Throughout its evolution, Nedbank has expanded its offerings into diverse financial services, leading to the establishment of Nedbank Group Limited.

Presently, Nedbank caters to both corporate entities and individuals, delivering services encompassing account management, investment portfolios, health insurance, and various aids to provide comprehensive financial management for entrepreneurs across South Africa.

The Nedbank Business Card serves as a corporate credit card, featuring an expense limit and a card limit. Unlike other credit cards that have a direct application form, the Business Card requires a closer evaluation by the bank’s consultants.

Therefore, when applying, the client will have a card account created in the company’s name, with the card becoming effective upon receipt. The card limits are customized based on the company’s needs, mainly due to the close attention provided by the bank’s representatives.

The card can be issued to employees spending on behalf of the company, with no interest charges if the card is fully settled each month. In terms of fees, the card has an initiation fee of R420 and an annual fee of R420 for business card management.

What are the Nedbank Business Credit Card Benefits?

See the main benefits and rewards offered to companies that have the Nedbank Business Card:

• Payment of all business expenses without interest every month
• Dollar rewards with spending using the American Express card
• Dual-issued Master and America Express cards in a single statement
• Card issued for employees who spend on behalf of the company

In addition, it comes with other benefits, such as:

• Full access to the Money app and online banking
• Internet banking services
• Multiple linked profiles with easy switching
• Access to MoneyTracker to track finances and send invoices

Beyond the direct benefits of the card, the Business Card offers access to a range of networking spaces, including:

• Online registration on the BizPortal and SwiftReg agencies
• Access to SimpyBiz, a free networking platform
• Access to the Essential Guide for Small Business Owners

In any case, the Business Card promises to offer good financial management for company services, especially due to the close relationship with the bank.

Possible Drawbacks

Firstly, the Nedbank Business Card website lacks extensive information, which is indeed a drawback, especially because other brands describe the card’s features more comprehensively. This is because Nedbank’s focus is precisely on strengthening the relationship with the client and creating a personalized plan.

In any case, businesses with lower revenue may need other credit cards, as the minimum requirement is an annual turnover of R360,000. Additionally, those with significantly higher revenue may also not find the business card to be their best option for financial management.

How do I apply for the Nedbank Business Credit Card?

The application for the Nedbank Group Business Card should be made through direct contact with the bank’s representatives, primarily due to the customization of credit limits and conditions. Therefore, it is best to gather as much information as possible to understand the application process.

Written by

Gabriel Gonçalves