Nedbank Small Business Credit Card Full Review

The credit card is ready for your business with a variable limit!

The Nedbank Small Business Credit Card offers a differentiated financial solution for small businesses and startups with a variable credit limit and a range of benefits to help grow your business both domestically and internationally.

The Nedbank credit card is highly personalized, providing comprehensive assistance for businesses across different sectors. In this regard, it is a product tailored for small and medium-sized enterprises, as well as startups.

In addition to credit itself, the Nedbank credit card for small businesses offers other business opportunities, such as online invoicing and registration on a networking platform to connect with other entrepreneurs and business owners.

In this way, customers gain access to Nedbank’s network, a significant South African digital bank with a range of financial solutions for various audiences, including entrepreneurs at different stages of business expansion.

If you believe that Nedbank’s financial solutions align with your needs, keep reading.

How Does the Nedbank Small Business Credit Card Work?

Nedbank is a bank originally founded in the Netherlands and later introduced to the South African market, with almost 130 years of operating history. Over the years, Nedbank diversified into various other financial services, establishing Nedbank Group Limited. Currently, Nedbank serves both businesses and individuals, offering services such as account management, investment portfolios, health insurance, and other assistance to comprehensively manage the finances of entrepreneurs throughout South Africa.

The Nedbank Small Business Credit Card may come with the Mastercard or American Express brand. The goal is to provide an economical and flexible payment solution to cover the daily business expenses on behalf of the company.

Therefore, the credit card has a flexible and personalized monthly limit. Nedbank conducts a comprehensive analysis of the business, and the minimum annual turnover to qualify for the card is R150,000.

In terms of costs, the card has a one-time initiation fee of R262 and a monthly service fee of R57. The Nedbank credit card aims to facilitate capital and cash flow, efficiently managing finances with expense control at your fingertips through the mobile app.

Additionally, the card comes with purchase protection, offering more security against everyday fraud.

What are the Nedbank Small Business Credit Card Benefits?

Firstly, the card provides full access to Nedbank’s digital banking, offering the following benefits:

• Money management with the Money app and online banking services.
• Multiple profiles linked to a single account with the option to share login details.
• Invoice sending with the Money Tracker feature

Nedbank also connects entrepreneurs with their peers through various services:

• Business registration on BizPortal and SwiftReg agencies
• Access to SimplyBiz, a free networking platform for business owners.
• A free essential guide for small business owners
• Services from Avo for sales with over a million registered users

Other benefits of the Nedbank Small Business Credit Card include:

• 5% discount on AVIS PME fees
• Integrated purchase protection.
• Double rewards in dollars spent with American Express.
• Four annual visits to Bidvest lounges.
• Basic travel insurance.
• Dollar rewards

Therefore, the Nedbank Small Business Credit Card can provide effective money management, allowing use by multiple partners and covering key moments of the business.

Possible Drawbacks

Firstly, clients who do not have a stable company or have a turnover below R150,000 will need to seek another card. Therefore, the initial stages of the business are not ideal for obtaining this type of card from Nedbank.

On the other hand, clients with companies with higher turnover may look for other credit card options with broader applicability. In this way, there are different audiences that may not be well served by the Nedbank Small Business Credit Card.

How do I apply for the Nedbank Small Business Credit Card?

If you believe that the Nedbank Small Business Credit Card can fit well with your company’s current situation, it may be worth applying for the card with the bank. However, it is essential to be aware of all the conditions beforehand.

Written by

Gabriel Gonçalves