Top of the Range Credit Cards – Benefits and the Types of Cards Available
Do top of the range credit cards give you more?
Credit addiction is a worldwide phenomenon, and South Africans are no different. That is why banks have come out with the top of the range credit cards to encourage more spending.
Banks were quick to pick up on that trend and for years now have been offering a variety of credit cards to feed the need for liquidity.
By 2014, close to 9 million South Africans were credit card holders with more than 38 different packages on offer by financial institutions.
Nowadays nearly everyone seems to own a credit card.
That can range from the no frills attached entry-level card to the colour-coded platinum, black or purple varieties that scream affluence with built-in luxuries such as chauffeured limousines and access to private airport lounges.
So yes, it is true.
Top of the range credit cards do give holders more value for their money.
High-income earners who use their credit cards frequently and whose accounts are well managed enjoy an array of privileges, including preferential interest rates.
Examples of the top end credit card range
The adage for the top of the range credit cards is simple – the higher the income, the lower the interest rates imposed by banks.
Absa’s Top-End Private Banking Card:
- Minimum annual income of R750 000
- Monthly service fee R380
- Special discounted rewards programme included when the cardholder is travelling, shopping or dining
- Personal Banker advice and access to international money markets
- Also, receive luxury hotel and holiday resorts discounts of 10%
FNB’s Private Wealth Card:
- Minimum annual income of R1.5 million or net assets valued at R1.5 million plus
- Bundled option that includes the Private Wealth overdraft facilities, a secure online securities trading account, credit card and cheque accounts at the cost of R399 monthly
- Also, receive expert financial advice and specialised wealth management
FNB’s Private Clients Card:
- Minimum annual income of R750 000
- Dedicated private banker
- However, there is a monthly service fee of R149
- Bundled option, including cheque account, at R345 a month
- Access to local and international airport lounges when travelling
- Free Avis transport from airport to destination
- Also, receive eBucks rewards including access to the eBucks Lifestyle Desk to handle travel requirements
Nedbank’s Private Banking card
- Minimum annual income of R700 000
Nedbank’s Private Wealth Card
- Minimum annual income of R1.5 million or minimum assets of R5 million
While both cards are subject to higher monthly fees, holders enjoy a lower rate of interest, special credit facilities and a larger range of benefits such as concierge services, travel insurance and access to private airport lounges.
Standard Bank:
Standard’s Black and Metal Cards:
- Standard bank only issues these cards to an elite few
- The Metal Card is only issued on an invitation-only basis
- And also, the bank’s Relationship Managers craft services and financial solutions are based on individuals needs
Card holders enjoy world-class benefits such as:
- Travel and lifestyle benefits
- Concierge services
- Also, you have access to worldwide airport lounges
Discovery Purple Credit Card
- This sought-after card is said to cost R14 200 annually
- Also, benefits are based on individual Discovery status and annual spending trends
An annual expenditure of more than R1.5 million qualifies for:
- Free domestic flights
- 50% discounts on domestic flights for dependents
- 50% discounts on Rovos Rail bookings
- And also free gym membership for one year for individual card holders
Another benefit includes chauffeur driven limousines to transport clients to their homes after a night on the town.
All info was correct at time of publishing