Black Card Requirements In South Africa

In South Africa a black card is a credit or debit card targeted to high net individuals earning more than R750,000.00 per annum. The name is derived from the colour of the card. A black card generally gives the holder access to R300,000.00 credit facility. Black Card holders are usually business owners and C-Suite level executives.

Officially called the American Express Centurion card, the ‘black card” (named so due to its colour) is one of the most top level and unique credit score records on the globe, available by invite only – and only to extremely wealthy.

The card was introduced in 1999 to customers who meet United states Express’ qualifications requirements. The credit cards started out as rumour and a myth, but American Express eventually made the legend a reality, and created an all-black titanium credit cards to serve the needs of its extremely wealthy customers.

The credit card isn’t strictly a credit card, but rather a charge cards – meaning there is no minimum per month repayment system, and the credit cards must be paid in full at the end of the month, according to reviews.

This means that there is no pre-set spending restrict – and no interest fees.

As the credit cards is invite-only, the requirements for qualifications are open to rumour and speculation – though most reviews on the credit cards peg requirements of prospective owners at having a significant net worth; an excellent credit score record; and being willing to spend around $250,000 a year.

The credit card also requires a $7,500 initiation fee, as well as a yearly consideration fee of $2,500.

For being in a unique club, credit cards owners gain perks such as journey advantages by means of airline and hotel upgrades and accessibility airport lounges. Then there happens to be 24-hour concierge service and VIP accessibility unique events.

South African offerings

While most of South Africa’s banking institutions do not provide a top level credit score consideration for their most affluent customers – it does exist.

Standard Bank

According to a spokesperson from Standard Bank, South Africa’s greatest bank does have a unique credit card in which customers are invited to participate in, just like the American Express Centurion consideration.

However, the details, in terms of pricing and advantages are made available to customers directly, and no further information could be publicly disclosed.

Nedbank

According to head of financial products and packaging at Nedbank, Heidie Ziervogel, the green bank offers top level packages by means of the Nedbank Private Wealth Amex Platinum Card and the Nedbank Private Wealth MasterCard World credit and Debit Card.

The credit cards are bundled in a per month maintenance fee of R259 per month, for now, and are available unbundled as well, according to Ziervogel.

The Nedbank providing comes with the following advantages for wealthy customers who qualify for it:

Full Travel and Lifestyle Benefits
24/7 Access through our dedicated Contact Suite
Quick turnaround times
Relationship with Nedbank Personal Prosperity Personal Banker
Concierge Services through both affiliations
Travel Insurance Benefits

FNB

FNB told us that while no top level consideration was provided by the lender, it did have its FNB Private Clients credit card for their wealthier customers – and a Platinum Credit Card for non-Private Banking customers who earn between R350,000 and R1.1 million per annum.

The FNB records don’t provide much in the way of top level privileges, however, with the same sort of rewards being provided to other credit score consideration customers (just with higher discounts), plus the addition of accessibility SLOW lounges at the country’s greatest airports.

Requirements

  1. You must have a gross income of R750,000.00 or more, or
  2. Keep R75,000.00 for three months in your gold or premium account.

Who qualifies for a black card in South Africa?

In South Africa a black card is a credit or debit card targeted to high net individuals earning more than R750,000.00 per annum