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.
One of the best black cards in South Africa, private wealth debit card is tailored for the ultra-rich. The card boasts many competitive perks. Let us look below what your advantages, requirements, and disadvantages of owning this FNB black card.
Requirements
- Must earn a minimum of R1,500,000.00 per annum in gross income, or
- Own assets worth R15,000,000.00 or more
Advantages
- Monthly account services fee waived when you maintain a minimum of R100,000.00,
- Get free cash deposits of up to R20,000.00 per month,
- Get 15% back with eBucks when you make purchases on Uber eats,
- Earn up to 40% back in ebucks on FNB’s life insurance
- Can apply for a private wealth credit card,
- Get 500mb, 60 minutes, and 60 SMS’s every month,
- Receive unlimited card withdrawals,
- Get free pay and clear, payments and transfers, airtime purchases, debit orders, card purchases, and card replacement,
- You get access to the slow lounge,
- Get comprehensive cover when you travel,
- Also get free statements, balance Enquiries, and linked accounts transfer and
- Free global account transfers
Disadvantages
The FNB private wealth debit black card has wealth written all over it. There are many benefits that come with this FNB black card. Compared to other FNB debit cards this seems to be the best. Almost every service is free. However, you pay higher monthly service fees for having it.
Your monthly fees can be waived if you maintain a balance of R100,000.00 in your account. Not many have so much money to keep in their bank account but if you have, it would likely work well for you.
Probably, you may not need to keep so much money in a bank account, calculate your opportunity cost. If you are going to make money using that R100,000.00 then use it.
Like the FNB private client debit black card, this card comes with a private banker. Added to the private wealth account, you get a private banking analyst who will help you manage your financial affairs.
A huge amount of ebucks can be earned if you own this card. If you like buying online or use Gautrain, you can take advantage of the ebucks rewards. You get up to 40% in ebucks rewards on purchases.
How much do you need to qualify for a black card in South Africa?
As the card is invite-only, the criteria for eligibility are open to rumour and speculation – though most reports on the card peg requirements of prospective holders at having a significant net worth; an excellent credit record; and being willing to spend around $250,000 a year.
Who qualifies black card?
The requirements to get a “black card” aren’t publicly available either, but based on other users’ reports, you should probably: Use other Amex cards. Be an active cardholder for at least a year. Charge at least $250,000 per year (though some estimates are as high as $450,000)