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Nedbank Small Business Credit Card

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SME Reviews 16
Introduction

Boost your SME’s cash flow with the Nedbank Small Business Credit Card, designed for startups and SMEs in Johannesburg to Cape Town, with a minimum annual turnover of R150 000, offering a financial lifeline – but what benefits and features can you expect, and is it right for your business?

The business credit card offers a credit facility, which is a pre-approved loan facility, that is personalised to the individual business’s needs and what the business can afford. This business credit card helps with cash flow, allowing you and your employees to make use of the card for business spending and to withdraw cash using the main credit card or additional cards.

The card offers flexible repayment options, including a budget facility, meaning you can choose to repay the loan amount over a period from three months up to 60 months. You can also settle your account within 55 days.

You earn Greenbacks rewards when you swipe your card, make use of the bank’s digital platform, or when you pay back your loan on time.

Main Features

Type of Credit: The amount you qualify for is based on what your business can afford. There is also a Revolving facility that allows you to withdraw money, repay, and withdraw again (with an option to only pay the minimum outstanding balance).

Qualifying Criteria: Applicants must be at least 18 years old and earn a minimum of R150 000 annually. You will be asked to provide a copy of your ID and bank statements to show proof of income.

Repayment Terms: Clients are given three repayment options: (1) a minimum of 5% as a monthly installment/ repayment, (2) the budget facility, which gives you the option to make repayments over a particular period, or (3) a full payment with up to 55 days free interest.

Application Process: You can check online whether you qualify for the business credit card. During the application process, you must give Nedbank consent to conduct a credit check with the credit bureau, and they will assess you based on the information you give during the online application.

During this process, you will be required to provide a copy of your ID document and proof of income, including three months’ bank statements or payslips. Sole proprietors will be requested to provide an earnings letter from their accountant or financial manager to confirm their monthly and annual income.

Pricing

Fees: Once approved, costs include:

  • Once-off initiation fee – R277.
  • Monthly service fee – there is no cost for your first two cards – each card thereafter costs R57.
  • Garage card fee – R196 per annum
  • Card replacement fee – R150.

Interest Rate: The interest rate is set on a per-annum basis. The debit interest rates for this year range between 16,65% – 17,50% for the Nedbank Small Business Credit Card. Nedbank states that you pay no interest if your outstanding card balance is settled in full every month.

Rewards: The Nedbank Greenbacks linkage fee and the Nedbank American Express Premium Card are free. The Greenbacks programme has different packages based on the products that Nedbank offers. For example, with the Card Swiper, you earn Greenbacks when you swipe your card; the Money Manager rewards you for making use of the digital platforms; the Responsible Borrower gives you a chance to win your loan back every three months when you make your monthly repayments on time; and with the Structured Saver package, you get rewarded for saving.

Pros and Cons

Pros

Revolving credit line
Personalized credit limits
Up to 55 days interest-free
Greenbacks rewards

Cons

Interest charges
Minimum turnover requirement
May not be suitable for all businesses
FAQs

Startup businesses, small and medium-sized enterprises (SMEs), and sole proprietors with a minimum annual turnover of R150,000 can apply. Business owners looking for a credit line with flexible repayment options are also ideal candidates.

Unfortunately, there is no clear information available on the minimum business age requirement. It’s best to contact Nedbank directly to inquire about eligibility for your specific situation.

Information on additional cardholders is not readily available on the website. It’s advisable to contact Nedbank to confirm if this option is available and what the associated fees might be.

You can apply online through the Nedbank website or by visiting a Nedbank branch.

The required documents might vary depending on your business structure. Generally, you can expect to provide business registration documents, financial statements, and proof of identity for the business owner(s).

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