Business credit cards can help business owners keep their business’s expenses on track and get the necessary buying power to run a business. Some business credit cards are also designed to reward business cardholders with cash back or airline miles for all their business purchases.
Business credit cards are also convenient for separating business and personal finances, one of the reasons why business owners choose to get separate cards for their business aside from personal credit cards. Additionally, business credit cards also offer features that business owners or entrepreneurs find as necessary such as the ability to keep track of their expenses in a business-friendly manner, more flexible payment options, larger credit lines and rewards programs which are especially geared toward business needs.
In South Africa, Nedbank, ABSA and FNB (First National Bank) are the major credit card providers that offer small business cards and corporate credit cards. Each of these cards aims to help the entrepreneur with important expense management, detailed monthly reporting and security. The cards can also be used for all types of large or small transactions including the purchase of supplies, travel and entertainment.
Compare Business Credit Card Features
| BUSINESS CARD PROVIDER | FEATURES/BENEFITS |
| Nedbank | - A no-frills credit card for your business
- The card is accepted by more merchants in the country |
| ABSA | - Worldwide acceptance
- limited interest-free period - itemised statements - multiple users can be attached to main account with each having different credit limits and individual account statements - detailed reporting capability helps monitor usage of cards and business expenditure |
| FNB | - lost card protection
- worldwide acceptance - 30 days interest free period -no transaction fees on purchases except fuel - safe and convenient cash flow - linked Business Petro card |
The business credit cards offered by Nedbank, ABSA and FNB are the following:
Nedbank
- Nedbank Visa Classic Business Card
- Nedbank Visa Gold Business Card
ABSA
- Business Gold Credit Card
FNB
- Business Silver Credit Card
- Business Gold Credit Card
Compare Business Credit Card Fees and Charges
| Nedbank | FNB | ABSA | |||
| QUALIFYING CRITERIA | - Annual business turnover must be more than R360, 000
- Business must be in operation for more than 2 years |
- Company must have a cheque account with FNB
- Business must pass the relevant credit scoring (for FNB Gold Business Credit Card) |
- One main business account
- Individual employee accounts |
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| Nedbank Classic | Nedbank Gold | FNB Silver | FNB Gold | ABSA Gold | |
| INTEREST RATES | |||||
| Debit Purchases | 18.40% | 18.40% | Disclosed upon application | Disclosed upon application | U/A |
| Debit Cash/Garage | 18.40% | 18.40% | Disclosed upon application | Disclosed upon application | N/A |
| Balance Transfer | N/A | N/A | U/A | U/A | ATM: 3.15
Branch: R20.00 |
| Credit | 0.00% | 0.00% | U/A | U/A | U/A |
| Interest Free Period | 55 days | 55 days | 30 days | 30 days | |
| FEES & SUBSCRIPTIONS | |||||
| Card Fee (per annum) | R139.00 | R179.00 | R295.00 | R350.00 | R179.00 |
| Supplementary card Fee | R139.00 | R179.00 | U/A | U/A | U/A |
| Initiation Fee | U/A | U/A | U/A | U/A | R171.00 |
| Garage Card Fee | R139.00 | R139.00 | R210.00 | R210.00 | R96.00 |
| Digital Banking Fee | R15.00 | R15.00 | U/A | U/A | U/A |
| Replacement Card Fee | Free | Free | U/A | U/A | R97.00 |
| CASH WITHDRAWAL | |||||
| Cash Withdrawal – Own Bank’s ATM | R3.25 + R0.95/R100 or part thereof | R0.01-500 = R5.70
R500.01-1000=R11.40 R1000.01-1500=R17.10 R1500.01+ = R22.80 |
R3.75+R1.05 per R100.00 | ||
| Cash Withdrawal – Other Bank’s ATM | R8.75 + R0.95/R100 or part thereof | R6.50 + FNB ATM charge | R9.75+ R1.05 per R100.00 | ||
| Cash Withdrawal – Own Bank’s Branch | R20.00 + R1.10/R100 or part thereof | U/A | R20.00+R1.10 per R100 (maximum R500.00) | ||
| Cash Withdrawal – Overseas | R23.25 + R0.95/R100 or part thereof | U/A | R45.00 | ||
| Cash Deposit – Bank’s own ATM/Branch | R1.15/R100 (min R15.00) | 1.25% of transaction value | ATM: R1.05/R100 or part thereof
Branch: R3.75+R1.10/R100.00 |
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| BALANCE ENQUIRY | |||||
| Balance Enquiry – Bank’s Own ATM | R2.00 (first free) | Free | R1.00 | ||
| Balance Enquiry – Bank’s Own Branch | U/A | R3.50 | U/A | ||
| Balance Enquiry – Other Bank’s ATM | U/A | R3.70 | R3.35 | ||
| Balance Enquiry – Overseas | U/A | R3.70 | U/A | ||
| OTHERS | |||||
| Account Payment – Electronic | R6.75 | U/A | R3.75+R0.75/R100.00 (max. R15.00) | ||
| Account Payment – Interaccount Transfer | R3.25 | R3.30 | U/A | ||
| Garage Card Transaction | R3.25 | R3.90 | R3.50 | ||
N/A – not applicable
U/A – Unavailable Information
Disclaimer
Please note that the rates quoted above for the given business credit cards are current from printing and to be used as a guideline only. These rates are subject to change. Please note that Terms and Conditions apply. Contact the bank directly for additional information and to verify fees and charges.