It’s tailored to meet various business needs, offering financial flexibility and a range of benefits. This card is a handy tool for paying and managing operational expenses, like business travel and entertainment.
In this review, we’ll explore the key features, advantages, rates, and requirements of the Standard Bank Business Credit Card, highlighting why it might be your ideal choice.
Features of the Standard Bank Business Credit Card
The Standard Bank Business Credit Card offers a range of convenient and secure features tailored to meet the needs of business owners. This card is equipped with Chip-and-PIN technology, ensuring enhanced security for your transactions. It also operates on the Visa network, allowing you to use your credit card at millions of merchants and ATMs worldwide.
Managing your card is made easy with options to access and control your account on your phone, through the Standard Bank app, online, or at any of the bank’s ATMs. Furthermore, if you plan to travel abroad, you can notify the bank through the Banking App, ensuring smooth and uninterrupted card usage during your trips.
For added security while shopping online, the card includes 3D Secure verification. When making in-store purchases of R500 or less, you can use the Tap to Pay™ feature for quick and contactless transactions. Additionally, you can link your card to the SnapScan or Masterpass apps, enabling you to make payments directly from your phone.
How the Standard Bank Business Credit Card Works
With this card, you get rewarded for your everyday business purchases by joining their UCount Rewards for Business programme. Earn Rewards Points every time you use your Business Credit card to pay for your purchases – there’s no need to swipe your Rewards Card to earn.
First, join the programme for R365 a year to start collecting Rewards Points. Then, activate your Business Rewards card to redeem them.
You’ll collect Rewards Points whenever you pay by credit, cheque, or debit card. There are five ways to maximize your UCount Rewards Points. You can take advantage of Fuel Rewards by getting up to R10 back in Rewards Points per liter of fuel and oil purchased at Caltex and Astron Energy. This can add up quickly if your business involves a lot of travel.
You can also earn up to 1% on all your business credit, cheque, or debit card purchases simply by swiping your card. This is an easy way to accumulate points through your everyday business spending.
Shopping at their Rewards Retailers is another excellent way to boost your points. You can earn up to 5% back in Rewards Points every time you shop at these selected retailers, making it beneficial to align your business purchases with these partners.
If you are a member of both UCount Rewards and UCount Rewards for Business, you can benefit from Dual Membership Rewards. This membership bonus gives you 3600 Rewards Points, adding even more value to your rewards program participation.
Lastly, your Tier level within the UCount program can significantly impact your earnings. Depending on your Tier, you can earn up to 500 Rewards Points every month. The higher your Tier, the more points you’ll earn, providing an incentive to increase your Tier status over time.
Pros and Cons of the Standard Bank Business Credit Card
Curious about the benefits and drawbacks of this Standard Bank credit card for business owners? Let’s break it down:
Benefits
Here are some of the benefits:
- Customized Cards: Embossed with both the company and individual names.
- Comprehensive Reporting: Access detailed reports with VISA Business Reporting.
- Lost Card Protection: Instantly stop your lost card using their Banking App and receive automatic lost card protection.
Cons
- The main downsides are the annual fee and the initiation fee.
Rates and Fees
The rates and fees for the Standard Bank Business Credit Card are straightforward. First, you can enjoy up to 55 days of interest-free spending. With a minimum settlement requirement of 5%, this card makes it easy to keep your finances in check.
There’s an annual fee of R45.00 per card, and an initiation fee of R309.00. When it comes to repayments, you’ll need to make a minimum monthly payment of 5% of your outstanding balance. The international fee is 2.75%, and card replacement fees are R145 for standard replacement and R450 for emergencies.
Requirements and Eligibility Criteria
To be eligible for the Standard Bank Business Credit Card, you’ll need a few key pieces of information. First, you must have a South African ID number.
Next, you’ll need to provide your personal monthly income before deductions, as well as your personal monthly expenses. The bank will also ask you how much credit you are requesting and the intended use of the funds.
Additionally, they will require details about your business, including its financials. This information helps the bank assess your creditworthiness and ensure that the credit card meets your business needs.
How to Apply for the Standard Bank Business Credit Card
To apply for the Standard Bank Business Credit Card, start by visiting the website and clicking on “Apply Now”. You’ll be directed to a form where you’ll need to provide the following information:
First, fill out your personal information. Enter your first name and surname. Provide a contact number for office hours, and optionally, an alternative contact number. You’ll also need to enter your email address and South African ID number. Additionally, input your personal monthly income before deductions and your monthly expenses.
Next, you’ll be asked about your business details. Indicate whether you currently have a business account with Standard Bank. If you do, specify where the business account is held.
Finally, provide information about your business finances. This helps the bank assess your application accurately.
Conclusion
The Standard Bank Business Credit Card in South Africa caters to various business needs by offering financial flexibility and numerous benefits.
It’s an ideal tool for small business owners and large enterprises alike, simplifying the management of operational expenses such as travel and entertainment. If it is the perfect choice for your business, go ahead and apply.
