As one of the country’s premier premium credit cards, the New Nedbank Gold Card offers new benefits tailored towards higher-end travel rewards and services.
This comprehensive guide will explore all the key features and updates of the New Nedbank Gold Credit Card. We will uncover how the card works, its top benefits, potential drawbacks, fees, and interest rates. This way, you can easily decide whether the Nedbank Gold Card is the right fit for your needs.
Features of the New Nedbank Gold Credit Card
Let’s start with the features. What makes the New Nedbank Gold Card so popular?
Well, this card provides cardholders with a wide selection of premium benefits. For starters, you get up to 55 days of free interest credit. Now, that’s a good feature, especially for people seeking to make some savings.
Secondly, the card doesn’t charge anything when you swipe. This means that you can shop at any outlet that accepts the card at zero transactional costs.
However, the card has a monthly service fee of R50. Also, you need an income of at least R5,000/month to qualify for the card.
As for the interest rate, you get your personalized rate. This means that you might qualify for better rates than other cardholders, especially based on your income and credit score.
The card also offers rewards for your shopping activities. You will earn Greenbacks for every eligible purchase you make. You can redeem your rewards at all stores where American Express is accepted.
Lastly, the card is quite flexible. Firstly, you can manage your account either online or on a mobile app. Also, you can scan barcodes to make payments. The New Nedbank Gold Credit card can also be linked with Apple Pay, Fitbit Pay, Garmin Pay, or Samsung Pay.
How Does the New Nedbank Gold Credit Card Work?
The Nedbank Gold Credit Card works similarly to any other credit card, allowing users to make purchases and earn rewards points towards travel and other redemptions. However, it offers premium benefits, services, and status not accessible with standard credit cards.
Cardholders can use the card to pay for flights, hotels, dining, shopping, and any other expenses, locally or internationally. Purchases earn Nedbank Rewards points known as Greenbacks that can be redeemed for airfare, hotel stays, car rentals, and more. You only need to ensure that you find outlets that accept American Express.
The interest rates for the New Nedbank Gold Credit Card are personalized. So, unlike the older card that offers an APR of 19.65%, you get a personalized APR based on your income and credit history, of maximum 22.25%.
To get this card, you need a monthly income of at least R5,000. You should also note that the card has a monthly service fee of R50.
Pros and Cons of the New Nedbank Gold Credit Card
Let’s start with the good side of the New Nedbank Gold Credit Card.
Nedbank Gold Card Pros
The card offers credit life insurance, which includes purchase insurance and optional life cover. The life cover caters to disability, death, retrenchment, or critical illness.
The card also offers travel benefits like discounted car rentals. For instance, you can get discounts on Arvis and Hertz car rentals using your Greenbacks.
When it comes to security, the New Nedbank Gold Credit Card uses chip and PIN technology to ensure that your card is more secure. Also, there is an option of blocking your card anytime either through Online Banking or calling 0800 110 929.
Nedbank Gold Card Cons
The first drawback here is the R50 monthly fee, which adds up to R600 a year. Also, the card is also not for everyone, as you need at least R5,000 monthly income to qualify.
The 55 interest-free days are also minimal. Some credit cards offer up to 21 months of intro APR.
Rates and Fees of the New Nedbank Gold Credit Card
When it comes to rates and fees, the card’s website hasn’t disclosed much. However, they have clearly indicated that the APRs are personalized per cardholder. So, there is no one rate for all options.
There is also a credit facility fee of R20 and a Greenbacks linkage fee of R30.
As for the fee, there is a monthly fee of R50. This adds up to R600 annually. Lastly, you pay R30 for any extra card you get.
Eligibility Criteria and Requirements
To qualify for the Nedbank Gold Credit Card, applicants must meet the following eligibility criteria:
First, you need a minimum personal income of R5,000 per month or R60,000 a year before tax. You must also be a South African resident and have attained the legal adult age of 18 years and above.
Lastly, your credit score should be healthy. The bank will determine what score is good enough to qualify for the card. After that, you must now provide the necessary documents, including an SA ID or passport, plus payslips or bank statements for the last 3 months.
The bank reserves the right to request additional documents and decline applications at their discretion. Having an existing Nedbank relationship may improve the chances of approval.
Nedbank Gold Credit Card Application Process
If you are interested in applying for the Nedbank Gold Credit Card, here are your options.
First, you can visit their official website and look for the Apply Now button. Also, you can apply via your online banking app.
Other options include visiting a physical branch for the application or calling 0860 555 111. Any of these options helps you to acquire your favorite card.