Standard Bank Platinum Credit Card Review: Earn Exclusive Perks

Do you want top-notch private banking and exclusive perks? Then go for the Platinum Credit Card by Standard Bank. 

By Luciana Souza, on 2024/06/09

With this card, you can get numerous perks like travel, lifestyle, education, accommodation and airport lounge access.

This review will explore the features, benefits, rates, fees, and application process for the Standard Bank Platinum Credit Card to determine whether it’s right for you.

Features of the Standard Bank Platinum Credit Card

This chip-and-PIN-enabled Mastercard lets you shop at millions of merchants and ATMs worldwide. For safe online shopping, the card includes 3D Secure verification, adding an extra layer of protection to your transactions.

In-store purchases are made easy with Tap to Pay™, allowing you to make payments of R500 or less with a simple tap. You can also link your card to the SnapScan or Masterpass apps, enabling you to pay by phone for added convenience. Managing your card is straightforward, with options on your phone, in-app, online, or ATMs.

Through the Standard Bank app, you can activate or disable ATM, till-point and online card functionality, giving you complete control over your card’s usage. The card features a single limit for both straight and budget facilities, and if your needs change, you can request to adjust your credit limit.

How the Standard Bank Platinum Credit Card Works

First, ensure you meet the requirements, such as being at least 18 years old, residing in South Africa, and having a monthly income of R58,000 or more. Once approved, your card arrives, ready to use worldwide wherever MasterCard is accepted. It makes transactions hassle-free, with over 30 million merchants globally accepting it. 

The card initially comes with a credit limit of R250,000, expandable based on your credit history and account status. To increase your credit limit, you need to have an existing Standard Bank Credit Card.

You can apply for the limit through the Standard Bank App. All you require is to tap on your Credit Card Tile in the “Accounts” section, then ‘Apply’ on the ‘Credit Limit Increase’ tile. Follow the prompts to personalize your offer and complete the application.

The Platinum Credit Card offers travelers perks like discounts on car rentals and accommodations. It also offers lifestyle perks such as discounts on subscriptions, shopping, and fitness subscriptions. 

The Standard Bank app makes managing your card a breeze. It allows you to check statements. Also, paying your card is simple, with timely statements detailing amounts due being sent via post, email and MMS. 

What’s more? You can link your card to online banking or change your PIN easily.

Pros and Cons of the Standard Bank Platinum Credit Card

This card has upsides and downsides. They include:

Pros

The benefits of the Standard Bank Platinum Credit Card are categorized into travel and lifestyle. They include:

Travel Benefits

  • Score up to 20% off on Emirates flights when you book through Leisure Desk
  • Grab up to 20% off your next international car rental with Avis
  • Snag up to 20% off flights and stay when you book through Travelstart
  • Kick back in style with 12 visits a year to Bidvest lounges and the Standard Bank Library lounge at OR Tambo International Airport

Lifestyle Benefits:

  • Stay connected with 1 GB of AlwaysOn Wi-Fi for a once-off fee of R19 and receive 11 GB free*
  • Get in shape and save with a 25% discount on your first Fiit subscription payment
  • Open doors to your future with a 75% scholarship off UNICAF program tuition fees when you pay with your Credit Card after admission

Cons

Here are a couple of drawbacks to consider with the Standard Bank Platinum Mastercard:

  1. Meeting the minimum income requirement is necessary
  2. The card has a monthly fee and additional costs, which can significantly increase the overall use expense

Rates and Fees

Let’s break down the rates and fees. Depending on your specific credit card, the service fees vary between R40 and R199 per month. 

Now, about interest rates—they’re customized. In accordance with NCA regulations, they can start as low as 11.75% (that’s prime minus 0.25%) and climb up to a maximum of 22.25% (which is the Repo rate plus 14%).

When it’s time to make your monthly Credit Card repayment, remember to make it a minimum of 3% of your outstanding balance. 

And, there’s an upfront initiation fee of R190, including VAT. Finally, there’s the monthly fee of R108.00 to consider.

Standard Bank Platinum Card Requirements and Eligibility Criteria 

To get the card, you’ll need to meet specific requirements and provide vital information. First, you’ll have to share your basic details, such as your First Name, Surname, South African ID (or passport if you’re not a citizen), and phone number.

Next, you’ll need to gather some documents, including a recent payslip, three months of bank statements, and proof of residence. It’s also important to note that you must be over 18 years old, and your approval is subject to credit score checks and FICA requirements.

Once you’ve sorted all that out, you’ll also need to disclose your Gross Monthly Income, which must be above R58,000, and your Total Monthly Expenses, which cover all your financial obligations for the month. Providing this information accurately helps assess your financial situation and speed up the quote process.

Standard Bank Platinum Credit Card Application Process

If you already have a Standard Bank Account, you’ve got a couple of ways to go about it. First, you can jump onto your Internet Banking. Just visit the Standard Bank website, log in, head to the “Borrow” section, and follow the steps.

Do you prefer doing things on your phone? No sweat! Open your Standard Bank App, tap on the “More” icon, and select Open a new account. Choose Personal Lending, hit Apply under the Credit Card option, and you’re good to go.

Now, if you’re more into cell phone banking, that’s cool too! Just ensure you have at least R2 airtime, dial *120*2345#, select option 3, and follow the easy steps. After you’ve applied, watch your SMS for updates and one of the bank agents will reach out to chat about the next steps.

Finally, you can apply for a credit card by filling out a “Call Me Back” form or using phone banking. The South Africa-based number is 0800 222 050, and their international number is +27 10 824 1515.

Conclusion

The Standard Bank Platinum Credit Card provides premium banking services and unique benefits. While it offers extensive advantages for global and local travel, it’s essential to know the associated costs and requirements, such as meeting a minimum income threshold and monthly fees.

Feel free to apply for the card if you’re ready to improve your banking experience and access exclusive rewards.