Designed to streamline and simplify your company’s travel expenditures, this card provides a seamless solution for all your corporate travel needs. This comprehensive review of the Standard Bank Travel Card explores its features, benefits, and how it can transform the way your business handles travel expenses.
Standard Bank Travel Card Features
So what are the incredible features of the Standard Bank Travel Card? One of the standout features is the ability to lodge your physical Travel Card with your preferred travel management company. This means you won’t need to present the card for payment each time, as your travel agent can handle transactions directly using the card.
This card also comes with free lost card protection, giving you peace of mind in case it ever gets misplaced.
For international travelers, the card provides up to R2 million in automatic emergency medical and related expense insurance cover. So, you receive complimentary travel card insurance coverage for using it for travel ticket purchases.
How the Standard Bank Travel Card Works
Once you apply for the Standard Bank Travel Card and receive approval, you’ll have the flexibility to choose between Visa or MasterCard, depending on which one suits your travel needs best.
The card will be embossed with your company name, which simplifies the process of booking authorized travel for all your employees. This not only streamlines travel arrangements but also ensures that they are both efficient and secure.
Additionally, you’ll gain access to user-friendly, web-based expense management tools like Visa Intellilink or MasterCard Smart Data Online. These tools help you keep track of and control business expenditures effectively.
Checking your balances is also convenient — you can do it online, through the call center, or via your relationship manager.
You’ll receive regular and detailed statements, which provide you with a clearer view of your spending.
Plus, integrating travel expense reports with your ERP and management systems is easy, making the whole process smooth and straightforward.
Pros and Cons of the Standard Bank Travel Card
So what are the upsides and downsides of this travel card?
Benefits
Here are the benefits of this Standard Bank Travel Card:
- Dedicated Support: a dedicated support team and priority call center are always available to assist you with any questions or issues.
- Exclusive Discounts: enjoy up to 20% off on Emirates flight tickets when purchased with your Corporate Card and booked through the Leisure Desk.
- Travel Expense Management: manage cash flow and travel expenses with a 25-day settlement term from your chosen statement date.
Cons
This travel card, while offering several benefits, come with its own set of drawbacks:
- No Balance Carrying: you must pay off the entire balance every month. If you fail to do so, you could face hefty late fees or even account suspension, and your credit score might be negatively impacted.
- High Annual Fees: you must pay an annual fee. This fee can be substantial, especially if the card offers premium benefits.
Rates and Fees
The Standard Bank Travel Card offers up to 55 days of interest-free credit, making cash flow management much easier. After that, standard interest rates apply.
The annual fee per card is R523. The initiation fee is R309. If you need a card replacement, it will be R145 for a standard replacement and R450 for an emergency replacement. Voucher retrieval costs R85 locally and R275 internationally. Card delivery is free, whether done at a branch or face-to-face.
For penalties, an arrears fee of R69 applies if you are 60 days delinquent, an over-limit honouring fee is R159, and a late payment fee is R180.
Eligibility Criteria and Requirements
To qualify for a Standard Bank Travel Card, your South African business must be registered and have an active Standard Bank account. You’ll need a good credit history, proof of business registration, and recent financial documents.
The application must be signed by authorized company signatories and include a valid business address. For more details, contact Standard Bank or your relationship manager.
How to Apply for the Standard Bank Travel Card
Applying for the Standard Bank Travel Card is straightforward. Start by visiting the Standard Bank website and clicking “Call Me Back.”
You’ll be directed to a form where you can fill in your details, including your first name, surname, business name, business registration number, and contact number. You can also choose a preferred time for a callback, anytime between 8:00 AM and 4:00 PM.
Furthermore, you can change your consent and preferences at any time by visiting a branch, contacting your relationship manager, calling them at 0860 123 000, emailing them at [email protected], or updating your preferences through our online banking channels.
Alternatively, you can start the application process by emailing [email protected] or [email protected]. For further assistance or questions, feel free to reach out to your relationship manager for personalized support and guidance.
Conclusion
The Standard Bank Travel Card offers a comprehensive solution for managing business travel expenses. It comes with numerous features though there are some fees and eligibility requirements to consider.
The benefits of streamlined travel arrangements and dedicated support make it a strong choice for businesses seeking efficiency and reliability in managing their travel expenditures.