One thing that keeps every kind of business going is the ability to understand the customers and offer products and services based on their needs and preferences. This is exactly what Standard Bank South Africa is doing. As a financial institution, Standard Bank understands that the financial status of their numerous customers differ from person to person and as such, they have offers to suit the preference of different classes of customers. One of such offers for the rich and affluent class who bank with Standard Bank is the Standard Bank Black Card.
Another service that truly makes Standard Bank stand out is the private banking service that meets the needs of customers who want a more personalized banking service. With all these amazing services and offers, you can see why Standard Bank prides itself as one of the best banks in South Africa.
What Is Standard Bank Black Card?
A simple way of saying it is that the Standard Bank Black Card is the credit or debit card issued to young professionals in South Africa. Black Cards have always been in existence in the United States since the 1990s, but there, it is only issued to rich and affluent individuals. Usually, holders of a black card do not have to worry about the spending limit that holders of the regular credit or debit card have to deal with. Most international celebrities who go on a shopping spree and show off how they spend so much money all at once on luxury and expensive things usually have a black card with which they make payments.
A Standard Bank Black Card is open to professionals or individuals who are 30 years or younger. With this, you can enjoy round-the-clock banking services, an upgraded lifestyle, several travel benefits and so much more.
What You Need To Know Before Applying For A Standard Bank Black Card
Some banks in South Africa, including Standard Bank and even Nedbank, have adopted the use of black cards for their exclusive customers. However, black cards in South Africa do not work the same way those in other more developed countries like the United States, work. For instance, Standard Bank offers its black cards to youths and even students regardless of their net worth, but in America, black cards are issued to those with a huge net worth like the Gates, the Zuckerbergs, the Winfreys, and the Maywethers.
The difference between a Standard Bank black card and a regular credit or debit card is not just in the color, but also in the benefits attached to the card. Usually, black cards are assigned to exclusively South African bank customers who have shown interest in the exclusive offer. Holders of a professional account and customers who want to subscribe to Standard Bank’s private banking service are also automatically qualified to have a black card.
Requirements For Opening A Professional Account That Gives Access To A Black Card
The Standard Bank professional account was set up to help youths prepare for their career ambitions by making the right financial plans and investments. A professional account with Standard Bank comes with a lot of benefits, including eligibility to receive a black card. However, aside from access to a black card, a professional account holder also has access to loans, personal banking services, and special rates.
To open a Standard Bank professional account and have access to all these benefits, there are certain requirements you will have to meet. The requirements for opening a Standard Bank professional account and having a black card are:
- Provide proof of current residence that is not older than three months (for example, electricity bill payment receipt or that of any other utility bill).
- South African ID (For South African Citizens).
- Professional degree or last academic result for those in their penultimate stage in the academic pursuit.
- Not older than 30 years old.
Features Of A Professional Account Black Card With Standard Bank
Just like the regular credit or debit card, a professional account black card can either be a Mastercard or a Visa card. However, here are the benefits attached to a professional account black card that should make you consider opening an account with Standard Bank South Africa today:
- 3D secure verification to help cardholders shop safely online.
- A Mastercard or Visa card that is globally accepted.
- Enable and disable till-point.
- ATM and online banking functionality using the Standard Bank mobile app.
- Automatic protection for the lost card if you lose yours.
- Round-the-clock emergency service contact centers.
- PIN enabled and secure chip card.
- Enables card linking to Masterpass apps for secure online shopping.
Benefits Of Opening A Professional Account
The amazing offers that come with having a professional account black card are just a sideshow when you compare them with all the benefits you have access to as a professional account holder with Standard Bank.
Here are the benefits Standard Bank professional account holders will enjoy:
- With the black credit card, a customer will get 12 free domestic Bidvest Lounge visits every year.
- Monthly bank statements will be sent to customers via email.
- Transaction notifications are sent to customers via MyUpdate.
- Loading, reloading, and activation of TravelWallet card for free.
- When a customer pays for flights with their card, they get free insurance.
- Access to CaféBlue located at OR Tambo International Airport.
- Access to private banking team at any time.
- Access to competitive rates and flexible terms and conditions on savings and cash investment solutions.
- Lifestyle offers on the Mastercard.
- Access to financial advisors.
- Diner Club members get discount deal offers.
Standard Bank South Africa advises that you always keep your card and its details, like your PIN, safe and out of the reach of any other person to avoid any fraudulent activity on your account.
How To Apply For A Professional Account To Get My Black Credit Card
To apply for a Standard Bank professional account and start enjoying the benefits of having the account and owning a black credit card;
- Simply visit the online application page.
- Enter your name, surname, and password.
- Click on the Next button.
- Enter your email address.
- Input your cellphone number.
- Enter the province and location of the nearest Standard Bank to you.
- Click on Sign in.
- Standard Bank will reach out to inform you of the next step to take.
What Does It Cost To Have a Professional Account?
All these amazing benefits of having a professional account and a black card are not totally free of charge. Professional account holders are required to pay a monthly maintenance fee of R215. The good side is that you ‘Pay as you Transact’, that is, you are required to pay only after using your bundled services for the month. The monthly fee also includes the Annual Diners Club Platinum Card fee and you also get back your monthly fee in your Standard Bank mobile airtime.
What You Need To Know About Standard Bank Private Banking
Standard Bank private banking is another wonderful offer by one of the biggest financial institutions in South Africa. It offers clients the opportunity to have direct access to a personal banker whom they can connect via calls, text messages, and emails at any time. Your personal banker will be responsible for giving you expert financial advice and protecting your investment portfolio.
Private banking with Standard Bank gives you the option of choosing from a wide range of Standard Bank financial management options ranging from Standard Bank Offshore to Standard Bank Financial Consultancy. With this, you can make the right investment decisions and improve your finances using both short-term and long-term saving strategies.
Young professionals in various professional fields like medicine, law, IT, etc, can enjoy a monthly discount on their fee. Registering for Standard Bank private banking service also makes you eligible to be invited for tech, financial, lifestyle, and entrepreneurship events to help keep you informed about the trends in those areas.
Standard Bank Private Banking Was Designed With The Customer’s Day To Day Financial Transactions In Mind
The private banking service with Standard Bank was also set up with their customers’ daily banking transactions in mind, as customers also have access to banking services like a private banking current account, Diners Club Platinum Card that gives you easy access to lounges in international airports, depending on the amount you spend.
Customers also have access to Mastercard Platinum Credit Card and Visa Platinum Cheque Card to help them perform their daily transactions with ease. Standard Bank private banking customers also have free foreign exchange delivery to approved business locations in Pietermaritzburg, Cape Town, Gauteng, and Durban.
To cap it all up, Standard Bank’s private banking service also gives you access to financial assistance with products like loans for buying a house or vehicle and insurance coverage to protect you from both long-term and short-term interest rates.
Requirements For Opening A Private Banking Account
Standard Bank always seeks out innovative ways to provide the best services to its numerous customers while also enticing prospective clients, hence, the private banking service. However, to be able to access all the benefits that come with having a Standard Bank private banking account, you have to meet all necessary criteria which include:
- Provide proof of current residence that is not older than three months (for example, electricity bill payment receipt or that of any other utility bill)
- South African ID (For South African Citizens)
- International passport (for non-South African citizens)
- Proof of income
- R58,000 and above monthly income or an investment worth up to R3 Million
How Much Does It Cost To Open A Private Banking Account With Standard Bank?
Another important thing to know before opening a private banking account with Standard Bank is that it attracts a monthly account fee of R369. For paying R369 monthly, customers will enjoy a discount on the monthly fee on a secondary account for your partner. They will also enjoy the ‘Pay as you Transact’ option after using their bundled services for the month, as well as an Annual Diners Club Platinum and All Platinum Credit Card fees. Also, you get back your monthly account fee on your Standard Bank mobile airtime.
How Do I Apply For a Standard Bank Private Banking Account?
Applying for a Standard Bank private banking account is very easy, and does not require you to visit a Standard Bank branch at first, as the initial processes can be done online. To apply online, you will need a gadget that can surf the internet like the one you are using to read this article right now, and an active data bundle with which you can access the internet.
Here is how to apply for a Standard Bank Private Banking account online:
- Visit the Standard Bank private banking account page.
- Scroll to the blue Upgrade Now button (just above the ‘Compare Now’ button) and click on it.
- On the next page, enter your name and surname.
- Enter your email address and contact number.
- Enter your province and the location of your city.
- Check the box to agree with the terms and conditions.
- Click on the Submit button.
- A green tick notification will be displayed on your screen if your entry was successful.
- Hold on, and wait for the Standard Bank customer service agent to get back to you.
Features Of A Standard Bank Private Banking Account Card
Just like the professional account black card, the Mastercard Platinum Credit Card or Visa Platinum Credit Card issued to holders of a Standard Bank private banking account comes with a lot of exciting features such as:
- Automatic card loss protection – in case of misplacement, theft, or loss.
- Access to 24-hour emergency contact service centers all days of the week.
- Pin-enabled and secured chip card.
- 3D secure verification to ensure the safety of online transactions.
- Mastercard and Visa cards you can use all around the world.
- You can link your card to the Masterpass or SnapScan applications to enable you to pay for products or services with your mobile phone.
Benefits Of Having A Private Banking Account With Standard Bank
Standard Bank private banking account may be a bit expensive to maintain and requires so much to actually open which makes it a financial service that is accessible by the rich or some middle-class individuals, but the benefits of having a private banking account are absolutely worth the fees.
For a monthly for of R369, customers with a private banking account will enjoy access to the following benefits:
- Access to Offshore Accounts: Having a private banking account with Standard Bank gives you access to open a Platinum Optimum bank account with which you can perform international transactions in different currencies like Dollars, Pounds, Euros, Chinese Yuan, among others.
- Access to a Private Banking Team: You can contact your personal banker for financial information and advice at any time without visiting a bank branch.
- Monthly Bank Statement and Notifications: Customers will also receive monthly bank statements via email and transaction notifications via MyUpdate.
- Affordable Data: Private banking account holders have access to 1GB per month for R19 when you pay with your credit card.
- Discount on Flights: Customers can enjoy up to a 35% discount on their flights with Emirates Airlines when they make their bookings through the leisure desk.
- Car Rental Discount: When you book with your credit card, you get up to a 10% discount off on Hertz car rentals.
- Access to Financial Advisors: You can speak to Standard Bank financial experts on Trusts, estate planning, insurance and be sure to get the best financial advice. This includes access to specialists who will guide you on financial decisions that have to do with long and short-term savings.
- On your credit card, you get 12 complimentary visits a year to Bidvest airport lounges.
- Customers can get Bespoke portfolio management by Melville Douglas, based on their request.
- Discounted rates through standard bank Online Share Trading platform.
- When using your cheque or credit card, you have access to two exclusive Standard Bank lounges located at OR Tambo International Airport’s domestic terminal.
How Much Does Fund Transfer From Your Private Banking Account Cost?
You can transfer funds from your private banking account – like other regular Standard Bank accounts. But doing that from your private banking account comes at a cost. While some channels of fund transfer are free of charge, others are not. Here is a list of what you will be charged by Standard Bank for fund transfer from the private banking account – depending on the channel you are using:
- Cellphone banking – R0.00
- Phone Advisor – R42.00
- Online Banking – R0.00
- ATM – R0.00
- Branch Counter – R42.00
How To Check My Standard Bank Private Banking Account Balance
There are different methods of checking your Standard Bank private banking account balance, and each of these methods comes at different costs – depending on the one you choose.
- Telephone Advisor – R5.00
- Point Of Sale (POS) – 0.00
- Online Banking – R0.00
- Branch Counter – R6.50
- Overseas ATM – R5.00
- Other Bank’s ATM – R5.00
- Standard Bank ATM – R0.00
How Much Does A Private Banking Account Deposit Cost?
If you are considering making a deposit into your Standard Bank private banking account, bear in mind that it comes with a cost. Here is a list of the deposit charges, depending on the method used:
- Cash Deposit ATM – 6 Free, after which you pay R4.00 + 1.25%.
- Cheque Deposit Branch – 6 Free, after which you pay R25.00.
- Cash Deposit Branch – 6 Free, after which you pay R11.00 + 1.25%.
- Cheque Deposit ATM – 6 Free, after which you pay R25.00.
How Much Does Withdrawal From My Private Banking Account Cost?
The cost for withdrawing money from your Standard Bank private banking account will depend on your withdrawal method. Here is a detailed list of the fees associated with withdrawal from your private banking account:
- Overseas ATM – R33.00 + 1.40%
- Point Of Sale (POS) – 12 Free, after which you start paying R5.00
- Branch counter – 2 Free, after which you will be charged R33.00 + 1.35%
- Standard Bank ATM – 12 Free, after which you will be charged R4.00 + 1.15%
- Other Bank’s ATM – R10.70 + 1.15%
Other Administration Fees A Standard Bank Private Banking Account May Attract
We have mentioned above that there is a monthly fee attached to the private banking account which those who subscribe to the service would pay. However, aside from the monthly fee, there are other charges attached to the account. These are not necessarily payments for the account but for some of the features the private banking account comes with.
Here is a list of other administration fees you may have to plan for as a Standard Bank private banking account holder:
- Cheque Card Replacement – R125.00
- Notice of Payment – R0.00
- Special Clearance – R100.00
- New Cheque Card – R0.00
- Bank Cheque/Marked Cheque – 1 Free, after which R85.00.
- Debit Card Replacement – R125.00
- Stop Order – R0.00
- Stop Payment – R0.00
- Dishonored/Returned Payment – R115.00
- Overdraft Ledger – R0.00
How Much Does It Cost To Get A Standard Bank Private Banking Account Statement?
Even though monthly statements of your account’s activities is sent to your email (as part of the benefits of opening a Standard Bank private banking account), if you ever have a need to get your account statement (maybe a number of months at once), it would have to cost you this much:
- Statement from Branch – R30.00
- Statement From ATM – 1 Free, R5.00
Benefits Of Paying With Your Standard Bank Black Card And Every Other Card Or Cheque
Aside from the fact that making payments with your bank credit card or cheque is easier and more convenient, Standard Bank South Africa has other incentives for using your card. The bank has made it possible that all customers with any kind of personal card, whether it’s a Standard Bank black card or not, can get rewards for making payments with their cards.
These rewards can be redeemed at any Standard Bank reward retailer, including KFC, Samsung, Showmax, Fresh Stop, Dis-Chem Pharmacy, and so on. The most exciting part of this offer is that customers can choose the reward they want, depending on the reward balance they have.
You can also decide to use your rewards to bless others by donating to a student, a charity, or a solidarity fund. For more value from making payments with your Standard Bank credit card, join the Ucount reward program by visiting the Standard Bank Ucount reward page and signing up. You can do so by clicking on the Join Now button, verifying your ID number, and following the instructions.