American Express also know as AMEX continues to provide affordable financial products to South African citizens. Together with Nedbank, their services have become more accessible to the people, giving the latter an easy way to process daily transactions.
American Express Gold Credit Card
The American Express Gold Credit Card is built for those who want to enjoy the basic features of a credit card at affordable rates. Without removing basic insurance coverage, American Express is able to bring down their prices to make the product easily accessible to minimum earners.
Features and Benefits
As a user of the American Express Gold Credit Card, you’ll be able to enjoy the following features:
- Automatic participation to the Membership Rewards (MR) Programme. You can earn a point for every R5 you spend using your AMEX Gold Credit Card. Rewards points don’t expire as long as you meet certain conditions. Points can be used to redeem a variety of travel and lifestyle rewards.
- Card is accepted anywhere you see an American Express logo.
- Receive Payment Protection Plan which covers any outstanding balance up to R150 000 in case of death or permanent disability.
- Free supplementary cards for your partner, family, and friends.
- Travel insurance for you and your immediate family when you purchase domestic or international flight tickets using your AMEX Gold Credit Card. Coverage can amount up to R1 million. Option to increase coverage will cost you an additional amount but at discounted rates.
- Cash withdrawals using your AMEX Gold Credit Card is possible with any ATM bearing the American Express logo. You can also withdraw cash through over-the-counter transactions at any Nedbank branch.
- Transfer balance from a store card or another credit card to your AMEX Gold Credit Card for an interest rate of 9.90% for 6 months.
- Receive protection from fraudulent transactions for lost and stolen cards as long as you report the incident immediately.
- Compatible with contactless payment POS.
- Receive billing statements electronically.
- Optional online banking feature available 24 hours a day which can be activated for a fee.
Before you can apply for the American Express Gold Credit Card, you have to make sure that you satisfy all the following conditions:
- You are at least 18 years of age
- You have a decent regular job and a good credit standing
- You’re earning at least R60 000 every year
Self-employed individuals may still apply, but they need to provide Nedbank with a letter from their accountant stating the regularity of income.
If you satisfy these conditions, you can now submit your application form to get the card the same day. When submitting the form, you’ll be asked to attach your payslips or bank statements from the past 3 months. This is to ensure that you have a stable source of income which you can use to handle the credit card.
Interest, Fees, and Repayment Information
An initiation fee of R189.65 will be charged to you once during the application process. A monthly maintenance fee of R30 will be charged to you, as well as a service fee of R23.
Cash withdrawals done over the counter at any Nedbank branch will cost you at least R50. On the other hand, withdrawing cash from a Nedbank ATM will only cost you R2 at the least.
You can also withdraw cash using your AMEX Gold Credit Card abroad for a fee of R50.44. You’ll be charged with an international currency conversion fee of 2%, though.
The interest rate for the AMEX Gold Credit Card is around 19.65% to 20.5%. The minimum amount you can repay per month is 5% of the outstanding balance.
Balance enquiries on Nedbank ATM are free of charge. Doing the same transaction with a non-affiliated ATM will cost you R7.
How to Apply
Nedbank branches can be easily reached for enquiries about their credit facilities. You can get in touch with them through the phone number listed below or you can also apply online.
- Nedbank American Express® Gold Card Online Application Page.
- Phone: 0860 555 111
For those who are more comfortable applying online, there’s an application form you can fill out on their website. Just make sure you have the necessary documents we’ve listed above as you need to attach them upon submission.