American Express is a global finance company that offers access to credit products for corporate and personal use. In South Africa, they’re partnered with Nedbank for easier processing of transactions.
American Express Platinum Credit Card
The American Express Platinum Credit Card is aimed at the mid-income users with its exclusive benefits. It is a card designed for those looking to often use it for shopping, travel, and other leisure activities.
Features and Benefits
American Express Platinum Credit Cardholders can benefit from the following advantages the card offers.
- Exclusive access to the Bidvest Premier Lounge across terminals in South Africa. You can enjoy up to 8 free visits to this lounge every year.
- Automatic membership to the rewards program for American Express cardholders. You can earn 1 point for every R5 you spend using your Platinum Credit Card. Points earned through the program won’t expire as long as your credit card is active.
- Automatic membership to the Hertz #1 Club Gold program. You’ll always have a car ready to rent for an incredibly low rate. You’ll also receive free pick-up and delivery of the car.
- Fees are waived when you rent up to a full-sized car from Hertz. You may also receive a car class upgrade at select locations using the card.
- Transfer balance from another credit or store card to your Platinum Credit Card at a low-interest rate of 9.90% for the first 6 months.
- Insurance coverage amounting up to R4 million for you and your immediate family members when you purchase domestic or international flight tickets using your Platinum Credit Card.
- Receive insurance coverage from the Credit Card Payment Protection Plan. With this, you’ll be able to clear any outstanding balance up to R150 000 in case of death or inability to earn a regular income.
- Free secondary cards for your partner, friends, and family.
- The Platinum Credit Card is accepted in more than 200 countries worldwide. It’s also accepted by more than 60,000 merchants locally and abroad. Any POS machine with the American Express logo accepts payments using the credit card.
- Cash withdrawals through over-the-counter transactions at any Nedbank branch. Nedbank ATMs are also available for cash withdrawals using the credit card facility.
Before applying for your American Express Platinum Credit Card, make sure you satisfy the following conditions first.
- Your annual income average is around R200 000
- You must be at least 18 years old
If you pass the preliminary qualification, you can proceed with the actual application process. You must have the following documents at hand when you apply either online or in person on any Nedbank branch.
- A copy of your valid ID
- Bank statement or payslips for the last 3 months
Self-employed individuals need a letter from their accountant to confirm the flow of regular income.
Nedbank will conduct a credit check to ensure you can handle the credit facility responsibly. Typically, your credit limit will be based on your monthly income but the final verdict still lies with the result of the credit assessment.
Interest, Fees, and Repayment Information
A once-off initiation fee of R189.65 will be charged to you upon application for the American Express Platinum Credit Card. After that, you’ll be charged with a monthly maintenance fee of R54.00 which is used to keep the credit facility running. You’ll also have to pay the service fee of R23.00 to retain the value-added features of the credit card.
Over-the-counter cash withdrawals will cost you at least R50 while doing the same transaction through an ATM will cost you only R2 at the least.
Using your card for any international transaction will cost you a currency conversion fee of 2%.
Interest rate for the Platinum Credit Card stands around 15% to 20.5%. Repayments can be done at a minimum amount of 5% monthly.
How to Apply
You can call any Nedbank branch and enquire about their credit facility.
- Nedbank American Express® Platinum Card Online Application Page.
- Phone: 0860 555 111
You can also apply online, which is preferable, just by filling out the form available on their website.