Credit Card
Standard Bank Platinum Credit Card Review!
The Platinum card is destined for those high and mighty, and because of it, offers amazing features. Take a look at them!
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The card for those that have the money to wield it!
The Standard Bank Platinum Credit Card is the pinnacle of exclusivity and privilege in the world of premium credit cards.
This distinguished black card, designed for high-income earners and discerning individuals, reveals a plethora of benefits and features that are above and beyond the norm.
The Platinum Credit Card, a symbol of luxury, opens up a world of individualized banking, travel benefits, and lifestyle extravagances.
Join us as we explore the intricacies of this renowned credit card, including its unmatched benefits and potential disadvantages.
Learn how the Standard Bank Platinum Credit Card can help you achieve greater financial success and meet your individual needs by fusing ease and luxury into one card.
How does the Standard Bank Platinum Credit Card work?
For those with a monthly income of at least R58,000, the Standard Bank Platinum Credit Card is a specialist financial product that offers a premium black card experience.
With no additional fees, the credit card offers a personal private banker to help with a range of banking requirements, including card replacements and mortgage applications.
Cardholders are expected to pay a minimum monthly payback of 3% of their outstanding credit debt, with a maximum credit limit of R250,000.00.
Interest rates are variable, and if the balance is paid in full each month, there is an option for interest-free credit.
The interest rate is based on the prime rate, with the prime rate serving as the minimum and the repo rate plus 14% serving as the maximum.
The card has a R108 monthly service cost, an R180 initial fee, and an R3 minimum monthly repayment requirement.
There are additional transaction costs, like those for foreign transactions and cash deposits at Standard Bank locations and ATMs.
The Platinum Credit Card offers secure transactions at millions of merchant locations globally, thanks to chip and pin-enabled Mastercard capabilities.
For payments under R500, cardholders can also take advantage of Tap to PayTM for rapid, contactless transactions.
Overall, the Standard Bank Platinum Credit Card gives you access to a dedicated team of financial specialists as well as a host of special bonuses.
It offers an unmatched banking experience along with a variety of lifestyle and travel advantages in order to meet the special needs of high-income earners.
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What are the advantages of the Standard Bank Platinum Credit Card?
- Dedicated Private Banker: If you have a Platinum Credit Card, you can contact a private banker who can help you with all of your financial needs.
- Travel advantages include up to 20% off Emirates flights, 15% off Avis foreign car rentals, and access to hand-selected experiences all around the world through Priceless Cities.
- Lifestyle Rewards: Save money by receiving discounts at specific retailers, earning cashback on specific purchases, and receiving unlimited AlwaysOn Wi-Fi.
- Insurance Protection: Take advantage of automatic basic travel insurance, theft insurance for ATMs, and buy protection for secure online purchasing.
- Flexible Features: The card has security enabled by Chip and PIN, Tap to PayTM, and the option to connect it to mobile payment apps like SnapScan or Masterpass.
What are the possible disadvantages of taking the Standard Bank Platinum Credit Card?
Although the Standard Bank Platinum Credit Card has many advantages, there are a few potential drawbacks to take into account:
- High Income Requirement: The credit card is not accessible to those with lesser incomes because it is intended for people with a monthly income of at least R58,000.
- Monthly Service Fee: The card has a R108.00 monthly service fee, which is possibly more than other credit cards charge.
- Transaction Fees: The credit card charges a variety of fees for cash deposits, ATM withdrawals, and inter-account transfers. These fees can add up, especially for frequent users.
- Limited Rewards: The Platinum Credit Card’s rewards and cashback options may be somewhat smaller than those of other rivals, which limits the potential advantages for heavy consumers.
Want to learn how to apply?
Check out our following article for more details on the application procedure.
In addition to this, we’ll talk about the additional conditions for obtaining this fantastic card.
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