One of the things you will need for your business is a business banking card. Your business banking card can be a credit card or a debit card depending on what you need it for. For small businesses, a business banking card can help you purchase the small things you need and also help you cover areas which need extra capital.
Business banking cards are defined as cards that can help you reduce the admin that comes with reconciling cash and any personal card expenses. A business banking card can also help you keep track of all your business spending.
If you are a business owner, you need to consider getting a bank card for your business. It can help you in a lot of areas, but you need to find the right one for you from the right bank.
In this article, we will look at some of the business bank cards available in South Africa.
Types of Business Bank Cards
Before you can apply for a business bank card, you need to know what the different bank cards are.
Debit Card
A business debit card is used the same way as a personal debit card. The funds withdrawn from the business bank card are taken from your business’ cheque or savings account instead of your personal account. Much like your personal debit card, you will need a PIN when withdrawing with the business cards.
Credit Card
Business credit cards are considered as a type of loan. They are called a revolving line of credit. The credit cards have a certain amount on it which is your limit.
You can use the money on the card and pay back only what you have used. Business credit cards are great for emergencies, shopping for office supplies and paying suppliers or freelancers.
Between these two types of business banking cards, you can choose the one you think fits your business the best. Now let’s look at some of the business bank cards (credit and debit) that are available in South Africa.
Business Bank Cards
FNB Gold Credit Card
The FNB gold credit card is the most ideal for businesses. This card can be used by your managers and sales representatives to be able to pay for goods and services. The card has benefits such as free swiping and zero transaction fees on certain purchases.
When you register for the FNB gold credit card you will be able to access tools for tracking expenses, viewing spending patterns and analysing any transaction details. You will also receive standard accounts reports, e-mail notifications and consolidated reports.
Additionally, the FNB gold credit card comes with certain benefits. You will automatically qualify for eBucks rewards for business which will give you money back on qualifying purchases and money back on fuel, prepaid airtime, prepaid electricity and selected retail spend.
Nedbank Small Business Credit Card
The Nedbank small business credit card is best for start-ups, small to medium-sized enterprises (SMEs) and sole proprietors. Typically, these businesses would have a minimum turnover of R 150 000 per annum.
Nedbank offers you a credit facility (pre-approved loan facility) which is personalised depending on what your business needs are and what you can afford. You can use the credit card for cash flow issues and for anything you or your employees might need.
The credit card also has flexible repayment options so you can choose what your repayment period is (between 3 and 60 months). If you want to settle early, you can do so within 55 days.
Benefits of the Nedbank small business credit card include Greenbacks rewards. You get rewards when you swipe your card, use Nedbank’s digital platform and pay back your loan in time.
Capitec Business Transactional Account
Capitec has a business transactional account which comes with a list of benefits for businesses. The account has a R 50 monthly fee and comes with access to a range of financial solutions including payment reports, investment solutions, credit and insurance solutions.
With the Capitec business account you get the following:
A free virtual card for online transactions (you also get a physical card).
No fees on local card payments.
Free access to Capitec’s digital channels.
R 1 for payments to other Capitec clients.
R 2 for payments to non-Capitec accounts.
R 3,50 per debit order.
R 6,50 for all immediate payments.
R 10 fee per R 1 000 cash withdrawals at any ATM in South Africa.
R 1,20 fee per R 100 cash deposit at any Capitec ATM.
Standard Bank Business Credit Card
Standard Bank has a range of business cards from business credit cards and business garage cards, to business travel cards. For businesses, the best option is the Standard Bank business credit card.
The business credit card is ideal for business owners who want to do some online shopping to restock their store, buy office supplies or pay for suppliers. Standard Bank also offers you a corporate liability waiver which gives you insurance against card fraud or any misuse.
With this card, you can manage, control and track your spending limits, gain access to the VISA business reporting tool and access to the Standard Bank app and Internet banking. Additionally, you can get UCount Rewards through the business programme on your card and earn rewards.
Business bank cards can be a better way to get funds into your business. They come with great benefits and access to business solutions that can be beneficial to you and your business. Also, these cards have manageable repayment terms that work well with SMEs.
One of the things you will need for your business is a business banking card. Your business banking card can be a credit card or a debit card depending on Read More
