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| Disclosures - American Express® Cards operated under licence in South Africa by Nedbank Limited 1951/000009/06 (Corporate) |
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A Corporate entity can be: |
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- Government organization (Local, Provincial or Central)
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A Card that has no pre-set spending limit, the limit is based on your spending pattern together with your ability to pay the full outstanding balance at the end of each month. |
This card is used to facilitate the travel related requirements of a business only. The card/s are lodged with the business's travel agent. |
A consolidated payment solution providing credit management and risk control. |
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A Charge Card is principally a transactional product although it can be used to deposit surplus funds upon which credit interest is paid. It should not be viewed in isolation as an effective investment vehicle and you should accordingly consult with a registered financial planner in order that a comprehensive evaluation of your needs can be carried out and an effective investment plan implemented. |
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Business |
Corporate |
Business |
Corporate |
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N/A |
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N/A |
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- Joint & Several Liability
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N/A |
N/A |
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R360,000 to R5m |
Joint & Several liability R5m and up, Individual Liability R20m and up, Corporate Liability R200m and up. |
As per Business Card |
As per Business Card |
As per Business Card |
As per Business Card |
As per Business Card |
As per Business Card |
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2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
- Period of profitability ***
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2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
2 years |
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N/A |
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N/A |
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- Card carrier income (P.A)
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R200,
000 |
R200,
000 |
R200,
000 |
R200,
000 |
R200,
000 |
R200,
000 |
R200,
000 |
R200,
000 |
N/A |
R200, 00 |
N/A |
R200, 00 |
Other credit conditions apply, these include bureaux checks on parties to the agreement, bank checks and verification of the data supplied.
Suretyships from directors and shareholders may be required
* This card is linked to a charge card
** By invitation only
* * * The latest audited financial statements must accompany the application form to establish this and the prospects for ongoing profitability. |
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All applications are subject to the bank identifying and verifying the company, which includes the manager, shareholders/partners/trustees (Founding trustee as well as trustee) and beneficiaries of the trust whichever is applicable to your type of business, together with the card carrier in terms of the Financial Intelligence Centre Act 38 of 2001(FICA). Please refer to www.americanexpress.co.za for the varying documentation required. Without these documents we may not, by law enter into a business relationship with you.
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Where you give card carriers the ability to draw cash, be it at an ATM or over the counter at any Nedbank branch, they will be required to call in at their nearest Nedbank branch to facilitate the encoding of the card. The card carrier will be required to authenticate themselves by producing their Identity Document. They will then be required to come up with their own personal identification number (PIN), which is a secret number which only they know, that will then be encoded on the card. This number must remain secret as any transaction processed using this will be for your account. Should they suspect that their PIN has been compromised or the card has been lost or stolen this fact should be reported to us immediately in order that we can protect your interests. This may be done by phone but must be followed up in writing.
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Any changes to the company's and card carrier's details, must be advised to us in writing and original certified copies of documents required in terms of FICA supplied to enable us to effect the changes to our system.
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- Acceptable throughout South Africa and in 200 Countries worldwide
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N/A |
N/A |
N/A |
N/A |
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- Flexible repayment terms & Interest free period.
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Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
Nego-
tiable |
- Pay your account by Automatic Payment Order (APO)
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- Debit orders (supplier can debit your card for payment) are permitted. However, stop order facilities (we effect a payment to the supplier on your instruction) are currently not available.
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N/A |
N/A |
N/A |
N/A |
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- Cash withdrawals - local A.T.M, where authorized by you
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R4,000 per billing cycle |
R4,000 per billing cycle |
R4,000 per billing cycle |
R4,000 per billing cycle |
N/A |
N/A |
N/A |
N/A |
R4,000 per billing cycle |
R4,000 per billing cycle |
- Cash withdrawals - International A.T.M, where authorized by you
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US$2,
000 |
US$2,
000 |
US$2,
000 |
US$2,
000 |
N/A |
N/A |
N/A |
N/A |
US$2,
000 |
US$2,
000 |
- Cash withdrawals - Nedbank branches, where authorized by you.
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R4,000 per billing cycle |
R4,000 per billing cycle |
R4,000 per billing cycle |
R4,000 per billing cycle |
N/A |
N/A |
N/A |
N/A |
R4,000 per billing cycle |
R4,000 per billing cycle |
- Emergency withdrawals (International - from American Express Travel / Foreign Exchange outlets)
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US$2,
000 |
US$2,
000 |
US$2,
000 |
US$2,
000 |
N/A |
N/A |
N/A |
N/A |
US$2,
000 |
US$2,
000 |
- Lost Card Benefit protects you in the event of your card being lost or stolen. Comes into being once you have notified us.
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N/A |
N/A |
N/A |
N/A |
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- Free Travel Insurance provided the ticket is booked using your American Express® Card. (This cover is underwritten by AIG South Africa Limited 1962/003192/06. For more information please go to www.americanexpress.co.za
or phone 0860 100 491).
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- Additional Optional Travel Insurance provided your ticket is booked using your American Express® Card. (This cover is underwritten by AIG South Africa Limited 1962/003192/06. For more information please go to www.americanexpress.co.za or phone
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- Global Calling Card - gives you the opportunity to phone home from international destinations at a fraction of the cost - spend is debited to your American Express® Card.
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N/A |
N/A |
N/A |
N/A |
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- Membership Rewards™ - for every Rand of eligible spend (excludes cash, fees, casino and travelers cheque purchases) MR points are allocated that can be redeemed for shopping vouchers, holidays and much more. MR points do not expire but will be lost should your account be cancelled by us, where you close your account without redeeming the points or upon death (Individual liability). The company can elect to keep the points or cede these to the card carrier.
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R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
R5 eligible spend : 1MR point |
Variable |
Variable |
- Convert your MR points to Voyager Miles at the ratio of 1,5:1 (points are valid for 3 years).
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- Dispute resolution facilities
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- Emergency card replacement anywhere around the globe in the event of a lost or stolen card.
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N/A |
N/A |
N/A |
N/A |
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- Ability to set the limit you want for each card holder
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N/A |
N/A |
N/A |
N/A |
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| Statements |
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Weekly statements giving the latest 20 transactions can be requested to enable one to control expenses. This is sent electronically via e-mail. |
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Detailed statements are produced at statement or billing date. These can be electronic (via e-mail) or paper based which then gets mailed to you. You can, however, view the last 20 transactions by using the Nedbank Internet Banking site. |
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Where authorized to draw cash from a Nedbank ATM, you can see the most recent transactions on your unbilled statement - this is limited to the latest 10 items. |
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A copy statement can be obtained by phoning the applicable product number - See Bank charges for costs of these. |
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Errors on your statement must be reported within 30 days failing which it will be deemed to be correct. |
- Year end statements giving a break down of spend and fees to assist with the compilation of your tax return can be requested.
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| Fees & Charges (Inclusive of V.A.T) |
| Annual Membership Fee (AMF) (Not refundable for any portion not availed of) |
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R395.00 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
- 1-25 cards 1st Card
2 - 25
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R235.00
R120.00 |
R235.00
R120.00 |
R235.00
R120.00 |
N/A |
N/A |
N/A |
R235.00
R120.00 |
R235.00
R120.00 |
R235.00
R120.00 |
R235.00
R120.00 |
- 26-49 Cards All cards (incl 1st Card)
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R75.00 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
- 26-99 Cards All Cards (Inc 1st Card)
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N/A |
R75.00 |
R75.00 |
N/A |
N/A |
N/A |
R75.00 |
R75.00 |
N/A |
R75.00 |
- 100-499 Cards All Cards (Inc 1st Card)
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N/A |
R60.00 |
R60.00 |
N/A |
N/A |
N/A |
R60.00 |
R60.00 |
N/A |
R60.00 |
- 500+ Cards All Cards (Inc 1st Card)
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N/A |
R50.00 |
R50.00 |
N/A |
N/A |
N/A |
R50.00 |
R50.00 |
N/A |
R50.00 |
- Membership Rewards™ Programme Non Ceded Ceded
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R155.00
R250.00 |
R155.00
R250.00 |
R155.00
R250.00 |
N/A |
N/A |
N/A |
N/A |
R155.00
R250.00 |
R155.00
R250.00 |
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| Branch Charges |
- ATM fees (excl. Saswitch fee)
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R2,50 plus 0.9% |
R2,50 plus 0.9% |
R2,50 plus 0.9% |
R2,50 plus 0.9% |
N/A |
N/A |
N/A |
N/A |
R2,50 plus 0.9% |
R2,50 plus 0.9% |
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R6.00 |
R6.00 |
R6.00 |
R6.00 |
N/A |
N/A |
N/A |
N/A |
R6.00 |
R6.00 |
- Over the counter payment fees
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R2.50 plus 0.9% (max R50.00) |
R2.50 plus 0.9% (max R50.00) |
R2.50 plus 0.9% (max R50.00) |
R2.50 plus 0.9% (max R50.00) |
N/A |
N/A |
R2.50 plus 0.9% (max R50.00) |
R2.50 plus 0.9% (max R50.00) |
R2.50 plus 0.9% (max R50.00) |
R2.50 plus 0.9% (max R50.00) |
- Over the counter withdrawal fees
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R2.50 plus 1% (max R90.00) |
R2.50 plus 1% (max R90.00) |
R2.50 plus 1% (max R90.00) |
R2.50 plus 1% (max R90.00) |
N/A |
N/A |
N/A |
N/A |
R2.50 plus 1% (max R90.00) |
R2.50 plus 1% (max R90.00) |
- Overseas withdrawal fee **
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R30.00 |
R30.00 |
R30.00 |
R30.00 |
N/A |
N/A |
N/A |
N/A |
R30.00 |
R30.00 |
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R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-ction |
R0.20 per transa-
ction |
R0.20 per transa-
ction |
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| Penalty Charges |
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R115 |
R115 |
R115 |
R115 |
R115 |
R115 |
R115 |
R115 |
R115 |
R115 |
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R300 |
R300 |
R300 |
R300 |
R300 |
R300 |
R300 |
R300 |
R300 |
R300 |
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R125 |
R125 |
R125 |
R125 |
R125 |
R125 |
N/A |
N/A |
R125 |
R125 |
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| Other Services |
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Free |
Free |
Free |
Free |
Free |
Free |
Free |
Free |
Free |
Free |
- Replacement Card fee (local)
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R65 |
R65 |
R65 |
Free |
R65 |
R65 |
R65 |
R65 |
R65 |
R65 |
- Replacement Card fee (International)
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Free |
Free |
Free |
Free |
N/A |
N/A |
N/A |
N/A |
Free |
Free |
- Voucher copy request (local)
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R50 |
R50 |
R50 |
Free |
R50 |
R50 |
N/A |
N/A |
R50 |
R50 |
- Voucher copy request (International)
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R200 |
R200 |
R200 |
R200 |
R200 |
R200 |
N/A |
N/A |
R200 |
R200 |
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R20 |
R20 |
R20 |
Free |
R20 |
R20 |
R20 |
R20 |
R20 |
R20 |
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R35 |
R35 |
R35 |
R35 |
R35 |
R35 |
N/A |
N/A |
R35 |
R35 |
| ** All Forex transactions attract a % interchange fee |
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| Interest Rates |
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Interest is calculated daily at the appropriate announced rate we determine from time to time (currently 17%) on any debit balance on your card account resulting from any cause whatsoever, from the date of the Card transaction to the date on which the full amount is credited to your Card account.
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Interest on all amounts you owe us is capitalized each month in arrear and the amount you owe us is shown on each monthly statement.
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If you pay the outstanding balance on your Card account in full on or before the due date reflected on the monthly statement, we may decide not to charge interest in respect of Card transactions (other than cash advances/withdrawals, extended payment purchases, casino chips and travelers cheques) which appear for the first time on that statement. This can effectively give you up to 50/55 days free credit depending on card selected. If we decide not to charge interest, it will not mean that we have waived our right to charge interest, and we reserve all our rights to charge interest at any time.
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The above exemption will immediately fall away in the event of your full selected payment not being received by the due date and will not be re-instated for the duration of the contract.
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- We pay interest on any daily credit balance on your Card account at a rate, which we determine from time to time. This interest is credited to your Card account monthly on statement date. Tax is payable on interest earned during the tax year, subject to certain exemptions (please refer to your tax guide for further information). The current rates are:
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Amount |
Rate |
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Below R1 million |
5,0% |
Above R1 million |
6.5% |
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We alone may decide to change or replace all or any of the terms and conditions of use at any time by sending you a notice thereof and/or by sending you a copy of the latest terms and conditions of use. Such notice and/or copy of the changed or new terms and conditions of use will be binding from the date of receipt and the notice will be deemed to have been received on the 7th (seventh) day after the date on which it was posted.
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If we change or replace the terms and conditions of use, it will not mean that the change or replacement is a novation of this agreement or of any of your previous obligations to us.
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Client data such as account details, name and address will be held confidential (even when no longer a client) and will not be disclosed to anyone, subject to the following exceptions:
- Where the bank is legally compelled to do so or where it is in the public interest to disclose.
- Where Nedbank's interests require disclosure, however, the client's details name or address will not be disclosed to anyone else, including other companies in the group, for marketing purposes
- Where disclosure is made at the client's request or with the client's written consent Where the product offering requires such disclosure to a third party to enable the client to avail of that added benefit. Contractual agreements exist with the suppliers of these services preventing the use of your data for any purposes other than for the rendering of that service.
- Where the product offering requires such disclosure to a third party to enable the client to avail of that added benefit. Contractual agreements exist with the suppliers of these services preventing the use of your data for any purposes other than for the rendering of that service.
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| Access to information |
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- In addition to your right to query / access information relating to your Card account, the Promotion of Access to Information Act 2 of 2000 governs your right to promote / protect your rights. Nedbank published a manual detailing how you may request access to these records and may be viewed by going to www.nedbank.co.za.
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| Set-off |
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- Set-off may be applied where the bank deems it necessary. This means that a credit balance in any or all of your accounts may be used to settle any amount/debt you owe to the bank. Principal and supplementary card holders are Joint and Severally liable and hence this can be applied against both parties. .
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| Client Education - safety tips |
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- Please go to www.americanexpress.co.za for important information on topics such as:
The Financial Intelligence Centre Act (FICA)
The Banking Code of Practice
Exchange Control
General
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| Cooling off period |
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- No cooling off period is applicable to any of the products detailed above.
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| Complaints & Compliance |
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Access to the above areas can be made by phoning: 0860 10 21 91 |
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Disclaimer:
- These products and their features are current at the time of printing this comparison, and are subject to change without prior notice.
- This table is not intended to give advice, but merely sets out the various deposit options available.
- There could be card product options which might better suit your needs, but which are not contained in the table above.
- Nedbank shall not be liable to anyone for any loss pursuant to any reliance being placed on the contents of this document
Nedbank is a licensed service provider. |
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