Business credit cards aren’t just personal cards with “business” slapped on them. Or they shouldn’t be.
The FNB Platinum Business Credit Card targets companies generating between R5 million and R60 million annual turnover. That’s the positioning – mid-tier businesses past startup phase but not yet corporate enterprise territory.
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What actually matters though? Whether the card delivers genuine business value or just repackages consumer benefits with business terminology. Can eBucks Rewards for Business genuinely improve cash flow management? Do those 24 complimentary SLOW lounge visits justify costs when you’re managing business travel budgets?
The target audience is clear. Business owners, company directors, senior executives handling significant corporate spending. Not freelancers working from home offices, not massive corporations with dedicated procurement teams. Right in that middle ground where businesses need professional credit facilities without enterprise-level complexity.
Let’s examine what FNB actually offers, how it integrates with business operations, and whether the Platinum tier makes financial sense compared to Gold Business or upgrading to Black Business alternatives.
Understanding the Business Credit Structure
Three credit facility options come bundled. Full monthly settlement gives you up to 55 days interest-free on purchases excluding cash withdrawals. Buy something today, settle next month, no interest charges if you clear the balance.
Revolving credit facility allows minimum monthly repayments of 10% of outstanding balance plus interest and fees. Flexibility for managing larger purchases across multiple months without requiring full immediate payment.
Budget facility lets you purchase items worth at least R200 and repay over six to sixty months. Structured installment payments for significant business expenses like equipment or technology upgrades.
Credit Limits Based on Business Turnover
FNB structures limits around annual company turnover, not just personal income like consumer cards. Platinum Business targets R5 million to R60 million turnover businesses. Lower turnover? Gold Business makes more sense. Higher? Consider Black Business or Enterprise options.
Actual credit limits get determined through affordability assessments examining company financials, payment history, existing debt obligations. The turnover brackets provide guidelines, not guarantees of specific limits.
eBucks Rewards for Business: The Cash Back System
Earn 2.5% back on qualifying card swipes. Real money returning to your business, not points requiring complex redemption processes. Straightforward cashback that reduces effective costs on business spending.
Enhanced earnings on specific categories. Up to 15% back on fuel purchases, prepaid airtime, prepaid electricity, and spending at Checkers and Shoprite. Strategic if these categories represent significant business expenses.
The value depends entirely on spending patterns. Businesses fueling company vehicles frequently benefit substantially from that 15% fuel cashback. Office-based businesses rarely buying fuel? The enhanced rate becomes irrelevant.
Practical Cashback Calculations
Spend R10,000 monthly on fuel at 15% cashback. That’s R1,500 back monthly, R18,000 annually. Significant saving for businesses managing vehicle fleets or sales teams traveling regularly.
Regular business expenses at 2.5% cashback on R50,000 monthly spending? R1,250 back monthly, R15,000 yearly. Not transformative, but meaningful cost reduction that accumulates over time.
Compare those savings against card fees and interest charges if carrying balances. Cashback only delivers value when total benefits exceed total costs of maintaining the facility.
Travel Benefits for Business Operations
Twenty-four complimentary SLOW lounge visits annually, with one guest per visit. Access regional airport lounges and SLOW in the City at Sandton for business meetings or pre-flight work sessions.
Comprehensive global travel insurance activates when purchasing airline tickets with the Platinum Business card. Coverage includes medical emergencies, trip delays, lost luggage. Eliminates need for separate business travel insurance policies in many cases.
Visa Global Customer Assistance Service provides 24/7 worldwide support. Emergency card replacement, travel assistance, concierge services. Useful when employees travel internationally and need immediate banking support.
Realistic Travel Value Assessment
Twenty-four annual lounge visits sounds generous until you calculate actual usage. That’s two visits monthly. Works perfectly for businesses with regular domestic travel schedules. Irrelevant for businesses rarely sending employees to airports.
Travel insurance value depends on frequency and destination. Multiple international trips yearly? The included coverage saves thousands compared to purchasing separate policies. Occasional domestic travel only? Less valuable benefit.
Business-Specific Features
No transaction fees on purchases excluding fuel and cash withdrawals. Swipe for business expenses locally or internationally without per-transaction charges accumulating. Significant saving for businesses processing numerous card transactions monthly.
Visa IntelliLink provides comprehensive spend management capabilities. Track business expenses, categorize spending, generate reports for accounting purposes. Integration with business financial systems simplifies expense reconciliation.
Additional cards for employees at nominal costs. Equip team members with company cards while maintaining central control and oversight. Set individual limits, track spending by employee, simplify business expense management.
Accounting and Reconciliation Benefits
Detailed monthly statements itemize every transaction. Simplifies VAT reclaims, expense categorization, financial reporting. Electronic statements integrate with accounting software reducing manual data entry.
Free inContact Pro provides real-time transaction notifications. Immediate alerts when employees use company cards. Helps detect unauthorized spending quickly while maintaining oversight of business expenses.
Qualification Requirements
Business must generate annual turnover between R5 million and R60 million. FNB verifies through financial statements, bank statements showing business revenue, tax documentation.
Company directors, business owners, or senior executives with signing authority typically qualify as cardholders. Personal guarantees often required, tying personal creditworthiness to business credit approval.
Clean business credit history matters significantly. Payment patterns on existing business accounts, outstanding business debts, any defaults or adverse listings. FNB assesses business credit separately from personal credit, though both influence approval.
Documentation Required
Company registration documents proving legal business entity status. CIPC certificates, founding statements, proof of business operations.
Financial statements demonstrating turnover levels. Recent bank statements showing business revenue flow, tax returns, management accounts. Three to six months of documentation typically required.
Proof of business premises. Lease agreements, utility bills in company name, proof of registered business address. Verifies legitimate operating business rather than shell companies.
Comparing Platinum to Other FNB Business Tiers
Gold Business targets R0 to R5 million annual turnover. Lower credit limits, fewer premium benefits, more accessible entry point for smaller businesses or newer companies building credit.
Black Business serves R5 million to R60 million turnover range (overlapping with Platinum) but offers enhanced benefits. Unlimited SLOW lounge visits versus Platinum’s 24 annual visits. Higher-tier Visa benefits, potentially better credit terms.
Enterprise Business handles R60 million to R150 million plus turnover. Dedicated relationship management, customized credit facilities, enterprise-grade financial solutions.
When Platinum Makes Sense
Your business sits comfortably in the R5-60 million turnover bracket. You’re traveling regularly enough to use those 24 lounge visits. The eBucks cashback categories align with your major business expense patterns.
Platinum delivers better value than Gold for mid-sized businesses needing higher limits and premium travel benefits. Costs less than Black while providing sufficient benefits for companies not requiring unlimited lounge access.
Cost Considerations
Monthly account fees apply based on credit facility structure selected. Fees vary depending on whether you’re using straight credit, revolving facilities, or budget options. FNB pricing structures around usage patterns rather than flat fees.
Interest charges accumulate on revolving balances and budget facility purchases. Rates depend on credit assessment and facility type. Compare carefully against business loan rates for large purchases – sometimes dedicated business loans offer better terms than credit card facilities.
Annual fees for the Platinum tier sit higher than Gold but lower than Black. Exact amounts depend on credit limit granted and facility structure. Request detailed fee schedule during application to understand total cost of ownership.
Common Business Mistakes to Avoid
Don’t blur personal and business expenses on company cards. Maintain clear separation for tax purposes, accounting accuracy, audit compliance. Co-mingling expenses creates financial and legal complications.
Avoid carrying unnecessary revolving balances. Interest charges on business credit cards often exceed business loan rates. For planned large purchases, compare dedicated financing options against credit card revolving facilities.
Don’t ignore spend management tools. IntelliLink and detailed statements exist for oversight. Businesses that don’t actively monitor card usage often discover unauthorized spending or policy violations too late.
Skip applying if your turnover sits significantly below R5 million annually. Gold Business serves smaller turnover ranges better. Forcing applications outside appropriate tiers typically results in rejection or inappropriate credit limits.
