Guiding consumers since 2009

African bank launches PlatinumPlus products

By Staff Writer
African Bank has launched the PlatinumPlus+ package that promises to save consumers money and get rewarded for good banking behaviour. 
 
Israel Skosana, head of marketing and consumer insights at African Bank, said this package is targeted at financially fit consumers.
 
“This unique solution combines a number of products into one bundle. A Platinum Visa credit card, a savings wallet and long term insurance will match the customers’ financial requirements as their needs change over time,” said Skosana. 
 
How do you get rewarded?
 
PlatinumPlus+ cardholders will receive a 3.5% interest rate rebate on the gross rate of 16.5% if they keep within the bank’s rules.  By paying the monthly minimum balance, their interest rate will drop to 13%. Skosana explains that when you pay your initial 16, 5% rate, you get a cash back-rebate of 3, 5% that you can use as you want.
 
“Through a survey we have found that consumers want to see rewards in the form of cash. In the economy we live in it is a way useful way for them to have access to extra cash to use as they want to,” said Skosana.
 
Cardholders will also receive 1.5% cash back for all purchases at any till point, not limited to any particular store or merchant.  The more customers swipe, the more they earn cash back rewards.
 
“Our interest rate and cash back at point-of-sale are among the most competitive rates in the market. Compared to our competitors this credit card’s interest rate is very affordable. Our aim is for our customers to unlock value and additional savings through their financial behaviour,” said Skosana. 
 
Savings promotion initiative
 
To promote a savings culture PlatinumPlus+ also offers a savings wallet into which customers can deposit savings or opt to put their cash back rewards into their savings wallet and earn 5% interest per annum.

Skosana said that there is no stipulated amount that needs to be deposited to qualify for this account. 
 
Insurance extras
 
“When developing this solution, our research highlighted that customers are looking for a sense of security.  Protection against retrenchment and crime were among the key elements concerning customers,” said Skosana.
 
To assist customers with unforeseen events, PlatinumPlus+ includes three types of insurance cover. Credit Life covers permanent and temporary disability, retrenchment, death and compulsory unpaid leave, ensuring that customers are never left out of pocket. 
 
Crime Injury Insurance cover ensures that customers and their family (up to four family members) who are victims of a violent crime, are insured to a maximum value of R32 000 per calendar year. Personal accident insurance cover provides an R8000 cash benefit in the event of an accidental injury or death.
 
“Consumers are in control with this offering in that they can plan their finances by accessing credit when they need it, by saving and being insured while being rewarded. But most importantly, we wanted to offer consumers a product that offers various options to them through one access point,” said Skosana.
 
It is always a good idea to enquire about the different rewards you can get from your bank as a credit card holder.
FNB credit card holders can also enjoy a reward back option when they link their account to eBucks. 
 
“FNB Platinum credit card account holders receive inclusive automatic debt protection as well as qualification for access to the SLOW Lounge and Comprehensive Global Travel Insurance,” said Johan Maree, CEO of FNB credit cards.

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