Black Card 101

Wealth tip 101: Do not follow the herd, cut your cloth….

Once upon a time in Camps Bay I asked a wealthy banker why he earns a salary of R60 million+/pa [excluding other executive benefits]. He said that he is paid so well because he is a magician, he makes money from nothing. How sir? He kindly baptised me. Today, the most profitable part of the banking business is feeding the pride and self importance of the ignorant customer. Banking fees thrive on ignorance. The biggest money making scheme is the bank’s artificial status ranking of silver, gold, platinum, premier banker, private banker, etc. The higher the status rank, the more fees the client pays.

The bank’s objective is to upsell and have more clients on a higher status ranking. For this reason, most clients are pushed up the fake status ladder to make more profit. These status rankings cost relatively nothing to the bank. The bank card is made of the same plastic and they cost the same to print regardless of their colour. What gives the card some worth is your ignorance and false sense of importance. The bank’s magic is making you see value where there is actually none. The hidden truth is that you do not need a ‘black card’ to pay Edgars, to pay your mother and to pay at Spar. You transactions are mundane and your ignorance is profit.

The status ranking is supported by a battery of worthless rewards/benefits such as access to the business lounge at the airport and that fake ‘premier/private banker’ who is actually a glorified callcentre agent. The ‘benefits’ are meanless and in most cases up to 90% of clients seldom use them. But most people do not care to know as long as they have the ‘black card’. As long as they are ranked higher than ’that Capitec cardholder’. I have seen poor relatives who are teachers and nurses paying up to +R500/pm in banking fees. That is conservatilvely +R6000/pa donated to the bank for the sake of a fake status at the Shoprite till in Giyani. All fake status, as they are not even premier or private client material.

Now, I know someone who swallowed their pride, got advice and downgraded back to gold (at R64/pa). She saved R8742/pa and the bank did not like it when she ‘upgraded’ herself. She never used the business lounge, not even the airport. Her debt councillor never told her the truth, because the debt councillor herself is also a slave to the bank card status ranking. It is crunch time, life is getting expensive. If you want to be ahead, start at the bank (as that is the first place where your money is being looted). The banker is feeding on your ignorance and sweat. Be bank smart, pride is profit. – Djo BaNkuna

Add a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.