The ABSA Credit Card is designed for professionals, entrepreneurs, and students who have a steady revenue stream. To be eligible for an ABSA Credit Card, you must be at least 18 years old, a resident of South Africa, have a decent credit score, and earn a minimum of R24,000.00 per year. The card has a monthly service fee starting from R7.00 and interest rate of 18% per annum.
|Fee Description||Flexi Core||Gold||Premium|
|Monthly Account Fee||14.00||23.00||59.00|
|Credit Facility Fee||30.00||30.00||30.00|
|Cash deposit: Branch||60.00||60.00||60.00|
|Cash deposit: ATM||2.00||2.00||2.00|
|Cash Withdrawal: Branch||75.00||75.00||75.00|
|Cash Withdrawal: ABSA ATM||2.00 per 100.00||2.00 per 100||2.00 per 100.00|
|Cash Withdrawal: Other ATMs||6.00 + 2.00 per 100.00||6.00 + 2.00 per 100.00||6.00 + 2.00 per 100.00|
|Overseas ATM Cash Withdrawal||75.00||75.00||75.00|
|Online and Mobile Cash Transfer||10.00||10.00||10.00|
The ABSA Credit Card offers up to 57 interest-free days on purchases, barring withdrawals, gambling transactions, internet transfers, and gasoline and budget plan expenditures. Absa Bank now boasts that it offers four different credit card lending categories, but we’ll only cover three of them in this post. Credit cards for everyday use, exclusive credit cards, and credit cards for students are the three types of credit cards that will be examined in depth. With its student credit cards, Absa has made several changes.
Students can now get credit for as little as R800.00 per month in needed income. Although not difficult, a student must demonstrate that they earn the stated amount. Absa offers a Flexi core and a gold credit card for everyday use. The Flexi core credit card is designed for first-time landers. The Flexi Core credit card is simple to use, so it’s ideal for folks with no credit. It’ll be much easier to establish credit with this card. The Flexi Core credit card is straightforward and includes all of the modern capabilities you’d expect from a card, such as internet transactions and app purchases.
Nothing is complicated, there is no private banker, and there is no financial counseling, therefore the gold credit card criteria are a little lax. The Gold credit card is a conventional first-tier credit card with restricted features, yet it is superior to other first-tier cards from other banks in some areas. Let’s have a look at the features, rates, and conditions of everyday usage credit cards, as well as the comparative advantages and disadvantages.
When compared to any credit card offered by the major five banks that isn’t for students, the Flexi Core card offers the lowest minimum income requirement in South Africa. In comparison to the FNB Gold Credit Card and the Nedbank Credit Card, the gold credit card has a lower minimum income criterion. To qualify for a gold credit card, Nedbank requires a minimum of R5000, FNB requires a minimum of R7000, and Absa Bank requires a minimum of R4000.00. Both credit cards feature cheaper monthly credit card service fees of R30, as opposed to R45.00 for the Nedbank credit card. The automatic basic travel life cover on the gold credit card is R1,500,000.00, which is unusually high for a gold credit card.
Compared to Capitec bank credit card, Absa Flexi Core and Gold Credit card charges for activity notifications while Capitec bank doesn’t. Absa Bank charges the same rate of R8.50 for returned payment charges and yet Capitec bank does not charge for returned payments.
Exclusive credit cards are for private banking, so if you want a dedicated private banker then you must consider getting one of the two exclusive credit cards.
Absa Bank has two exclusive credit cards namely premium banking credit card and private banking credit card. These are the top of the range credit cards from Absa Bank and are for professionals and high net individuals.
These cards give you access to private financial counselling whenever you need help to manage your financial affairs. If you are a very busy person then managing your finances may not be your number one priority hence you will need the services that come with private banking.
Let’s have a look at the features, rates, and requirements of premium and private banking credit cards. We will also look at the competitive advantages and disadvantages of both exclusive cards.
You don’t need to earn much money to qualify for Absa private banking. From a salary of R25,000.00 or more, you can start your life in the private clients’ section with Absa Bank compared to a hefty R62,500.00 requirement from FNB.
Travel rewards are not earned from these cards. You need to have a separate account such as the Absa British airways to earn points when travelling or use your card to pay for car rental and hotel bookings.
From FNB you have all these benefits bundled in one credit card which will help you avoid unnecessary card fees and other card costs.
Absa students’ credit card is simply designed for students. Not much money is required to own this credit card although it can be tough for students to make any income while studying. The minimum requirement for this credit card is R800 in gross income.
Gross income may income student allowances from Nsfas or bursary providers so there are no strict measures for this credit card. There are no monthly service fees and facility fees for this card and it is the only credit card from Absa whereby no service fees are charged.
Let’s look at the features, rates and requirements for the Absa credit card for students.
Absa has 0 facilities and service fees charges while Nedbank charges R7. 00 on the student credit card. Absa charges 1,15% on withdrawals for their student credit card and Nedbank charges 1,25% on their student credit card so the access of 0,10% from Nedbank cannot be ignored. You pay a minimum of 3% of the outstanding balance with Absa and 5% minimum outstanding debt with Nedbank for the same account. Absa charges 18% interest on credit while Nedbank charges 21% interest.
Compared to Nedbank students’ credit card, Absa has a low credit limit of R200.00 while Nedbank has a credit card limit of R500.00. This is a 150% difference on the credit limit for the same credit card offered from the 2 banks.
You can use the following methods to make your Absa credit card application. Choose the card that you want, then use the following information to start your application.