Are you a fan of Woolworths and looking for a new credit card? Look no further! In this review, we take an in-depth look at the Woolworths gold credit card. We cover everything from fees and interest rates to rewards programs and benefits.
Whether you’re a frequent shopper at Woolworths or simply looking for a credit card that offers great value, this review has you covered. We also compare the Woolworths gold credit card to other popular options on the market, so you can make an informed decision about which card is the best fit for you.
Woolworths Gold Credit Card Summary
The Woolworths Gold Credit card is a personal credit card issued by Woolworths that requires a minimum income of R3000.00 per month. Since the account is provided by Woolworths, it includes a 2% back in quarterly vouchers on all Woolworths purchases.
The credit card comes with an automatic WREWARDS membership, which entitles cardholders to an additional 5% off WREWARDS items when they pay with the card. Credit cardholders receive 0.75 % back in quarterly vouchers when they use their credit card at any store other than Woolworths.
The monthly service fee for the Woolworths credit card is R53.00, which is reasonable for a gold credit card in South Africa. Credit Card purchases are free if they are made in South Africa. Overseas transactions are subject to a fee, and the fee to withdraw money from an ATM in another country is R60.00 per withdrawal.
The account includes additional benefits that any credit cardholder can take advantage of. The following are some of the benefits of having a Woolworths credit card:
- Free access to the Woolies mobile app for convenient transacting.
- Lost card protection cover that covers the credit card holder against fraudulent use of the credit card.
- More free cards can be added for family members. Up to 8 gold credit cards can be added.
- Balance protection cover that covers the credit card holder in the event of death, temporary disability, permanent disability, critical illness and retrenchment.
- Travel insurance for those under the age of 75 if they use the Woolworths Gold Credit Card to purchase flight tickets.
- Optional medical and legal assistance for the credit card holder and his/her immediate family.
- Optional medical services to the credit card holder and his/her family for the delivery of medicine or equipment, and more.
How the Woolworths Gold Credit Card Works
The Woolworths Gold Credit card is a credit card that is issued by Woolworths and supported by Absa. The credit card is valid in all stores in South Africa and abroad. If the credit card is used at a Woolworths store, a 2% reward is applied to all purchases and is sent as a quarterly voucher.
To get started with the Woolworths Gold Credit Card, an initiation fee of R185.00 is required. After paying the Initiation fee, the credit will be allocated to the credit card to be used to make purchases. Local purchases are free, but international purchases are subject to a fee. When using the card abroad, there is a 2.5 % international currency conversion fee applicable.
Credit that is used must be repaid to the account. If the debt is settled within 55 days, the early repayment of the credit is free of interest. If the credit amount is not settled within 55 days, interest will be charged on a monthly basis until the debt is fully repaid.
Woolworths gold credit card functions as a revolving loan account. As a result, money deposited into the account, with the exception of interest, can be reused. Woolworths will automatically extend more credit to the account if repayments are made on time. However, if the credit card holder feels overly indebted, they can request that their credit limit be reduced.
Woolworths Gold Credit Card Fees 2023
|1||Monthly service fee||R53.00|
|3||Absa ATM Mini statement||R2.00|
|4||Card Replacement Fee||R110.00|
|5||Absa ATM cash deposit fee||R2.50 per R100.00|
|6||Branch cash deposit fee||R5.00 + R1.50 per R100.00|
|7||Absa ATM balance enquiry fee||R2.00|
|8||Absa supported ATM bal enquiry fee||R4.00|
|9||Saswitch ATM balance enquiry fee||R4.50|
|10||Absa ATM cash withdrawals||R25.00|
|11||Absa Branch cash withdrawal||R25.00 + R1.30 per R100.00|
|12||Saswitch ATM withdrawal||R28.00|
|13||Overseas At cash withdrawal||R60.00|
|14||Bank cheque withdrawal||R65.00|
|15||International currency conversion fee||2.5%|
|16||Card courier fee||R170.00|
|17||Unpaid debit order fee||R120.00|
Advantages of the Woolworths Gold Credit Card
- The credit card provides free access to the Woolworths Mobile app for cardholders.
- The credit card is valid in any store that accepts Visa cards.
- When using a credit card to purchase a flight ticket, one receives free travel insurance.
- It comes with a flexible budget that allows for debt repayment over a period of up to 60 months.
- There is a 55-day interest-free credit available.
- Visa provides theft and accidental damage protection for 90 days from the date of purchase.
- Optional balance protection insurance protects the credit card holder from the credit used if he or she dies, is laid off, suffers a critical illness, or becomes disabled.
- When you sign up for the Woolworths credit card, you automatically become a member of WREWARDS.
- Woolworths offers quarterly vouchers on all purchases.
- Free deposits when one deposits money using an Absa ATM.
Disadvantages of the Woolworths Gold Credit Card
- The charges are high when a credit card holder uses an Absa branch to transact.
- Deposits and withdrawals cannot be made at Woolworths location.
- There is no cashback rewards but only vouchers that are redeemable when shopping at a Woolworths store.
Requirements of the Woolworths Gold Credit Card
- Must earn at least R3,000.00 per month.
- Have a valid South African ID book or Smart card.
- Be over the age of 18 years.
- Have the latest payslip or 3 months bank statements
- A proof of residence that is not older than 3 months at the time of application.
The Woolworths Gold Credit Card is a good credit card to have because of the benefits it offers. The credit card has low fees and requires a low income to apply, making it accessible to low-income earners.