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Absa Premium Banking Credit Card Review 2023

Absa Premium Banking Credit Card

Absa Premium Banking Credit Card is a private banking credit card available to individuals earning R25,000.00 or more. The credit card has a R138,000.00 maximum credit limit. Credit card holders are automatically enrolled in the Absa credit rewards program, which allows them to earn up to 30% real cash back.

The Absa Premium Credit Card has a R62.00 monthly account fee. The credit card also has a monthly credit facility fee of R30.00. For a one-time fee of R16.50, credit card holders can obtain a secondary card.

The Absa Premium Banking Credit Card includes 12 free visits to Bidvest Airport lounges per year. Furthermore, credit card holders automatically receive R3 million in basic travel insurance for travel emergencies.

The Absa Premium Banking Credit card also comes with a number of benefits that credit card holders can enjoy, which are detailed below.

Absa Premium Banking Credit Card Benefits 

  1. Comes with access to all Absa digital platforms. 
  2. Comes with a dedicated private banking line that is available to help clients with their banking needs. 
  3. The credit card has a 57 days interest-free credit on purchases. 
  4. There are no charges for purchases with the Premium credit card locally and overseas. 
  5. The credit card has lost card protection that covers credit if a client’s card is stolen or lost. 
  6. Comes with the buyers’ protection that covers theft, accidental damage or non-delivery of eligible purchases. 
  7. The credit card has extended warranty on goods purchased. 
  8. The credit card comes with an automatic basic travel insurance cover that covers a number of travel emergencies. 
  9. Comes with a credit life protection to protect and cover the outstanding debt of a client should they die, have a dread disease or become permanently disabled. 
  10. The credit card has a monthly fixed repayment that is always client to budget smart. 

Absa Premium Banking Account Credit Card Fees 2023

Fee DescriptionAmount
Monthly Account FeeR62.00
Monthly Credit Facility Fee R30.00
Secondary Card Per Month R16.50
Primary Garage CardsR42.00
Secondary Garage Card FeeR23.00
Cash Deposit at Absa ATM  FeeR2.50 per R100.00 
Cardless Cash Deposit R2.5 per R100.00 
Withdrawal at any local bankR80.00 + R2.50 per R100.00 
Point of Sale cash withdrawalR2.5 per R100.00 
SASWITCH ATM withdrawalR10.00 + R2.50 per R100.00 
Overseas ATM withdrawal FeeR80.00 
Overseas POS withdrawalR80.00
Credit card purchases overseasFree
SASWITCH ATM purchases R12.00
Lotto purchasesR2.70

Competitive Advantages of the Absa Premium Banking Credit Card 

  • The credit card comes with R3,000.000.00 travel insurance that covers a number of medical emergencies. 
  • Clients get rewards whenever they swipe their Absa Premium Banking Credit Card through the Absa rewards program
  • Account-holders get up to 30% discounts on selected items from participating stores.
  • Clients get protection and warranty through Visa ™ on goods bought. 
  • The account has a low minimum income requirement of R25,000.00, which is low for a private banking credit card. 
  • The Premium credit card is protected should the cardholder lose it or get stolen. 
  • Comes with a 57 days interest-free credit. 
  • Can make contactless purchases with the Premium credit card. 
  • A dedicated private banking line is available to clients 24/7 whenever they need help. 
  • Comes with access to the Bidvest Airport lounges.
  • Monthly service fee is low. 

Competitive Disadvantages of the Absa Premium Credit Card 

  • The account doesn’t have a dedicated private banker
  • Travel benefits are limited. 

Requirements for the Credit Card 

  1. Must earn a minimum monthly income of R25,000.00 or more.
  2. Must have a South African ID book or Smart card. 
  3. Need to be over the age of 18 at the time of application. 
  4. Proof of residence that is not older than 3 months at the time of application. 
  5. The latest proof of income for three consecutive months.
  6. Must have a good credit score. 

Conclusion 

The Premium banking credit card has a low minimum income requirement when measuring the benefits versus the cost of getting the credit card. The credit card gives credit cardholders a chance to bank private and also receive travel and lifestyle benefits that are convenient. 

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