Obtaining a credit card as a student can be challenging, especially if you are unemployed. In many circumstances, getting a credit card as a student is nearly impossible because the risk of granting credit to students is too high.
Absa provides students with the opportunity to own a credit card and build a solid credit score before getting employed. A student does not need to be working at the time of application for the Absa Student credit card. To be eligible for the Absa student credit card, you must receive a monthly allowance.
Qualifying students are those that are enrolled in a full-time program at a South African university, a FET college, a university of technology, or a private tertiary institution. The Absa Student credit card offers the least features for a credit card at Absa. However, this is due to the fact that the credit card is free and does not require much in terms of qualifying.
The Absa Student Credit card is a good credit card for a student to have and start building a credit profile. To help you better understand the credit card, we discuss it in detail below.
Absa Student Credit Card Summary
The Absa Student credit card is available to students enrolled in a FET College, a SAQA institution, a private or public university. Students between the ages of 18 and 30 years who earn a minimum monthly income of R800.00 are eligible for the credit card.
The Absa Student credit card offers 57 days of interest-free credit on qualifying purchases. The account has no monthly account fee and all purchases made with the account are free. Absa’s digital platforms are also available for free.
The Absa Student credit card has fees in addition to free transactions and services. These fees are listed in the table below.
Absa Student Credit Card Fees 2023
| Fee Description | Amount |
|---|---|
| Monthly Account Fee | Free |
| Monthly Credit facility Fee | Free |
| Secondary Card Pre month | N/A |
| Cash deposit at an Absa ATM | R2.50 per R100.00 |
| Cash deposit at an Absa Branch | R4.00 per R100.00 |
| Cardless cash deposit at an Absa ATM | R2.50 per R100.00 |
| Cash withdrawal at an Absa Branch | R80.00 + R2.50 per R100.00 |
| Cahh withdrawal at an Absa ATM | R2.50 per R100.00 |
| SASWITCH ATM cash withdrawal | R10.00 + R2.50 per R100.00 |
| Cash withdrawal at an overseas ATM | R80.00 |
| Point of sale purchase | Free |
| Prepaid purchases | R1.50 |
| Lotto purchases | R2.70 |
| Account payments at an Absa ATM | R10.00 |
| Account payments at an Absa Branch | R80.00 |
| Interbank payments at a branch | R80.00 |
| Interbank payments at a Absa ATM | R11.50 |
| Funds transfer fee | Free |
| Cash send | R2.50 per R100.00 |
| Beneficiary verification online | R7.00 |
Absa Student Credit Card Rewards and Benefits
- The credit card is a good start for someone who doesn’t have a credit score. It will help with building a credit history.
- Comes with automatic basic travel insurance of R1,000,000.00 for a range of travel emergencies.
- Absa allows for a 57 days interest-free debit for the Student credit card.
- There are no transaction fees for purchases so you can use your card online or instore to make purchases without incurring any costs.
- The credit card comes with lost card protection which covers the credit card holder should their student credit card get lost or stolen.
- Cardholders get cash back when they pay with their Student credit card locally and internationally.
- The credit card has a contactless technology whereby you can tap your credit card to a speed point machine to make payments.
- Comes with a free notifyMe service that updates clients through SMS whenever they transact.
- Monthly outstanding debt repayments are fixed with clients having to pay a constant figure month to month.
Competitive Advantages of the Absa Student Credit Card
- The credit card doesn’t have any monthly account fee attached to it.
- Clients get free access to Absa digital platforms.
- The credit card doesn’t have any monthly credit facility fee attached to it.
- Repayments of the outstanding debt are fixed.
- The student credit card comes with 57 days of interest-free credit which means clients can settle their debt without incurring any interest charges.
- Comes with automatic basic travel insurance of R1,000,000.00 for a range of travel emergencies.
Competitive Disadvantages of the Absa Student Credit Card
- Clients cannot get access to garage cards.
- There is no credit life plan which pays off outstanding credit should anything happen to you.
Absa Student Credit Card Requirements
- Must be over the age of 18 and less than 31 at the time of application.
- Have a proof of residence that is not older than 3 months at the time of application.
- Have a valid South African ID book or Smart card.
- Be registered at SAQA approved institution.
- Have a monthly allowance of R800.00 or more.
- Proof of income for three consecutive months.
Conclusion
The Absa Student credit card serves as a first step in obtaining a credit card for students. All they have to do is produce documentation of receiving a monthly allowance of R800.00 or more and be enrolled in a tertiary institution. Based on the qualification standards, this may be the easiest credit card to obtain at Absa.
