Woolworths Gold Credit Card Review 2024: A Comprehensive Look at Benefits, Fees, and Loyalty Rewards

As we step into the new year, financial decisions take center stage, and for many South Africans, choosing the right […]

Woolworths Gold Credit Card

As we step into the new year, financial decisions take center stage, and for many South Africans, choosing the right credit card is a crucial aspect. In this comprehensive review, we delve into the Woolworths Gold Credit Card for 2024, examining its features, fees, and the exciting Quarterly Loyalty Voucher Programme.

Unveiling the 2024 Woolworths Gold Credit Card

Woolworths continues to be a household name, offering not only a diverse range of products but also financial services through their credit cards. The Woolworths Gold Credit Card for 2024 holds several promising features, making it an enticing option for both frequent shoppers at Woolworths and those seeking a credit card with valuable perks.

Key Features of the Woolworths Gold Credit Card

FeaturesWoolworths Gold Credit Card 2024
Minimum Monthly IncomeR3,000.00
Rewards Program2% back on Woolworths purchases, 0.75% back on purchases elsewhere
Automatic WREWARDS Membership5% off WREWARDS items when using the card at Woolworths
Additional BenefitsLost card protection, free Woolies mobile app access, balance protection cover, and more
Monthly Service FeeR60.00
Overseas Transaction Fee2.5% international currency conversion fee, R60.00 per overseas ATM withdrawal
Initiation FeeR193.00

Quarterly Loyalty Vouchers: A Unique Offering

One standout feature of the Woolworths Gold Credit Card is its Quarterly Loyalty Voucher Programme, providing cardholders with a distinctive way to earn rewards. Let’s take a closer look at how this programme works and the benefits it offers.

About Quarterly Loyalty Vouchers

All Woolworths Credit Card customers are automatically enrolled in the Quarterly Loyalty Voucher Programme. This programme is distinct from the WRewards programme, offering a different set of rewards based on card usage.

Earning Percentages

Customers earn a percentage of their spending back in Woolworths Quarterly Vouchers. The percentage varies depending on the type of credit card:

Credit Card Type% Back on Woolworths Purchases% Back on Purchases Outside Woolworths
Woolworths Silver Credit Card1%0.5%
Woolworths Gold Credit Card2%0.75%
Woolworths Black Credit Card3%1%

Programme Details

  • No Minimum Spend: Customers start earning Woolworths Quarterly Vouchers immediately, and there is no minimum spend required.
  • Utility Bill Cap: Utility bill payments with the credit card are capped at R60,000 per quarter for voucher calculation.
  • Voucher Issuance: Vouchers are issued quarterly, with the quarters ending in February, May, August, and November.
  • Minimum Voucher Value: Provided the minimum voucher value is R75 or more, vouchers are issued.

Redemption and Expiry

  • Redemption: Vouchers can be redeemed at any Woolworths store within South Africa but cannot be used at Engen stores.
  • Validity: Woolworths Quarterly Vouchers are valid for six months from the date of issue.

Limitations and Exclusions

  • Not for Cash Transactions: Vouchers are not awarded for cash transactions, cash withdrawals at ATMs, cash advances over the bank counter, purchase of casino tokens, or foreign exchange purchases.
  • Reversals: If a transaction is reversed (e.g., returned merchandise), the corresponding voucher value will be deducted.

Fees and Charges: Navigating the Financial Landscape

Understanding the fees associated with any credit card is essential for making informed financial decisions. Let’s explore the fees attached to the Woolworths Gold Credit Card for the year 2024.

Woolworths Gold Credit Card Fees 2024

#Fee DescriptionAmount (R)
1Monthly Service Fee60.00
2Overseas Transaction Fee2.5% of transaction value
3Initiation Fee193.00
4Absa ATM Withdrawal (Overseas)60.00
5Card Replacement Fee150.00
6Absa ATM Mini Statement Fee7.00
7Absa ATM Cash Deposit Fee2.50/100.00
8Branch Cash Deposit FeeR5+ R1.50/R100
9Absa ATM Balance Enquiry Fee2.00
10Absa-supported ATM Bal Enquiry Fee27.00
11Saswitch ATM Balance Enquiry Fee31.50
12Absa ATM Cash Withdrawals25.00
13Absa Branch Cash Withdrawal25.00 + 1.30 per R100.00
14Saswitch ATM Withdrawal28.00
15Overseas ATM Cash Withdrawal60.00
16Bank Cheque Withdrawal65.00
17International Currency Conversion Fee2.5% of transaction value
18Card Courier Fee180.00
19Unpaid Debit Order Fee120.00

Advantages and Disadvantages: Weighing the Pros and Cons

Advantages of the Woolworths Gold Credit Card

  1. Free Woolies Mobile App Access: Cardholders enjoy free access to the Woolworths mobile app, providing convenient transaction management.
  2. Versatility: Valid in any store accepting Visa cards, offering flexibility in usage.
  3. Travel Insurance: Free travel insurance for flight ticket purchases when using the Woolworths Gold Credit Card.
  4. Flexible Budget: The card provides a budget that allows for debt repayment over a period of up to 60 months.
  5. Interest-Free Credit: A 55-day interest-free credit period for timely repayments.
  6. Protection Measures: Visa provides theft and accidental damage protection for 90 days from the date of purchase.
  7. Optional Balance Protection Insurance: Protects against credit used in the event of death, retrenchment, or critical illness.
  8. WREWARDS Membership: Automatic membership with WREWARDS, offering quarterly vouchers on all purchases.

Disadvantages of the Woolworths Gold Credit Card

  1. High Charges at Absa Branches: Transaction fees are relatively high when using Absa branches.
  2. Limited Deposit Locations: Deposits and withdrawals cannot be made at Woolworths locations.
  3. No Cashback Rewards: Only vouchers are redeemable when shopping at a Woolworths store.

Qualifying for the Woolworths Gold Credit Card: Requirements

To acquire the Woolworths Gold Credit Card, certain eligibility criteria must be met. Here are the requirements:

  1. Minimum Monthly Income: R3,000.00
  2. Identification: Valid South African ID book or Smart card.
  3. Age Requirement: Over 18 years.
  4. Financial Documents: Latest payslip or 3 months bank statements.
  5. Proof of Residence: A proof of residence not older than 3 months at the time of application.

Conclusion: Is the Woolworths Gold Credit Card Worth Considering?

The Woolworths Gold Credit Card for 2024 stands out as a competitive option in the South African credit card landscape. Its unique features, coupled with the Quarterly Loyalty Voucher Programme, provide cardholders with tangible benefits. While certain fees and limitations exist, the advantages, such as travel insurance, flexible budgeting, and automatic WREWARDS membership, make it an appealing choice, especially for those who frequent Woolworths stores.

As with any financial decision, potential cardholders should carefully consider their spending habits, financial goals, and the terms of the credit card before making a commitment. By doing so, individuals can ensure that the Woolworths Gold Credit Card aligns with their needs and contributes positively to their overall financial strategy in 2024.

Frequently Asked Questions (FAQs) – Woolworths Gold Credit Card Review 2024

Q1: What makes the Woolworths Gold Credit Card unique in 2024? A1: The card stands out with a 2% cashback on Woolworths purchases, 0.75% on external transactions, and enticing benefits, including travel insurance.

Q2: How does the Quarterly Loyalty Voucher Programme work? A2: Cardholders earn Woolworths Quarterly Vouchers based on their spending, with percentages varying by card type. Vouchers are issued quarterly.

Q3: What are the fees associated with the Woolworths Gold Credit Card? A3: Fees include a R60.00 monthly service fee, a 2.5% international currency conversion fee, and R25.00 for Absa ATM cash withdrawals.

Q4: Can the Woolworths Quarterly Vouchers be redeemed at any store? A4: Vouchers can be redeemed at any Woolworths store within South Africa, excluding Engen stores, providing flexibility for cardholders.

Q5: What are the advantages of the Woolworths Gold Credit Card? A5: Benefits include free Woolies mobile app access, travel insurance, a 55-day interest-free credit period, and automatic WREWARDS membership.

Q6: Are there any limitations to earning Woolworths Quarterly Vouchers? A6: Vouchers are not awarded for cash transactions, cash withdrawals, or certain foreign exchange purchases. Reversed transactions result in deducted voucher values.

Q7: How can one qualify for the Woolworths Gold Credit Card? A7: To qualify, applicants need a minimum monthly income of R3,000.00, a valid South African ID, and proof of residence not older than 3 months.

Q8: Are there limitations on where deposits can be made with the Woolworths Gold Credit Card? A8: Yes, deposits and withdrawals cannot be made at Woolworths locations. Deposits are free at Absa ATMs.

Q9: Is there an initiation fee for the Woolworths Gold Credit Card? A9: Yes, there is an initiation fee of R193.00 to get started with the Woolworths Gold Credit Card.

Q10: Can the credit limit of the Woolworths Gold Credit Card be increased? A10: Yes, cardholders can request a credit limit increase by contacting the issuer in writing or by phone, subject to assessment.