Posted on Jan 18, 2021 by Staff Writer
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The Absa Gold Credit card is a first-tier credit card that offers value for money. The credit card charges a low monthly account fee and comes with standard credit card benefits. Credit cardholders enjoy the freedom of using the credit card anywhere around the world.
The credit card features new card technology for convenient transactions both online and in-store. Other benefits that come with the Absa Gold Credit card includes lifestyle benefits such as discounts and cashback rewards on selected purchases, travel benefits such as preferential rates at Bidvest airport lounges, and insurance benefits such as basic travel insurance.
The Absa Gold Credit card has a maximum credit that rivals its competitors and the credit can be used for any purchase that an account holder prefers. There are no restrictions and the credit limit is reviewed periodically to ensure that clients have a credit they deserve at that point in time.
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Absa Gold Credit Card Summary
The Absa Gold Credit Card is a first-tier credit card that charges a monthly account fee of R23.00. Maximum credit on the Gold Credit card is R90,000.00 and it is subject to affordability. Of the used credit, credit cardholders need to repay 3% minimum outstanding balance every month. Minimum income that one can earn to qualify for the Absa Gold Credit Card is R4000.00.
The Absa Gold Credit Card comes with a 57 days interest-free credit. The credit card also comes with automatic basic travel insurance of R1,500,000.00 for international travel. Clients also get special rates at the Bidvest Airport lounges.
The credit card can be used locally or internationally, however, when used internationally, a transaction fee of 2.75% applies. Clients get lost card protection should the credit card get lost or stolen. Other benefits of the gold card include Visa’s special deals in South African restaurants, Visa Airport Dining and Special offers from Avis or Agoda.com.
Absa Gold Credit Card Benefits
- Credit cardholders pay fixed monthly payments on their outstanding credit for stable budgeting.
- Clients get cash rewards through the Absa Rewards program both internationally and locally.
- The credit card comes with Tap to Pay technology for contactless card payments.
- Clients get a free subscription to the Absa digital platforms.
- The credit card comes with a free NotifyMe subscription, where credit cardholders get notifications for every transaction that is performed on the account.
- The credit card comes with credit life protection so that the acquired credit doesn’t affect your family should you die, become terminally ill or suffer a permanent disability.
- Clients get preferential rates at Bidvest airport lounge.
- The credit card has a 57 days interest-free credit on purchases.
- Credit cardholders can use this credit card anywhere around the world, whether they want to withdraw from an ATM or on point of sale, or make purchases on Point of Sale.
- The credit card comes with an automatic basic cover of R1,500,000.00 for a range of travel emergencies. This offer is for those that purchase their plane tickets using their Absa Gold Credit card.
Absa Gold Credit Card Fees 2021
| # | Fee description | Amount |
|---|---|---|
| 1 | Monthly account fee | R23.00 |
| 2 | Monthly credit facility fee | R30.00 |
| 3 | Secondary card fee | R16.50 |
| 4 | Garage cards fee | R42.00 |
| 5 | Card life plan | 0.325% of the average outstanding balance for the month |
| 6 | Cheque deposit at an Absa branch | R60.00 |
| 7 | Cash deposit at an Absa branch | R60.00 + R2.00 per R100.00 |
| 8 | Cash deposit at an Absa ATM | R2.00 per R100.00 |
| 9 | Cashless cash deposit via Cash Acceptor | R2.00 per R100.00 |
| 10 | Cash withdrawals at an Absa branch | R75.00+ R2.10 per R100.00 |
| 11 | Cash withdrawals at an Absa ATM | R2.00 per R100.00 |
| 12 | Withdrawal at Absa supported ATM | R6.00 + R2.00 per R100.00 |
| 13 | Saswitch ATM | R11.50 + R2.00 per R100.00 |
| 14 | Point of sale local cash withdrawals | R2.00 |
| 15 | Overseas cash withdrawals ATM/POS | R75.00 |
| 16 | Credit card purchases local and abroad | Free |
| 17 | Account payments via Absa ATM or online | R10.00 |
| 18 | Account payments at an Absa branch | R75.00 |
| 19 | Internal and external debit orders | Free |
| 20 | Funds transfer at an Absa ATM, online or by mobile | Free |
| 21 | Funds transfer at an Absa branch | R75.00 |
| 22 | Balance enquiry at an Absa ATM, online, mobile | Free |
| 23 | Telephone adviser assisted | R7.00 |
| 24 | Bank statements stamped online | R8.00 |
| 25 | Bank statements stamped Absa Cat ATM | R16.00 |
Competitive Advantages of the Absa Gold Credit Card
- The credit card has a low monthly account fee of R23.00 per month.
- The credit card comes with 57 days of interest-free credit on purchases.
- Free credit card swipes locally and internationally.
- The credit card has a high level of maximum credit for a first-tier credit card which is R90,000.00.
- Comes with travel insurance for any international travel ticket that is bought using the Absa Gold Credit Card.
- Clients can get access to Bidvest airport lounges at special rates.
- There is no charge to use the Absa digital facilities.
- Point of sale purchases and cash withdrawals are for free locally.
Competitive Disadvantages of the Absa Gold Credit Card
- The account has a high international transaction fee rate.
- There are no complimentary visits to the Bidvest airport lounges.
Credit Card Requirements
- Must earn between R4,000.00 to R25,000.00 to qualify.
- Must be 18 years old at the time of application.
- Have a valid South African ID book or Smart card.
- Have proof of residence that is not older than 3 months at the time of application.
- The latest proof of income showing 3 months of income.
Conclusion
The credit card offers some of the most interesting benefits for a first-tier credit card, however, the credit card has limited benefits when compared to its rival tier credit cards. The credit card has some of the basic benefits missing such as complimentary airport private lounge visits or free entry to the Absa rewards program.