Posted on Dec 30, 2020 by Staff Writer
The Absa Gold Value account offers extra value with extra benefits that come for free. The account comes with cash rewards through the Absa rewards program giving you cashback whenever you make purchases at selected stores.
By having the Absa Value Bundle Account you get a free lump sum death cover and retrenchment & disability benefit. These will cover you in the event that you become disabled, retrenched or die (the lump sum will be paid directly to your beneficiaries).
Besides insurance benefits, the Absa Gold Value account comes with unlimited transactions that include card swipes, cash withdrawals at tills, balance enquiries, debit orders, and notifications. You also get access to an overdraft facility that you can use when you have an emergency and for unforeseen events.
Absa Gold Value Bundle Account Summary
Absa Gold Value Bundle Account is a first-tier cheque account that charges a monthly service fee of R109.00. When you maintain a balance of R30,000.00 or more in your Gold Value Bundle Account, you receive 50% off on your monthly service fee. Absa recommends that applicants of the Gold Value Bundle account earn between R4000.00 – R24,999.00 per month.
The account comes with Absa ATM deposits of up to R4,500.00 and Absa ATM withdrawals of up to R4,500.00 per month. Any unused transactions are rolled over to the next month, so you will enjoy the new month’s benefits plus those remaining from the previous month.
The Gold Value Bundle Account comes with an option to apply for an overdraft facility and instant loan. Overdraft facility and instant loan are both subject to credit assessment. The overdraft facility or instant loan that you qualify for will depend on your affordability.
The Absa Gold Value Bundle Account comes with a lump sum death cover/benefit of R20,000.00. You get a retrenchment cover of R5,000.00 that is payable in two instalments of R2,500.00 over a recurring period of two months. You also get a disability cover of R5,000.00 payable in two instalments of R2,500.00 over a recurring period of two months.
Absa Gold Value Bundle Account Benefits
- You can join the Absa Rewards program and start earning cashback when you swipe your Absa Gold Value Bundle Account card.
- Comes with a retrenchment benefit of R5,000.00.
- You get rewards, offers, and benefits by using your Visa card. Rewards and benefits include concierge service, travel insurance, lounge access, and extended warranty & buyers protection when you purchase valuables with your Visa card.
- Free access to the Absa Mobile App even when you don’t have data.
- Comes with an overdraft facility.
- Can get an instant loan at any time.
- The account comes with a lump sum death benefit of R20,000.00.
- You get disability benefit to the value R5000.00.
- Comes with unlimited till withdrawals, card swipes, balance enquiries, and electronic account payments.
- You only pay 50% of your monthly service fee if you keep R30,000.00 or more in your account for a month.
Absa Gold Value Bundle Account Fees 2021
|1||Monthly service fee||R109.00|
|2||Absa ATM withdrawals fee||Free Up to R4,500.00 and R2.00 per R100.00 thereafter|
|3||Absa ATM deposits fee||Free Up to R4,500.00 and R2.00 per R100.00 thereafter|
|4||Card swipe fee||Free|
|5||Other banks ATM withdrawals fee||R6.00 + R2.00 per R100.00|
|6||Cash withdrawals at tills||Free|
|8||External debit order fee||Free|
|9||Internal debit order fee||Free|
|10||Prepaid electricity, airtime and data purchase fee||Free|
|11||Notifications through SMS and Email||Free|
|12||Absa branch deposit fee||R60.00|
|13||Absa branch withdrawal fee||R75.00 + R2.50 per R100.00|
|14||Overseas ATM withdrawals||R75.00|
|15||Online account verification fee||R6.50|
|16||Branch account verification fee||R25.00|
|17||Cash send online, Absa ATM or Mobile||R2.00 per R100.00|
|18||Special clearance fee||R200.00|
|19||Debit card replacement fee||R140.00|
Competitive Advantages of the Absa Gold Value Bundle Account
- You can get extra cash for emergencies with the instant loan option of up to R8,000.00.
- You get death cover, disability cover and retrenchment benefit at no extra cost.
- The account comes at a fairly low rate of R109.00 when considering the unlimited services and benefits that come with the account.
- You can open and register for a Visa profile using your card and receive benefits and discounts when you travel and shop.
- The account gives you access to the Absa Rewards program whereby you can get cash back when you use your account.
- You can utilise the overdraft facility whenever you are low on cash.
- It is easy to apply for overdraft and instant loan which can take minutes.
Competitive Disadvantages of the Absa Gold Value Bundle Account
- The instant loan is repayable at most 6 months and charges high interest.
- Initiation fee on the instant loan is progressive so the more you borrow the higher the Initiation fee you are going to pay.
- There is no revolving loan with the Account.
How to qualify for the Account
- You must have a South African ID book or Smart card or a valid passport if you are not a South African citizen.
- Proof of residence that is not older than 3 months at the time of application.
- Your latest payslip.
- Recommended monthly income of R4000.00 to R24999.00.
The Absa Gold Value Bundle account comes with many benefits and unlimited services. For an account that has a monthly service fee of R109.00, it is clear that the account offers value for money when taking into account the insurance benefits, lifestyle benefits and banking benefits that come with the account. The benefits are way more than R109.00 in total.
This account is suitable for anyone that wants to pay low fees while enjoying middle range benefits. The Gold Value Bundle account is not the best account that Absa has to offer but for a Gold cheque account, it can be compared to Platinum cheque accounts from other banks because of the benefits that come with the account.
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