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Absa Premium Banking Credit Card Review 2022

  • The Absa Premium Banking Credit Card is a credit card that serves as an introduction to Absa’s private banking suite.
  • Absa Premium Banking Credit Card is a private banking credit card with an R59.00 monthly account fee.
  • Due to the fact that the credit card is issued by a private financial institution, clients get access to Bidvest Airport lounges.
  • Automatic travel insurance of R3,000,000.00 is included with the credit card.
  • Absa Premium Banking Credit Card provides food services at more than 800 airport lounges globally.

The Absa Premium Banking Credit Card is a credit card that serves as an introduction to Absa’s private banking services. The credit card includes a dedicated premium line available 24 hours a day, 7 days a week, where customers can obtain assistance with banking and other financial services. The account is compatible with both online and in-store buying and comes equipped with the newest card technology.

Clients can use their credit card to make contactless payments both locally and internationally, which simplifies payment. Clients can take advantage of the Absa Rewards program’s perks by collecting rewards anytime they swipe their credit card and by get discounts at a select number of businesses.

Absa Premium Banking Credit Card Summary 

Absa Premium Banking Credit Card is a private banking credit card with an R59.00 monthly account fee. The credit card has a maximum credit limit of R138,000.00 and requires a minimum monthly payment of 3% of the balance due. On purchases, there is a 57-day interest-free period. The credit card comes with a dedicated premium banking line that is available 24 hours a day for simple and convenient banking. Due to the fact that the credit card is issued by a private financial institution, clients get access to Bidvest Airport lounges.

Automatic travel insurance of R3,000,000.00 is included with the credit card. When clients travel, they receive exclusive discounts from Agoda.com, Avis, YQ Assist, and the Visa Luxury Hotel collection. Visa provides food services at more than 800 airport lounges globally.

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 2022

Fee description Amount
Monthly account feeR59.00
Monthly credit facility feeR30.00
Secondary card feeR16.50 
Garage cards feeR42.00
Card life plan 0.325% of the average outstanding balance for the month
Cheque deposit at an Absa branch R60.00
Cash deposit at an Absa branchR60.00 + R2.00 per R100.00 
Cash deposit at an Absa ATM R2.00 per R100.00 
Cashless cash deposit via Cash Acceptor R2.00 per R100.00
Cash withdrawals at an Absa branch R75.00+ R2.10 per R100.00
Cash withdrawals at an Absa ATM R2.00 per R100.00
Withdrawal at Absa supported ATMR6.00 + R2.00 per R100.00
Saswitch ATMR11.50 + R2.00 per R100.00
Point of sale local cash withdrawals R2.00
Overseas cash withdrawals ATM/POSR75.00
Credit card purchases local and abroad Free
Account payments via Absa ATM or onlineR10.00
Account payments at an Absa branchR75.00
Internal and external debit ordersFree
Funds transfer at an Absa ATM, online or by mobile Free
Funds transfer at an Absa branch R75.00
Balance enquiry at an Absa ATM, online, mobileFree
Telephone adviser assisted R7.00
Bank statements stamped onlineR8.00
Bank statements stamped Absa Cat ATMR16.00
Absa Premium Banking Credit Card Fees and Rates 2022

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. 

Absa Premium Banking Credit Card Review 2022

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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