Absa Premium Banking Credit Card Review 2021

Posted on Jan 5, 2021 by Staff Writer

Rateweb | South Africa

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The Absa Premium Banking Credit Card is an introductory credit card to the private banking suite at Absa. The credit card comes with a dedicated 24/7 premium line where clients can get assistance on banking and other financial services. 

The account supports everyday shopping whether it is online or instore and comes with the latest card technology. Clients can make contactless payments with the credit card locally and abroad, making payments easy. 

Clients get to enjoy the benefits of the Absa Rewards program by earning cashback whenever they swipe their credit card and also getting discounts from a selected number of retailers. 

Absa Premium Banking Credit Card Summary 

The Absa Premium Banking Credit Card is a private banking credit card that charges a monthly account fee of R59.00. The credit card has a maximum credit limit of R138,000.00 with a minimum monthly payment of 3% on the outstanding balance. There is a 57 days interest-free credit on purchases. 

The credit card comes with a dedicated 24/7 premium banking line for easy and convenient banking. Since the credit card is a private banking credit card, clients get access to the Bidvest Airport lounges. 

The credit card has automatic travel insurance of R3,000,000.00. When travelling, clients get special offers from Agoda.com, Avis, YQ Assist, and Visa Luxury Hotel collection. Visa offers airport dining at over 800 Airport lounges worldwide. 

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 2021

#Fee description Amount
1Monthly account feeR59.00
2Monthly credit facility feeR30.00
3Secondary card feeR16.50 
4Garage cards feeR42.00
5Card life plan 0.325% of the average outstanding balance for the month
6Cheque deposit at an Absa branch R60.00
7Cash deposit at an Absa branchR60.00 + R2.00 per R100.00 
8Cash deposit at an Absa ATM R2.00 per R100.00 
9Cashless cash deposit via Cash Acceptor R2.00 per R100.00
10Cash withdrawals at an Absa branch R75.00+ R2.10 per R100.00
11Cash withdrawals at an Absa ATM R2.00 per R100.00
12Withdrawal at Absa supported ATMR6.00 + R2.00 per R100.00
13Saswitch ATMR11.50 + R2.00 per R100.00
14Point of sale local cash withdrawals R2.00
15Overseas cash withdrawals ATM/POSR75.00
16Credit card purchases local and abroad Free
17Account payments via Absa ATM or onlineR10.00
18Account payments at an Absa branchR75.00
19Internal and external debit ordersFree
20Funds transfer at an Absa ATM, online or by mobile Free
21Funds transfer at an Absa branch R75.00
22Balance enquiry at an Absa ATM, online, mobileFree
23Telephone adviser assisted R7.00
24Bank statements stamped onlineR8.00
25Bank statements stamped Absa Cat ATMR16.00
Absa Premium Banking Credit Card Fees and Rates 2021

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. 

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