Absa rewards program review 2020

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  • Post last modified:Sep 16, 2020
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With ABSA you can be rewarded for just swiping your card. All you need to do is to have a debit or credit card with Absa and you are good to go. Unlike some rewards programs, joining the Absa rewards program is easy and membership is free.

Rewards program comes at a price and somehow high to maintain, with a good rewards program you have to gain not the other way around. Finding out what your rewards program offers may be a challenge as the majority of the rewards programs aren’t as straightforward.

In some cases, you will find that you have to attain a certain level of credit or savings to receive optimum benefits. What you really need to do is ask yourself if or not the program is of benefit to you. You might find that you won’t manage to meet some of the qualifying discount percentages on your rewards program.

Since the Absa rewards program comes for free it might be of a benefit to you. You will likely enjoy discounts that you never thought of in the first place. Before subscribing to a rewards program including that of Absa, you need to answer the following :

  • Are the statuses on your rewards program achievable?
  • Do the levels on the rewards program make any sense?
  • Am I paying for a membership or is it for free?
  • What is the opportunity cost of choosing this reward program versus an alternative?

By considering these questions you can come up with a concrete decision regarding whether or not to join a rewards program. Your choice will be subjective as it will be according to what you deem necessary.

About Absa rewards

Absa rewards its clients for using their bank cards to purchase at a number of partner stores. Although the rewards program is not for every Absa client. The rewards program is only for credit card holders, debit cardholders and those with cheque accounts.

If you only have a loan or other product other than an Absa transactional account you are not legible for the program.

The Absa rewards program’s objective is to ensure that Absa clients bank better at all times. Moreover, the benefits go beyond banking as you get points for setting up a will, having life insurance etc.

By trying to earn maximum discounts on goods you will be leading towards a responsible financial breakthrough. Your savings, investments, home loan and other financial obligations will be in order when you use your Absa rewards program to the optimal.

Your rewards will depend on the tier level that you are in. Absa uses a tier level to encourage better banking decisions. The more clients bank better the higher their rewards will be. Those who are irresponsible won’t be able to rip maximum rewards.

Absa Rewards program tiers

Absa rewards program

Absa rewards program has 5 tiers that determine how much percentage you are going to earn back when you make purchases. There are a number of things that you need to do to navigate from tier 1 to tier 5. By virtue of owning a transactional account with Absa, you get rewards points. However, these won’t get you to the second tier but they are sufficient enough to get you started.

As an Absa rewards program member, you need to think of accumulating your points. It is simple but not easy, yet the simple part is knowing what you are rewarded for. By earning points you have a chance to move from one tier to the next both backward and forward.

Let’s look at each tier and what maximum rewards you can achieve.

Tier 1

Tier 1 is the first rewards tier on the Absa rewards program. The tier starts from zero points, therefore, anyone who is an Absa rewards program member starts from here. Rewards will depend on the type of card you have with Absa. Only debit and credit cardholders qualify for discounts. Credit card owners tend to earn more discounts than debit cardholders.

To be in tier one, you need to have 0 to 489 points and you will start qualifying for discounts and cashback. Here are the discounts that you can earn when you are in tier 1.

 
 
 Debit Card discount in %Credit Card discount in %
Cash rewards from Absa0.150.20
Sasol rewards0.501
Rewards at grocers0.150.20
Dischem rewards0.501

Tier 2

When in tier 2 you will receive better rewards than in tier one. You get more in cashback rewards and discounts. To move from tier 1 to tier 2 all you need is to achieve 490 points. Moving to tier 2 from tier 1 is more difficult when comparing moves from one tier to another. For example, from tier 2 moving tier by tier backwards or upwards, you will only need 100 points to move to the next tier.

Here are some of your credit and debit card benefits from tier 2.

 Debit card discount %Credit card discount %
Cash rewards from Absa0.25O.40
Rewards from Sasol0.651.50
Rewards at grocers0.450.65
Rewards from dischem0.651.50

Tier 3

Moving from tier 2 to tier 3 is easy as it requires only 100 points. This move comes with better rewards and discount percentage. Below is a table showing percentage savings from Absa partner stores.

  Debit card discount % Credit card discount %
Cash rewards at Sasol0.752.50
Rewards from Absa0.300.75
Rewards at grocers0.501.25
Rewards at dischem0.752.50

Tier 4

Upgrade from tier 3 to tier 4 requires 100 points and a total of 690 points. To be in tier 4 you need to have between 690 to 789 points. Here are discounted savings that you can earn when you are in tier 4.

 Debit card %Credit card %
Cash rewards from Absa0.350.95
Rewards from Sasol2.006.50
Rewards at grocers1.506.25
Rewards from Dischem2.006.50

Tier 5

Tier 5 is the highest level of earning rewards and has the highest savings and cashback rewards of all the tiers. You will need to have a minimum of 790 points to be in tier 5. There are no maximum points, meaning even if you accumulate points greater than 790 you will still have your rewards status as tier 5.

Here is a table showing how much you can save from Absa and partner stores.

 Debit card discount %Credit card discount %
Cash rewards from Absa0.401.15
Rewards from Sasol4.5030.00
Rewards at grocers4.5030.00
Rewards from dischem4.5030.00

Tier 5 provides the most desirable cashback and discounts than any other tier. In fact, rewards on fuel and groceries are 30% when you have an Absa credit card which dwarfs tier 4’s 6.5% savings on fuel and groceries. Moving to tier 5 not only gives you better savings when you shop but also a higher percentage in cash back.

Since you now know all about the tiers in the Absa rewards program. Now let us check how you can earn maximum points and move between tier 1 to tier 5. There are a number of things that you can do to earn points and it all starts with having an Absa debit or credit card.

How to earn points on the Absa rewards program

When it comes to earning points on the Absa rewards program, Absa has made it simple to earn them. The point system is easy to understand and straightforward with no special conditions. Absa makes it clear that you can earn points through the type of transactional account you have with them, products and how you bank.

It is that simple. However, you will need to satisfy a number of requirements to earn points and that’s what we will look at. We will look at every point earning categories and investigate how many points you can earn.

You will notice that by making the right financial decisions you can earn many points. Absa’s rewards program aims at promoting responsible banking. By actually trying to earn points you will make exceptional financial decisions.

Below is what you can do to earn points taking into consideration the transactional account you have with Absa, products with Absa and banking behaviour.

Earning points through transactional account

To qualify for the Absa rewards program you need to have a transactional account. By virtue of owning an Absa transactional account, you will earn points. Not a bad way to start a rewards program! The points that you will earn will be based on the type of card that you have with Absa.

For the purpose of the Absa rewards program, Absa rewards three types of card/account holders. These include a cheque account with overdraft, savings/Cheque account without overdraft and credit card with debit order towards monthly repayments.

The table below depicts the number of points that you can earn for holding one or several of the 3 accounts/cards that Absa recognises for its rewards program.

Qualifying rewards criteriaPoints/score
Cheque account with overdraft150
Savings/Cheque account without overdraft100
Credit card with a debit order towards monthly repayments50

By having all three accounts with Absa you can simply start your rewards program with a massive 300 points. If you only qualify for one or two of the transactional accounts, you don’t need to worry as there are many points that you can still earn.

Earning points by having asset finance, savings and insurance

As your designated banking services provider, Absa wants to make sure that you get rewarded for taking out loans with them. It is even better when you choose to protect your loans through the use of insurance companies. You will also earn points by having life insurance or short term insurance to safeguard your valuable assets.

Below is a table that showcase the amount of points that you can earn for having selected products.

DescriptionMinimum debit order balancePoints/score
Home loanR500075
Vehicle and asset financeR500050
Personal loansR500050
Savings and investmentsR500050
Insurance productsN/A15
WillsN/A10

Note the minimum debit order balance on a home loan, vehicle and asset finance and personal loans must be R5000 that will go towards monthly repayments. The R5000 is a debit order transaction. So to qualify for points on a home loan, vehicle and asset finance and personal loans you will need to have debit order for one or more of the transactions on your Absa transactional account.

To benefit insurance points, you will need to have an ongoing insurance policy. It can be a short term or long term insurance policy. For you to earn points on a Will, such will must be in the safe custody with Absa. Additionally, Absa needs to be the appointed executor of the will.

Earning points due to your banking behavior

Your banking behaviour matters, as an Absa rewards program member, you need to keep in check on how you bank. The way you bank can earn you many points. Truth is, this category has got more points than any of the 2 mentioned categories above. This is where you will need to capitalism the most.

Here are points that you can earn for banking better.

DescriptionPoints/score
Pay five or more beneficiaries using Absa online, USSD, ATM or Absa banking App40
Receiving eStatements for all products that contribute to tiering25
Depositing your salary in your Absa transactional account or making payments of R32,000.00 or more and initiate 10 or more transactions270
Giving Absa a marketing consent to at least 2 of the following: SMS, Email and telephone25
Providing valid contact details of at least 2 of the following : home/work number, cell phone number or email address25
Buying foreign cash notes or make/receive an international SWIFT payment20
Making rrecurring monthly payments to your savings and Investment account of R250 or more.20
Have 3 or more home or vehicle loans30

Absa Rewards Program Partners

Absa has partnered with a number of retailers and services providers to make their rewards program fun. As an Absa rewards program member, you can earn up to 30% cashback when you shop at Absa partner stores. This is, however, dependent on your tier level.

List of Absa rewards program partners:

  • Food Lovers Market
  • Fidelity
  • McCarthy.co.za
  • Planet54.com
  • Etihad Airways
  • Mangwanani
  • Bolt
  • Dischem pharmacies
  • Avis
  • The baby/kid Zone
  • Sasol
  • NuMetro
  • Travel Start
  • Mytelnet
  • Pick n Pay
  • Woolworths
  • Camelot Spa
  • Celestial
  • Bidvest Waltons

Conclusions

The Absa rewards program offers a great deal of savings for Absa cardholders and comes at no additional cost. With over 15 partner stores you can earn rewards in many ways when you spend money through gas, groceries etc.

Earning points is easy with the Absa rewards as over 50% of the score earning categories can be micromanaged by the account holder. Being a member of Absa rewards program will benefit you in many ways possible.

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