Categories: Banking News Reviews

Absa Student Credit Card Review 2021

As a student, getting a credit card can be a difficult process especially if you are unemployed. In many cases, it is close to impossible to get a credit card as a student since the risk is too high for issuing credit to students. 

However, with the Absa, students can get a credit card. The Absa Student credit card doesn’t require a student to be employed at the time of application. All that is required to qualify for the Absa student credit card is to receive a monthly allowance. 

The credit card is available for tertiary students. These are students that are registered for a full-time program at any university in South Africa, any FET College, University of technology or a private tertiary institution. 

The Absa Student credit card has the least benefits for any credit card from Absa. This is because the credit card comes for free and doesn’t require much for qualification purposes. 

Absa Student Credit Card Summary

The Absa Student credit card is a credit card for students that are registered at a tertiary institution in South Africa. The account doesn’t charge any monthly service fee and has no monthly credit facility fee. Clients need to earn R800.00 or more in monthly allowances. 

Branch transactions come at a cost. Cheque deposits at a branch counter cost R60.00, cash deposit at a branch costs R60.00 plus R2.00 for every additional R100.00 withdrawn, cash withdrawals at a branch costs R75.00 plus R2.10 per every additional R100.00 withdrawn. 

However, Absa ATM charges less for the same transactions. For example, cash deposit at an Absa ATM costs R2.00 per R100.00 deposited and cash withdrawals at an Absa ATM cost R2.00 per R100.00.

Like the Flexi Core Credit Card, the Student credit card doesn’t qualify for garage cards. Furthermore, the credit card doesn’t come with the optional card life plan which is available for every credit card at Absa. 

Absa Student Credit Card Benefits

  1. The credit card is a good start for someone who doesn’t have a credit score. It will help with building a credit history.
  2. Comes with automatic basic travel insurance of R1,500,000.00 for a range of travel emergencies.
  3. Absa allows for a 57 days interest-free debit for the Student credit card.
  4. There are no transaction fees for purchases so you can use your card online or instore to make purchases without incurring any costs.
  5. The credit card comes with lost card protection which covers the credit card holder should their student credit card get lost or stolen.
  6. Cardholders get cash back when they pay with their Student credit card locally and internationally.
  7. The credit card has a contactless technology whereby you can tap your credit card to a speed point machine to make payments.
  8. Comes with a free notifyMe service that updates clients through SMS whenever they transact.
  9. Monthly outstanding debt repayments are fixed with clients having to pay a constant figure month to month.

Absa Student Credit Card Fees 2021

#Fee description Amount
1Monthly account feeFree
2Monthly credit facility feeFree
3Secondary card feeN/A
4Garage cards feeN/A
5Card life plan N/A
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
Absa Student Credit Card Fees and Rates 2021

Competitive Advantages of the Absa Student Credit Card

  • The credit card doesn’t have any monthly account fee attached to it.
  • Clients get free access to Absa digital platforms.
  • The credit card doesn’t have any monthly credit facility fee attached to it.
  • Repayments of the outstanding debt are fixed.
  • The student credit card comes with 57 days of interest-free credit which means clients can settle their debt without incurring any interest charges.
  • Comes with automatic basic travel insurance of R1,500,000.00 for a range of travel emergencies.

Competitive Disadvantages of the Absa Student Credit Card

  • Clients cannot get access to garage cards.
  • There is no credit life plan which pays off outstanding credit should anything happen to you.

Credit Card Requirements

  1. Must be over the age of 18 and less than 31 at the time of application.
  2. Have a proof of residence that is not older than 3 months at the time of application.
  3. Have a valid South African ID book or Smart card.
  4. Be registered at SAQA approved institution.
  5. Have a monthly allowance of R800.00 or more.
  6. Proof of income for three consecutive months.

Conclusion

The Absa Student credit card gives students a gateway to owning a credit card. All they need to do is to show proof that they get an allowance of R800.00 or more per month and be registered at a tertiary institution. This may be the easiest credit card that one can get at Absa based on the qualification requirements.

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Lethabo Ntsoane

Lethabo Ntsoane 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 reviews and financial tips.

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