Absa is one of the biggest banks in South Africa and they offer a wide range of financial products, starting from your typical savings account to credit cards and student loans. One of their most desirable offers is their credit card facility which has a very affordable rate.
Absa Premium Credit Card
The Absa Premium Credit Card’s most prominent feature is its one-stop solution for your banking needs. Using just this one card, you’ll be able to access your savings and cheque account for faster and more convenient transactions. The Absa Premium Credit also has a bigger advantage than the Absa Gold Credit Card in the access of the Bidvest Lounge facilities.
Features and Benefits
The Absa Premium Credit Card lets you take advantage of the following benefits as its user:
- Membership to the Absa Rewards Programme which allows you to earn back up to 1.5% of your card purchases in the form of cash rewards.
- Access to the luxurious Bidvest Airport Lounges across South Africa. Compared to walk-ins, you’ll gain exclusive discounts and special offers. As a Premium card user, you’re entitled to 4 free visits for domestic flights and 2 free visits for international travel when you spend a certain amount on your ticket purchases. You may spend up 1.5 hours there for free while waiting for your domestic flight, and up to 3 hours for an international charter.
- Automatically receive basic travel insurance coverage for a vast range of emergency situations during your travel.
- Use your card on any POS or ATM with the MasterCard logo.
- Receive the Purchase Protection feature which gives you insurance coverage for 90 days against theft and accidents on your card purchases.
- You can download the Walletdoc app on your smartphone and manage your bills payment and other transactions in a more secure and convenient way without any additional charges.
- Access to the MasterPass app – a secured digital wallet where you can store your debit and credit card details for an easier shopping experience.
- Enjoy the convenience of contactless payments using your Premium Credit Card. You can use this to process faster purchases under R200. Just look for POS machines with the contactless symbol and tap your card on it to complete the transaction in seconds.
The Premium Credit Card has a predetermined transaction limit for security purposes. For ATM cash withdrawals, you’ll have a limit of R1 000 and an R5 000 maximum on POS transactions. You can either increase or decrease this limit by visiting any Absa branch and requesting for an adjustment. Similarly, you can do this through Absa’s interactive voice response (IVR) functionality.
Absa has provided preliminary requirements for screening applicants to make sure you have the means to manage the credit card. Before you fill out your application form for the Premium Credit Card, make sure you satisfy the conditions listed below first:
- Your monthly income should be at least R25 000
- You must be at least 18 years old
When you satisfy these requirements, you can proceed with the application process. Make sure to bring the following documents with you for faster processing.
- Your valid RSA ID
- Billing statements or any document not older than 3 months which you can use as proof of your residence
- Income records and payslips from the last 3 months
When you apply for an Premium Credit Card, you agree to undergo a screening process wherein the bank can look into your financial history.
Interest, Fees, and Repayment Information
An initiation fee of R166.45 will be required to open your Premium Credit Card account. After that, you’ll shoulder a service fee of R27.00 and an account fee of R53.00 every month.
For over-the-counter cash withdrawals, each transaction will cost you at least R65. On the other hand, cash withdrawals done over an Absa ATM will cost you only R4.50 at the least.
Interest rate for the Premium Credit Card is at 20.75% per year.
How to Apply
Absa Premium Credit Card users and applicants have the following special lines they can access for enquiries and reports.
- Phone: 0860 109 085
- Email: email@example.com
If you prefer doing things online, there’s a form available on Absa’s website which you can use to submit your credit card application.