Absa Premium Banking Credit Card Review

Looking for a high-end credit card in South Africa? You should check out the Absa Premium Banking Credit Card. This card isn’t just about spending—it’s your ticket to many perks and rewards.

By Luciana Souza, on 2024/05/08

With this card, you get priority banking, which means you don’t have to wait long when you need customer service. Whether visiting a branch or calling in, they ensure you get help quickly.

If you travel often, the airport lounge access will make your trips more comfortable. Instead of waiting at the gate, you can relax in a quiet space before your flight.

The Absa Rewards program is excellent, too. You can earn cash back by completing challenges on their app. It’s a fun way to get rewards for your spending.

With all these exclusive benefits, the Absa Premium Banking Credit Card is designed to give you a premium experience. It’s ideal for anyone who enjoys luxury and values convenience. 

Keep reading to find out why this card stands out from the rest.

Woman smiling at computer looking at premium ABSA card

Features of the Absa Premium Banking Credit Card

With the Absa Premium Banking Credit Card, you gain access to many cool features. Let’s break down what you can expect.

With the Absa app, you can manage your credit card from anywhere. Check your balance, make payments, or transfer money—it’s all at your fingertips. There is no need to visit a branch every time you need to use your card.

When you buy something with your Absa Premium Banking Credit Card, it’s protected. If your purchase gets damaged or doesn’t work, the card’s Buyer Protection can help you. Plus, you’ll get an extended warranty on certain items. It’s extra insurance for your stuff.

If your card is lost or stolen, don’t worry. You can call Absa on 0800 111 155; they’ll protect your account. This way, you don’t have to stress about someone using your card without permission.

Paying with your Absa card is easy and secure. For transactions up to R500, you can tap your card on the machine—no PIN is needed. It’s quick and convenient, especially when you’re in a hurry.

Stay in control of your card with SMS notifications. With NotifyMe, you can get transaction alerts, so you always know what’s happening with your account. It’s an extra layer of security to keep you safe.

How the Absa Premium Banking Visa Platinum Credit Card Works

Before you can start using the Absa Premium Banking Credit Card, you must apply and get approved. To qualify, you must earn at least R25,000 monthly and pass a credit check. If you’re good with those, you can apply online or by phone.

Once you have the card, managing it is easy because you can do it anywhere. Absa South Africa Online banking platform and mobile app let you check your balance, make payments, and do other things without going to a branch.

Using the card is simple, too. For purchases under R500, you don’t need to enter your PIN. Just swipe or tap, and you’re good to go. It’s quick and convenient, especially when you’re in a hurry.

Pros and Cons of the Absa Premium Banking Credit Card

The card has advantages and disadvantages, which include:

Benefits of the Absa Premium Banking Credit Card

The Absa Premium Banking Credit Card offers several attractive benefits. One essential perk is an interest-free period on purchases. You can get up to 57 days without paying interest, giving you flexibility and breathing room before charges kick in.

The card includes automatic travel insurance for travelers, providing coverage up to R3 million for emergencies during your trip. It’s a relief to know you’re protected if things go wrong.

Absa Rewards lets you earn cash back every time you use your card—a tiny bonus for spending money. Additionally, Absa Advantage offers extra rewards when you complete simple challenges using the Absa Banking App.

Being a Visa card, it also grants you access to exclusive deals and discounts through Visa partners, allowing you to save on shopping, dining, and other activities.

If you’re a frequent traveler, the card gives you 12 free visits to the Bidvest Premier Airport Lounge each year, with discounted rates for additional visits. However, check the terms and conditions, as specific spending requirements apply.

Cons of the Absa Premium Banking Credit Card

Although the Absa Premium Banking Credit Card has plenty of benefits, there are some downsides. Firstly, the card carries a monthly account fee and a credit facility fee totaling R97. Over time, these costs can add up, making this card pricier than others with lower fees.

Secondly, to qualify, you must earn at least R25,000 per month. This makes the card inaccessible to lower-income people, limiting its appeal to a smaller group.

Finally, the card’s credit limit is capped at R138,000, which might not be enough for users with higher spending power or substantial credit needs.

Rates and Fees

When you get the Premium Banking Credit Card, here’s what you need to know about the rates and fees. This credit card comes with a monthly account fee of R67. It’s the regular charge for having the card and maintaining your account.

There’s also a monthly credit facility fee of R30. This fee is for your credit line with the card, allowing you to borrow and pay back money as needed.

When you add these fees together, your total monthly fee is R97. This is what you’ll pay every month to keep the card active.

You are required to make a minimum monthly payment on your outstanding balance. For this card, it’s 3% of whatever you owe. This is the least you need to pay to avoid late fees and penalties.

Requirements and Eligibility Criteria

You must meet a few essential requirements to be eligible for the Absa Premium Banking Credit Card. First, you must have a minimum monthly income of R25,000. This is to ensure you can manage the credit and handle repayments.

The card comes with a credit limit. The Absa Platinum credit card limit is R138,000, the maximum you can borrow or spend on the card anytime.

Applicants must be at least 18 years old and residents of South Africa. If you are a non-resident, you need a work permit and a monthly income of at least R25,000 to qualify for the card.

How to Apply for the Absa Premium Banking Visa Platinum Credit Card

Applying for the Absa Premium Banking Credit Card is easy. If you prefer to apply online, visit the Absa website in South Africa, log into Absa’s Online Banking platform, and complete your application. It’s simple and fast.

If you prefer talking to someone, call Absa Premium Banking at 0860 553 553, Monday through Friday, 08:00 to 17:30, or Saturday, 08:00 to 13:00. They’ll guide you through the process and answer any questions. Just have your personal and financial information ready.

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