Why is this card awesome? Well, it’s all about building good money habits from the start. Pay on time and spend wisely, and you’ll not only build your credit score but also unlock sweet rewards. Get cashback and discounts just for using your card.
That’s not all. This review covers everything you need to know, from its features and benefits to how to apply and rates and fees.
Features of the Absa Student Credit Card
The Absa Student Credit Card offers several convenient features to enhance your banking experience. Firstly, you can easily manage your account through digital banking. With the Absa Banking App, you can perform various tasks, such as stopping and replacing your card, reporting fraud, and managing your daily card limits.
Alternatively, you can access Absa Online Banking from anywhere, anytime, ensuring 24/7 banking convenience.
Moreover, the card comes with free lost card protection. If your card is lost or stolen, you’re covered, provided you inform the bank promptly. You can contact us at 0800 111 155 to report any such incidents and avail of the protection.
In addition, the Absa Student Credit Card supports contactless payments, allowing you to make transactions swiftly and securely. Whether it’s through your card, smartphone, or wearable device, you can simply tap to pay at any point-of-sale machine worldwide, making shopping hassle-free.
Furthermore, for added security, you can activate NotifyMe, a feature that sends SMS notifications to alert you of any activity in your account. This ensures that you are always updated and can promptly address any unusual transactions, enhancing the security of your finances.
What is an Absa Student Visa Card?
The Absa Student Visa Card is a credit card designed specifically for students, issued by Absa South Africa. With this card, you won’t be charged any monthly fees, allowing you to swipe, shop online, or spend as you wish without worrying about additional costs.
Pros and Cons of the Absa Student Credit Card
This card has some upsides and downsides. They are:
Absa Student Card Benefits
The Absa Student Credit Card comes with some really great benefits to help you out as a student. One of the coolest perks is that you get 3 free visits to the Bidvest Airport Lounge per year. After that, you can still access the lounge, but you’ll pay a discounted rate.
Another handy benefit is the travel insurance that comes with the card. You get automatic basic coverage up to 1 million rand for things like lost luggage or emergency medical expenses when you travel.
When you use your Absa Student Credit Card to make purchases, both locally and internationally, you can earn cash back through the Absa Rewards program. That’s like getting a little bit of your money back every time you use the card.
On top of all that, the Absa Student Credit Card also offers access to exclusive Visa benefits, like special offers from global merchants.
Cons of the Absa Student Credit Card
One downside of the Absa Student Credit Card is that it’s only available for students between the ages of 18 and 30. This means it may not be an option for younger or older students who are outside of that age range.
Rates and Fees
The Absa Student Credit Card comes with a few different fees you should be aware of. For making account payments through digital banking, the fee is R10. If you need to make the payment with the help of a banker, the fee is higher at R80.
When it comes to immediate interbank payments, the fee depends on the amount. For payments of R1,000 or less, the fee is R10. For payments over R1,000, the fee goes up to R49. There’s also a R7 fee for verifying a beneficiary account.
Other fees include R2.50 per R100 for CashSend® transactions, R80 for balance inquiries made with a banker’s assistance, and R9 for using Saswitch ATMs or overseas ATMs. You’ll also pay R10 for mini statements and stamped statements.
If you need to access archived bank statements, the fees vary. Statements from the last 4 months cost R10 each, while older statements over 4 months cost R50 each.
The Absa Student Credit Card also has fees for PayShap payments, ranging from R2.50 for payments up to R200, to R7.50 for payments between R200.01 and R3,000. Debit card replacements cost R70.
One of the nice things about the Absa Student Credit Card is that there are no transaction fees when you use the card to make purchases. You don’t have to worry about getting hit with monthly fees every time you swipe your card.
In terms of interest rates, the Absa Student Credit Card has a 21.75% rate for both debit straight and debit budget transactions. The credit interest rate is 0.20%.
You can get up to 57 days of interest-free financing on qualifying transactions. This gives you some extra time to pay off purchases without accruing interest charges.
The card offers fixed monthly payments, which can help with budgeting. And if you ever need to, you can choose to pay extra on your monthly statement beyond the minimum amount due.
Requirements and Eligibility Criteria
To qualify for the Absa Student Credit Card, there are a few key requirements you’ll need to meet. First, you’ll need to have a minimum monthly income or allowance of at least 800 rand. This shows Absa that you have the financial means to responsibly use a credit card.
Another requirement is that you need to be between the ages of 18 and 30 years old. This card is specifically designed for students in that age range.
When you apply, you’ll also need to provide some documentation, including your valid South African ID, proof of where you live, and your most recent pay stubs or proof of income for the last three months.
Lastly, you’ll need to be a registered full-time student at an approved institution, like an FET college, university, or other SAQA-accredited school. This helps confirm your status as a student.
The Application Process for the Absa Student Credit Card
Applying for the Absa Student Credit Card is a straightforward process. There are a few different ways you can get started.
The most convenient option is to simply visit your nearest Absa branch. The friendly staff there can guide you through the application process step-by-step. Alternatively, you can also apply through the dedicated Absa Student Bureau.
Another convenient application method is to apply over the phone. You can call the Absa contact center at 0861 114 411, and a representative will be happy to assist you. The contact center is open on weekdays during working hours and on Saturdays from 8 AM to 1 PM.
