ABSA credit card fee rip-off

RetroPedro

RetroPedro

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I noticed a charge last month on my ABSA credit card statement "CREDIT FACILITY SERVICE FEE" of R25. Since this is new, I looked it up on their pricing brochure for 2016 and it states the following:

Credit Facility Service Fee: This fee relates to the cost charged monthly for the routine administration of maintaining your credit card facility. This fee enables the everyday use of your credit card and the credit granted. Credit Card Rebates on Value Bundles: The rebate structure will be linked to the monthly Credit Facility Service Fee. If you have a Gold or Platinum Value Bundle, the Credit Facility Fee of R25,00 will be rebated into your transactional account.
Click to expand...

So, ABSA is clawing an extra few million in from their clients without delivering any additional benefits. It's also a mystery to me what they mean by "...will be rebated into your transactional account", sound like the intentional use of gibberish to confuse clients. Question is, are there such charges on FNB, Nedbank and Standard Bank accounts?
 
They bought this in this year...
Now have two fees for Credit Cards, R15 and R25.

They're just milking us now... I'm considering cancelling my Credit Card as a result.
 
Either go for the Virgin Money card or Bluebean card.

BlueBean Black - No monthly fees provided you spend R2000.00 per month on the card.
Virgin Money - No monthly fees, but heir internet banking portal sucks ass. I have gotten a Bluebean black card and their portal is much nicer.
 
They've taken the combined fee and split it into two components - service and facility. The combination over the old combined fee is an increase of about R10.
 
I think FNB fee is lower though, not sure.

eBucks makes it worth it so, so I wouldn't cancel.
 
FNB Gold Card Fees:

Fees per month
Credit Card Monthly Account Fee R 29.00
Credit Facility Service Fee R 11.00
 
Its also not a new fee...

Its a restructuring of the old Annual fee, into 2 seperate monthly fees if I understand it correctly.
 
Ockie said:
Either go for the Virgin Money card or Bluebean card.

BlueBean Black - No monthly fees provided you spend R2000.00 per month on the card.
Virgin Money - No monthly fees, but heir internet banking portal sucks ass. I have gotten a Bluebean black card and their portal is much nicer.
Click to expand...

I can see also see the rise of pay apps like SnapScan and Zapper. Only thing that ties me to the credit card is ABSA Rewards, getting 5% back on fuel and 1% on other transactions.
 
DearHeart said:
I can see also see the rise of pay apps like SnapScan and Zapper. Only thing that ties me to the credit card is ABSA Rewards, getting 5% back on fuel and 1% on other transactions.
Click to expand...

SnapScan and Zapper require a card of some kind... don't know if they work with Debit Cards.
 
It's the price of them keeping a credit facility for you. Be on a higher tier, and they give you back the fee.

Doesn't seem unreasonable. And it's a similar amount to other banks
 
Last edited:
Standard W@nk increased their credit card fees by 25% this year. They also un-bundled the credit card from some of the packages and are now screwing millions of clients.


Virgin money is free.
 
December Credit Card fee - R 55.70 = R 55.70
January Combined Fees - R25 + R 40 = R 65

Increase of R 9.30 aprox 14.3%
 
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