ABSA Credit Card

Crusader

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Oct 2, 2005
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How does it all actually work? Someone mentioned that they give you a limit when you sign up. How does this all work?

Well, you apply online for the CC. You need to fax through a salary slip, copy of ID and 3 months bank statements. Once they receive that they calculate a credit limit based on your salary and credit record, if they approve you.

After you are approved they phone you and notify you of the limit e.g R7000 or whatever. You can then ask them to decrease it (if you want to). They then arrange for delivery of the card, and you get the PIN sent through the mail.

Once you have the card and PIN you can start doing some shopping/ or saving depending on what you want to use it for! ;)
 

Ou grote

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Sep 3, 2007
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How does it all actually work? Someone mentioned that they give you a limit when you sign up. How does this all work?

If you're at ABSA, then go for the silver (lower fees) or silver package.
Tell them what limit u want - make sure it's lower than one month of your net salary.
Gold and Platinum cards are for people who need lots of credit IMO, not for "status". Extra fees are applicable, and the extra bit of interest you'll earn won't cover that.
 

mercurial

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Been there already :)

Well, you apply online for the CC. You need to fax through a salary slip, copy of ID and 3 months bank statements. Once they receive that they calculate a credit limit based on your salary and credit record, if they approve you.

After you are approved they phone you and notify you of the limit e.g R7000 or whatever. You can then ask them to decrease it (if you want to). They then arrange for delivery of the card, and you get the PIN sent through the mail.

Once you have the card and PIN you can start doing some shopping/ or saving depending on what you want to use it for! ;)

Thanks. I might make the leap today :)
 

mercurial

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If you're at ABSA, then go for the silver (lower fees) or silver package.
Tell them what limit u want - make sure it's lower than one month of your net salary.
Gold and Platinum cards are for people who need lots of credit IMO, not for "status". Extra fees are applicable, and the extra bit of interest you'll earn won't cover that.

Thanks, I'll check that out as well. The thing is, I know everyone is suggesting the Virgin Money CC, but I'm not really gonna be using the CC that much. It's mostly for online purchases and maybe just one item that I will actually use the CC for paying off.
 

Ou grote

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Sep 3, 2007
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Thanks, I'll check that out as well. The thing is, I know everyone is suggesting the Virgin Money CC, but I'm not really gonna be using the CC that much. It's mostly for online purchases and maybe just one item that I will actually use the CC for paying off.


I also looked at Virgin Money CC, but u get charged for transferring money into it.
I'm not to worried about the bit of extra interest u earn, as I have a bond where I can keep my extra cash.

Just more convenient to have everything at one bank. I use the ABSA internet banking and it's easy to import everything into MS Money.
if u take a "package" then IBanking is free.
 

mercurial

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I also looked at Virgin Money CC, but u get charged for transferring money into it.
I'm not to worried about the bit of extra interest u earn, as I have a bond where I can keep my extra cash.

Just more convenient to have everything at one bank. I use the ABSA internet banking and it's easy to import everything into MS Money.
if u take a "package" then IBanking is free.

I agree. That's the reason I wanted to go with ABSA, so that I have everything under one roof.
 

Crusader

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Oct 2, 2005
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I also looked at Virgin Money CC, but u get charged for transferring money into it.
I'm not to worried about the bit of extra interest u earn, as I have a bond where I can keep my extra cash.

Just more convenient to have everything at one bank. I use the ABSA internet banking and it's easy to import everything into MS Money.
if u take a "package" then IBanking is free.

That's not strictly true. If you do an EFT transfer from an existing account to your Virgin Money CC you don't pay any fees, except for the transfer fee on the account you are transferring from. I've been doing this for the last 6 months or so and have never paid any fees on my Virgin Money Card.

Virgin Money also gives you free internet banking that uses ABSA's system so I'm sure you will have exactly the same functionality as on a ABSA CC, just without any fees attached.

The only downside is when you want to deposit cash/cheques into the account. Simple solution is to just do that using your normals account and then EFT into the Virgin Money account. Saves you R30 (if I recall correctly) on deposit fees.

Thanks, I'll check that out as well. The thing is, I know everyone is suggesting the Virgin Money CC, but I'm not really gonna be using the CC that much. It's mostly for online purchases and maybe just one item that I will actually use the CC for paying off.

Even if you don't want to use the CC as such, it makes for a great savings account, with the added benefit of being able to buy online if you want to. The interest you earn on positive balances is equal to the interest you get on having around R20000 in a Moneybuilder or similar account.

Add to that fact that you save around R120 on card fees then it's just plain stupid to go for a normal CC from other banks.
 

Bondizzo

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Jun 11, 2005
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I agree. That's the reason I wanted to go with ABSA, so that I have everything under one roof.

Your virgin account uses the same absa login/internet banking feature. And transferring money between the two accounts happens instantly. If you're still weary u can go for the absa silver credit card as mentioned above but I think you pay more card fee's overall.
 

waynegohl

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Nov 4, 2007
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i have 2 credit cards but no bank account, what will happen if i do not pay the banks.
 

Mr M

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May 15, 2007
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Look at getting a cheque card. Same functionality as a credit card (swipe at paypoints, internet purchases) but the card is linked to your current account and the money comes straight off the cash in your account.

That way you're not buying on credit.
 

Genius.

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Jul 30, 2008
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I awlso vote for the Virgin Money CC, so far (6 months) and R0 in fee's.
I kicked Diskoveree to touch (though despite faxing them instructions to close, the CC is still open (2 months now))
I kicked ABSA Platinum to touch (Waaaaaay to many fee's and hidden costs and pathetic to useless service levels)

And ... Virgin Money CC has a really good interest rate on my positive balance. (Master Card)

I have the ABSA platinum card. What hidden costs are you talking about?
 
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