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ABSA Credit Card
- Thread starter mercurial
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- absa credit card
Crusader
Executive Member
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
Honorary Master
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
MyBB Legend
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
MyBB Legend
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
Honorary Master
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
MyBB Legend
I agree. That's the reason I wanted to go with ABSA, so that I have everything under one roof.
Crusader
Executive Member
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.
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
Expert Member
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.
mercurial
MyBB Legend
Thanks guys.
Mr M
Well-Known Member
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.
That way you're not buying on credit.
RogueTr00per
Honorary Master
Check out this article on Personal Finance. It compares the different penalty charges and interest charges of the various banks/financial institutions.
I have the ABSA platinum card. What hidden costs are you talking about?
