The ABSA Classic Credit Card gives you the same 57 interest free days on qualifying purchases (with a few exclusions), a budget facility for any purchase over R300 of 6 to 48 months to pay and no transactions fees on qualifying purchases. https://entireloans.com/wp-content/uploads/2017/01/entireloans1-5.jpg, https://entireloans.com/wp-content/uploads/2017/01/entireloans1-5-150x150.jpg, absa-classic-credit-card,absa-credit-card,credit-car-absa. How does the credit card budget facility work? There are two types of credit facilities you can use when you pay for an item or service with a credit card: straight and budget. You can ask your bank or credit card issuer to adjust your credit card budget facility limit to suit your unique … There is … When making a purchase on your Absa Credit Card, you can choose between a straight or budget option. We then thought that maybe they didn't charge it correctly to a budget facility and maybe it was a blessing in disguise cause we would be paying more interest using the budget facility. You can use your Absa credit card at millions of merchants all over the world. The bank provides services primarily in South Africa and Namibia. The credit card as full ATM functionality. You can also swipe your credit card when you need to make larger purchases. You get up to 57 days’ interest-free credit. Credit cards Home loans Overdraft Personal loan Revolving facility Securities Based Lending Student loan Temporary loan Vehicle finance Insure Insurance Forex Foreign exchange solutions eBucks Rewards eBucks Rewards SLOW. To apply for this credit card, applicants need to provide a valid South African ID as well as proof of residence. The bank offers a range of credit card solutions. View your credit card statements each month. Interest on the budget transaction is charged from day one. They have balance transfer and budget facility options too. We recommend that you read the privacy policies and terms of the other website. Paying your credit card late can result in penalty interest being charged, and your credit record being negatively impacted, impacting your ability to apply successfully for credit in the future. You need to repay a minimum percentage of your outstanding balance every month, plus agreed fees and interest at your contracted rate when you took up your credit card. However, if you withdraw funds from your credit card at an ATM or transfer funds out of your credit card to pay an account, you will be charged a transaction fee. The Standard Bank Gold Credit Card is also a good option for people with low income. At Absa the minimum repayment percentage is 3%. Equally, using up too much credit on the straight facility and then failing to keep up with repayments could lead to a poor credit score. A Budget facility can be used for purchases over R300. A budget facility is available for purchases of over R300. Made a payment using my ABSA credit card's budget facility on the 15 June 2017, the amount then got deducted from my straight facility and reflected on my budget facility. We have the know-how to make sure you stay debt-free and enjoy the benefits that come with your credit card. You have 24/7 access to internet banking, cellphone banking and telephone banking. Life is busy, and there’s so much to remember to do in a day. You can choose a term between 3 and 60 months (3, 6, 9, 12, 18, 24, 36, 48 and 60) when the transaction is set up via a merchant or Absa card division, and 6 to 48 months when you structure the transaction via Absa online banking. It is possible to decrease your outstanding balance on your budget facility by paying more than the minimum amount monthly and you can also select to pay off the full outstanding budget transaction amount at any time, or to convert it to a straight transaction. With the budget facility, the credit card holder usually has to pay a minimum amount upfront (generally 10% of the total price), and the interest charged is regulated by the National Credit Act. British Airways Credit Card Issued by Absa Bank Limited Reg No 1986/004794/06 Authorised Financial Services Provider Registered Credit Provider Reg No NCRCP7 BA 5762 EX (11/04/2018) 9110936 Credit Card Facility Quotation and Agreement Confidential ... • transactions under our credit card budget facility… Post was not sent - check your email addresses! Absa credit cards come with rewards. [4] 5. For us, that means responding appropriately to their needs, at a time when we've become The minimum income requirement for the Flexi Core Credit Card is R2000.00 per month. It is important not to miss a payment at any time as additional interest and penalties may apply and your credit bureau profile may be negatively impacted. ABSA Classic Credit Card. Absa Bank Limited, Registration number 1986/004794/06. Keep safe and limit carrying excess cash with you – it increases the risk of theft and costs you money. You should set up a debit order on your credit card to ensure that the amount you owe monthly is deducted from your account without you needing to remember to do it. During these trying times of COVID-19 it is prudent to use your credit card wisely to keep your head above water. The minimum amount for a budget transaction on an Absa Credit Card is R300. Consider selecting the shortest budget term that you can manage to avoid interest accruing over a longer term. When it comes to bad card debt, however, Absa came in lowest, with 3,5% of its card loan book. To apply for an Absa Classic Credit Card, visit www.absa.co.za, Your email address will not be published. To be eligible you need to earn between R84 000 – R299 999 per year. Notify me of follow-up comments by email. Up to 57 days interest free period on purchases. If you're making large purchases of R200 and up, our FREE budget facility is ideal for making larger purchases that you can then pay off over a period of 6 to 60 months. Enjoy a great credit rate, up to 52 days interest free and the latest in security with your Visa card. Absa Classic Credit Card- Affordable Credit Solutions, Best Student Loan Consolidation Options in South Africa, Xcelsior Loans – Secured Loan Specialists, Payout ratios of insurance companies in South Africa, https://entireloans.com/absa-classic-credit-card-affordable-credit-solutions/, Standard Bank Travel Insurance- Reliable Travel Cover, Benefits Offered by Momentum Car Insurance, 7 Easy Tips to Manage Your Budget Effectively. When you swipe your card, or transact via Contactless, you are not charged a transaction fee to encourage you to use it in this fashion. You can also swipe your credit card when you need to make larger purchases. You have the option to link you card to your Absa Cheque or Savings account. Absa Bank Limited is a wholly-owned subsidiary of the Barclays Africa Group. Sorry, your blog cannot share posts by email. Absa Student Credit Card. Your contracted interest rate applies to both budget and straight transactions. Required fields are marked *. You can spread the payment over a number of months. The content of the website you are visiting is not controlled by Absa. As of December last year, Standard Bank was the biggest card lender of the big four banks, with credit card lending of R22,2bn. Travel insurance – book your return flights with your Absa credit card and get automatic basic cover for trips of up to 90 days No card transaction fees when you swipe. Your credit facility is allocated overall between your straight and budget transactions. Compare Local Financial Products in South Africa. Get ... Easy instalment plan facility (1.5% monthly interest rate from 6 months to 36 months) Interest-free period of up to 52 days if 100% of the balance due is paid; We opted to charge it on our budget facility on our absa credit card over 6 months only to discover that they had taken off the entire amount from her straight facility. The credit card has a maximum credit limit of R138,000.00 with a minimum monthly payment of 3% on the outstanding balance. Free Lost Card Protection ensures that you aren’t liable for any unauthorised purchases made on your Absa Classic Credit Card if you lose it or if it’s stolen. The Absa Classic Credit Card is a specialised credit card offer that provides affordable credit to individuals above the age of 18 years old, who earn an income of R2000 or more per month. Why worry about repaying your credit card instalment too? Benefits of an Absa Credit Card. Getting the most from your Absa Avios Credit Card: With this credit card, you can enjoy spending on your individually determined credit limit. The minimum percentage payable once again depends on your product and bank, but can be either 3%, 5% or 10%. Tell me more. The minimum repayment percentage applicable to straight payments will not apply. Your email address will not be published. You get free automatic basic travel insurance. A credit card is designed to be used as a transaction tool to use when you shop. The Straight facility lets you pay the amount off as stated in the payment terms. 13 Ending your Credit Facility Your Credit Facility will continue until we or you bring it to an end. Owning a credit card can be quite convenient when you don’t have access to a large amount of cash in an emergency. The account comes with a monthly credit facility fee of R30.00 and requires a minimum monthly payment of 5% of the total outstanding debt. To apply for this credit card, applicants need to provide a valid South African ID as well as proof of residence. The minimum amount for a budget transaction on an Absa Credit Card is R300. But if you use it unwisely - especially the budget facility - you will find yourself in trouble quickly. Use your free budget facility. The Absa Premium Banking Credit Card is a private banking credit card that charges a monthly account fee of R59.00. 1. Credit card payment: Up to 48 months repayment terms on your credit card budget facility, with the first 12 months at a prime interest rate. You get to pay for your purchases over a period of 6 to 12 months. You don’t ever have to incur interest on your card and many customers actually choose to pay funds into their credit card, use these funds to shop and benefit from the credit provider’s Rewards programme and protection benefits. This link is being offered for your convenience and Absa is not responsible for accuracy or security of the information provided. The budget transaction amount is divided by the number of months selected, and every month your credit card payment due will be the sum of the budget amount/transaction repayment premium (plus the associated interest) plus the minimum repayment amount on the straight facility. Standard Bank Gold Credit. For example, if you buy a pair of shoes online using your credit card and they aren’t delivered to you and you aren’t able to resolve the matter with the online retailer, you can contact your credit provider and lodge a dispute with them to help you get your money back. The minimum amount for a budget transaction on an Absa Credit Card is R300. This means that you can shop using your credit card without ever needing to incur interest on the transactions, if the credit is repaid within the interest-free period. We use cookies to optimise the user experience. Owning a credit card can be quite convenient when you don’t have access to a large amount of cash in an emergency. credit card facility quotation and agreement ... Ltd Supported by Absa Bank Limited Reg No 1986/004794/06 Authorised Financial Services Provider Registered Credit Provider Reg No NCRCP7 VM 5762 EX (STD) ... • transactions under our credit card budget facility; and All rights reserved | Authorised Financial Services Provider and a registered credit provider (NCRCP7), Authorised Financial Services Provider and a registered credit provider (NCRCP7). A Budget facility can be used for purchases over R300. Some consumers are scared of using credit cards, but a credit card provides you with protection and rewards unlike any other card, so it’s a good idea to use it to shop. It’s important to make sure that you choose the right credit card for your unique individual needs. Absa Head Office: Absa Towers West, 15 Troye Street, Johannesburg, Gauteng, South Africa, 2000, Terms Of Use | Banking Regulations | Policy Statement | Security Centre | © Copyright. You are about to leave the Absa website. Absa credit cards have full ATM functionality. You get to pay for your purchases over a period of 6 to 12 months. Budget; Belt and Road; ... an Absa credit card that is “fee-free”. You get free monthly eStatements so you can keep track of your balance. Phone the number on the back of your card for assistance or for changes to your facility or structured transactions. You get optional secondary cards at no additional cost. You get rewarded when you spend. The Straight facility lets you pay the amount off as stated in the payment terms. Setting up a debit order for your credit card account can assist you to avoid missing payments. Absa credit cards come with rewards. Worldwide acceptance. You can choose a term between 3 and 60 months (3, 6, 9, 12, 18, 24, 36, 48 and 60) when the transaction is set up via a merchant or Absa card division, and 6 to 48 months when you structure the transaction via Absa online banking. You have access to a budget facility, which you can use to make larger purchases. An Absa credit card is a great credit solution that you should use responsibly. This facility can be compared to taking out a term loan where you repay in an agreed number of instalments, which means that you know exactly when you will have paid off the item in full, provided that you do not miss any repayments. We may suspend your Credit Facility at any time by notif ying you in writing, the suspension taking effect on delivery of the notification. A credit card is a great "enabler" when used wisely, Viviers says. A further benefit offered by getting an Absa Gold Credit Card is the Bidvest Lounge Access benefit. The budget facility helps the user pay over an extended period of time but charges him interest on the credit used. The Absa Classic Credit Card is a specialised credit card offer that provides affordable credit to individuals above the age of 18 years old, who earn an income of R2000 or more per month. You can choose a term between 3 and 60 months (3, 6, 9, 12, 18, 24, 36, 48 and 60) when the transaction is set up via a merchant or Absa card division, and 6 to 48 months when you structure the transaction via Absa online banking. ABSA Classic Credit Card. You get to pay for your items over 6 to 48 months. I hadn't queried it until today, 19 June 2017, thinking it would be corrected over the long weekend. However, you will be charged for doing things that are outside of the credit card’s primary purpose. Earn Absa Rewards and get paid to swipe, along with a range of other discounts and benefits. The requested site will open in a new window. For budget transactions – the full purchase amount of the budget transactions is deducted from your total available credit facility. What this means is that you can spend on your credit card and repay what you owe within the interest-free period without incurring interest. What are the benefits offered by Absa credit cards? One of the protection benefits your credit card provides you with is the ability to dispute the non-delivery of goods or services. This means that you cannot use your Credit Facility to carry out any Transactions with your credit card. We offer a 57-day interest free period on our Absa Credit Cards. Paying the full outstanding amount of the credit card purchase to avoid incurring interest. The ABSA Classic Credit Card gives you the same 57 interest free days on qualifying purchases (with a few exclusions), a budget facility for any purchase over R300 of 6 to 48 months to pay and no transactions fees on qualifying purchases. Absa , with R13,8bn, just beat FirstRand’s R13,6bn and Nedbank had R7bn. If you need to buy a big-ticket item such as a television or computer and you’d like to repay it over a specific period, you could consider using the budget facility. Using your Credit Card: Credit cards tend to have very high-interest rates – using the budget facility may, therefore, have high borrowing costs attached. Absa Flexi Core Credit Card is a credit card from Absa that charges a monthly account fee of R14.00. The credit card budget facility can be ideal for when you want to make large purchases. Certain transactions such as fuel, cannot be purchased on the budget facility. 1. Your card is fitted with enhanced security in the form of chip and PIN technology. Consider the cost of interest over the period and whether it makes sense to use the budget facility based on the cost of the item. Owning a credit card can also provide a good way to build a credit history. With this facility, the credit card holder usually has to pay a minimum amount upfront. Absa credit cards come with rewards. Switch ... Credit Card Budget Calculator Let one of our call centre agents help you get the best account for your needs. You can use your credit card to shop online. You can use your card to withdraw cash from any Absa ATM. It’s important to keep in mind that it comes with high interest rates. Absa's enture philosophy and business model centres on putting customers at the of everything we do. Depending on the status of your account, you generally do not incur interest on qualifying spend within the first 55/57/60 days, depending on your product and bank. Absa credit cards come with rewards. What’s more, when you withdraw cash or make a fund transfer, the interest-free period does not apply and you are charged interest from the day in which you have withdrawn or transferred funds. Get rewarded with a Absa Gold Credit Card. 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