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. 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. The minimum amount for a budget transaction on an Absa Credit Card is R300. Absa credit cards come with rewards. You can use your Absa credit card at millions of merchants all over the world. You get to pay for your items over 6 to 48 months. Your email address will not be published. We have the know-how to make sure you stay debt-free and enjoy the benefits that come with your credit card. At Absa the minimum repayment percentage is 3%. How does the credit card budget facility work? Tell me more. To apply for this credit card, applicants need to provide a valid South African ID as well as proof of residence. I hadn't queried it until today, 19 June 2017, thinking it would be corrected over the long weekend. We use cookies to optimise the user experience. Absa Flexi Core Credit Card is a credit card from Absa that charges a monthly account fee of R14.00. Absa credit cards come with rewards. Required fields are marked *. The credit card has a maximum credit limit of R138,000.00 with a minimum monthly payment of 3% on the outstanding balance. 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. Phone the number on the back of your card for assistance or for changes to your facility or structured transactions. Standard Bank Gold Credit. The Straight facility lets you pay the amount off as stated in the payment terms. The Straight facility lets you pay the amount off as stated in the payment terms. It’s important to keep in mind that it comes with high interest rates. The minimum amount for a budget transaction on an Absa Credit Card is R300. You are about to leave the Absa website. 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; Your card is fitted with enhanced security in the form of chip and PIN technology. Up to 57 days interest free period on purchases. All rights reserved | Authorised Financial Services Provider and a registered credit provider (NCRCP7), Authorised Financial Services Provider and a registered credit provider (NCRCP7). Absa , with R13,8bn, just beat FirstRand’s R13,6bn and Nedbank had R7bn. An Absa credit card is a great credit solution that you should use responsibly. Post was not sent - check your email addresses! We may suspend your Credit Facility at any time by notif ying you in writing, the suspension taking effect on delivery of the notification. Notify me of follow-up comments by email. 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. Owning a credit card can be quite convenient when you don’t have access to a large amount of cash in an emergency. One of the protection benefits your credit card provides you with is the ability to dispute the non-delivery of goods or services. Absa credit cards come with rewards. Switch ... Credit Card Budget Calculator A further benefit offered by getting an Absa Gold Credit Card is the Bidvest Lounge Access benefit. A Budget facility can be used for purchases over R300. You have the option to link you card to your Absa Cheque or Savings account. What are the benefits offered by Absa credit cards? Benefits of an Absa Credit Card. 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 Setting up a debit order for your credit card account can assist you to avoid missing payments. ABSA Classic Credit Card. A budget facility is available for purchases of over R300. You can spread the payment over a number of months. You get rewarded when you spend. The content of the website you are visiting is not controlled by Absa. Sorry, your blog cannot share posts by email. 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. With this facility, the credit card holder usually has to pay a minimum amount upfront. Absa credit cards have full ATM functionality. You can use your credit card to shop online. The bank provides services primarily in South Africa and Namibia. 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. 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. You get to pay for your purchases over a period of 6 to 12 months. Enjoy a great credit rate, up to 52 days interest free and the latest in security with your Visa card. 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. When it comes to bad card debt, however, Absa came in lowest, with 3,5% of its card loan book. You can spread the payment over a number of months. 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. You can use your card to withdraw cash from any Absa ATM. 13 Ending your Credit Facility Your Credit Facility will continue until we or you bring it to an end. When making a purchase on your Absa Credit Card, you can choose between a straight or budget option. Absa credit cards come with rewards. The minimum repayment percentage applicable to straight payments will not apply. 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. Let one of our call centre agents help you get the best account for your needs. 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. 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. This means that you cannot use your Credit Facility to carry out any Transactions with your credit card. 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. Certain transactions such as fuel, cannot be purchased on the budget facility. You get optional secondary cards at no additional cost. Budget; Belt and Road; ... an Absa credit card that is “fee-free”. 1. For us, that means responding appropriately to their needs, at a time when we've become 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. A credit card is designed to be used as a transaction tool to use when you shop. This link is being offered for your convenience and Absa is not responsible for accuracy or security of the information provided. The budget facility is like taking out a loan when buying every new item and then repaying it … 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 have 24/7 access to internet banking, cellphone banking and telephone banking. The bank offers a range of credit card solutions. Owning a credit card can be quite convenient when you don’t have access to a large amount of cash in an emergency. 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. Paying the full outstanding amount of the credit card purchase to avoid incurring interest. You get free monthly eStatements so you can keep track of your balance. The minimum percentage payable once again depends on your product and bank, but can be either 3%, 5% or 10%. The Standard Bank Gold Credit Card is also a good option for people with low income. As of December last year, Standard Bank was the biggest card lender of the big four banks, with credit card lending of R22,2bn. You can also swipe your credit card when you need to make larger purchases. 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. 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. Using your Credit Card: Credit cards tend to have very high-interest rates – using the budget facility may, therefore, have high borrowing costs attached. 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. There is … You get to pay for your purchases over a period of 6 to 12 months. Compare Local Financial Products in South Africa. You can ask your bank or credit card issuer to adjust your credit card budget facility limit to suit your unique … The requested site will open in a new window. Interest on the budget transaction is charged from day one. Owning a credit card can also provide a good way to build a credit history. 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. 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. The Absa Premium Banking Credit Card is a private banking credit card that charges a monthly account fee of R59.00. The credit card budget facility can be ideal for when you want to make large purchases. They have balance transfer and budget facility options too. [4] 5. The credit card as full ATM functionality. Absa Bank Limited is a wholly-owned subsidiary of the Barclays Africa Group. 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. 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. We offer a 57-day interest free period on our Absa Credit Cards. ABSA Classic Credit Card. To apply for an Absa Classic Credit Card, visit www.absa.co.za, Your email address will not be published. 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. 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. Consider selecting the shortest budget term that you can manage to avoid interest accruing over a longer term. 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. 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. But if you use it unwisely - especially the budget facility - you will find yourself in trouble quickly. Absa Student Credit Card. To apply for this credit card, applicants need to provide a valid South African ID as well as proof of residence. 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… You get free automatic basic travel insurance. 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. 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. We recommend that you read the privacy policies and terms of the other website. 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. Getting the most from your Absa Avios Credit Card: With this credit card, you can enjoy spending on your individually determined credit limit. Earn Absa Rewards and get paid to swipe, along with a range of other discounts and benefits. Use your free budget facility. Why worry about repaying your credit card instalment too? Life is busy, and there’s so much to remember to do in a day. 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. 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. 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. Absa's enture philosophy and business model centres on putting customers at the of everything we do. 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. However, you will be charged for doing things that are outside of the credit card’s primary purpose. Your credit facility is allocated overall between your straight and budget transactions. A Budget facility can be used for purchases over R300. 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. Get rewarded with a Absa Gold Credit Card. The minimum amount for a budget transaction on an Absa Credit Card is R300. To be eligible you need to earn between R84 000 – R299 999 per year. 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. A credit card is a great "enabler" when used wisely, Viviers says. 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. Keep safe and limit carrying excess cash with you – it increases the risk of theft and costs you money. During these trying times of COVID-19 it is prudent to use your credit card wisely to keep your head above water. 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. Absa Bank Limited, Registration number 1986/004794/06. You can also swipe your credit card when you need to make larger purchases. 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. You get up to 57 days’ interest-free credit. Worldwide acceptance. 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. 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