Ibrahim Gardner
The Absa Student Credit Card is a zero-monthly-fee credit card designed for full-time students aged 18-27 who are looking to build their credit. It offers 57 days of interest-free qualifying transactions, no transaction fees on purchases, and up to 30% cashback when you swipe at Absa partners. Students can apply for the card online and must provide a valid South African ID or passport, proof of residence, and proof of tertiary registration. The card can be used for contactless payments worldwide, and students can manage their daily card limits and report any fraud through the Absa Banking App.
| Characteristics | Values |
|---|---|
| Monthly fee | Zero |
| Transaction fees on purchases | No transaction fees (excluding prepaid airtime, data, utilities and Lotto) |
| Interest | Up to 57 days interest-free on qualifying transactions |
| Payment methods | Tap to pay with your card, smartphone or wearable device at any point-of-sale machine worldwide |
| Eligibility | Registered full-time student at an FET college, SAQA-approved institution, university, university of technology or private institution |
| Documentation required | Valid South African ID book or smart card, proof of residence and the latest proof of income for three consecutive months |
| Rewards | Earn up to 30% cash back when you swipe at our partners |
Explore related products
What You'll Learn
Student eligibility requirements
To be eligible for an Absa Student Credit Card, you must be a registered full-time student at an FET college, SAQA-approved institution, university, university of technology, or private institution. Undergraduate and postgraduate students pursuing qualifications of one year or longer, aged 18–27, are eligible.
You will need to provide a valid South African ID or passport and proof of residence. Additionally, proof of registration at a tertiary institution is required.
The Absa Student Credit Card offers several benefits, including zero monthly fees, the ability to build your credit score, and earn rewards on your purchases. You can use your card for contactless payments worldwide and receive SMS notifications for added security.
With the Absa Student Credit Card, you can also enjoy up to 57 days of interest-free qualifying transactions and earn up to 30% cashback when shopping with Absa partners.
Retirement Contributions: Student Loan Payment Designations
You may want to see also
Explore related products
Application process
To apply for an Absa Student Credit Card, you must be a registered full-time student at an FET college, SAQA-approved institution, university, university of technology, or private institution. The application process is straightforward and can be completed online or through the Absa Banking App. Here is a step-by-step guide on how to apply:
- Documentation: Ensure you have the required documentation ready. This includes a valid South African ID book or smart card, proof of residence, and the latest proof of income for three consecutive months. If you are an international student, a valid passport may be required instead of a South African ID.
- Eligibility: Confirm your eligibility by verifying your student status. You must be a full-time student enrolled in an undergraduate or postgraduate program with a minimum duration of one year.
- Online Application: Visit the Absa website and navigate to the student credit card application section. Fill out the online application form with your personal and academic details. Provide the required documentation and follow the instructions provided.
- Application Review: Absa will review your application and assess your eligibility based on the provided information. They may contact you for additional information or clarification if needed.
- Approval: Once your application is approved, Absa will notify you and provide further instructions on activating and using your new student credit card.
- Card Activation: Follow the instructions provided by Absa to activate your student credit card. This may involve setting up a PIN, confirming your details, and agreeing to the terms and conditions associated with the card.
- Using the Card: After activation, you can start using your Absa Student Credit Card for purchases, earning rewards, and building your credit history. Remember to make timely payments and stay within your credit limit to establish good credit habits.
The Absa Student Credit Card offers zero monthly fees and provides an excellent opportunity for students to build their credit profiles while enjoying the convenience and benefits of a credit card. Remember to use your card wisely and manage your finances effectively to get the most out of this financial tool.
Full-Time Students: Council Tax Exemption Explained
You may want to see also
Explore related products
Payment methods
The Absa Student Credit Card is a zero-monthly-fee credit card for students. It offers up to 57 days of interest-free qualifying transactions and no transaction fees on purchases (excluding prepaid airtime, data, utilities, and Lotto). You can make fixed monthly payments, and there is also the option to pay extra if you need to.
To apply for an Absa Student Credit Card, you must be a registered full-time student at an FET college, SAQA-approved institution, university, university of technology, or private institution. You will need a valid South African ID book or smart card, proof of residence, and the latest proof of income for three consecutive months.
- Online Banking: You can use the Absa Banking App or Absa Online Banking to manage your card, including making payments. The app allows you to stop and replace your card, report fraud, and manage your daily card limits.
- Contactless Payments: You can use your Absa Student Credit Card to make contactless payments by tapping your card, smartphone, or wearable device at any point-of-sale machine worldwide.
- NotifyMe: This added security feature sends you SMS notifications to alert you of any activity on your account.
- Prepaid Transactions: You can use the Absa Banking App or Absa ATMs to top up airtime, data, or electricity with no fees. However, you need to maintain a minimum of two prepaid transactions monthly to keep your benefits.
- CashSend Transfers: You can instantly send money to anyone with a South African cellphone number.
- Budget Calculator: Absa offers a free online budget calculator to help you plan your monthly budget and finances.
Lowering Student Loan Payments: Understanding PAYE Options
You may want to see also
Explore related products
Rewards and benefits
The Absa Student Credit Card is a great way to establish a credit history and build good credit habits. It offers a range of rewards and benefits to cardholders, including:
- No monthly fees: The Absa Student Credit Card has zero monthly fees, allowing students to keep more money in their pockets.
- Cashback rewards: Cardholders can earn real cash back on their purchases, with up to 30% cashback when shopping with Absa partners.
- Interest-free period: Qualifying transactions can enjoy up to 57 days of interest-free financing.
- Contactless payments: The card supports tap-to-pay functionality, allowing students to make secure and convenient payments worldwide.
- NotifyMe security: Cardholders can activate SMS notifications to receive real-time alerts for account activity, helping them stay on top of their spending and security.
- Free ATM transactions: Students can make free withdrawals and deposits of up to R2,000 per month at Absa ATMs.
- Absa Rewards membership: Students gain access to exclusive Absa Rewards, providing additional cashback offers and benefits.
- R50 welcome voucher: Upon opening an account, students receive a R50 voucher to spend.
- Life cover: The card includes R5,000 life cover at no extra cost, providing peace of mind for students and their families.
- Digital banking: The Absa Banking App and online banking services enable students to manage their finances, stop or replace their cards, report fraud, and adjust daily card limits from anywhere, at any time.
- Study loans: Absa offers competitive rates on study loans to help finance tuition, textbooks, and accommodation.
The Absa Student Credit Card is designed to help students establish a solid financial foundation while enjoying the benefits of a rewards program tailored to their needs.
Using 529 Accounts to Repay Student Loans
You may want to see also
Explore related products
Contactless payments
You can use the Absa Banking App to manage your money while you're on the move. This includes viewing your card details digitally (including expiry date and CVV), stopping and replacing your debit and/or credit card, viewing your account balances, and viewing your 90-day transaction history. You can also use the app to retrieve your card PIN, lock your card (if lost or misplaced), lock/unlock specific transaction types (such as international purchases), change daily card limits, and set travel notifications to enable your card to function across borders.
In addition to contactless payments with your card, Absa offers access to other innovative digital payment solutions such as Apple Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.
Strategies to Repay Student Loans Swiftly and Stress-Free
You may want to see also
Frequently asked questions
To qualify for an Absa Student Credit Card, you must be a full-time student (undergraduate/postgraduate) aged 18-27, with a valid South African ID or passport, and proof of residence and income.
You can apply for an Absa Student Credit Card online or in-person at a branch.
No, the Absa Student Credit Card has zero monthly fees.
The Absa Student Credit Card offers up to 57 days interest-free on qualifying transactions, no transaction fees on purchases (excluding prepaid airtime, data, utilities, and Lotto), and up to 30% cashback at select partners.
The credit limit on the Absa Student Credit Card is reportedly around R200. It is recommended to not go past this limit and to settle your account each month to avoid interest charges.
