Absa Bank provides credit cards to its customers according to their needs. Absa credit cards are categorized as Lifestyle, Rewards, Shopping, Travel, and British Airways cards. Each card is designed for a particular group of cardholders based on their spending habits.
If the credit card payment is made on time, no interest is applied; but, if a partial payment is made, a certain interest rate is applied to the outstanding amount each month until the full payment is made.
So today, through this article, we will find out when and how much interest is charged on an Absa credit card. If you also want to know what the Absa credit card interest rate is, then read this guide carefully as an effort has been made to provide you with complete information here.
What is the Absa Credit Card Interest Rate?
Generally, the interest rate charged by Absa Bank can be up to 6.90% per month. However, interest rates are different for each credit card, and for more information, it is best to read your credit card statement or contact an Absa Bank branch; although we have also conducted research to collect this information, which is why we are able to tell you.
How is Absa Credit Card Interest Rate Calculated?
Absa Bank also offers a grace period or interest-free period on credit card payments. Typically, the grace period or interest-free period provided by Absa can be up to 57 days, depending on the type of credit card.
[(Total number of days x transaction amount x 3.35% per month x 12 months) x number of days] ÷ 365 days
Some interest and charges on the ABSA credit card in 2024 are as follows:
| Absa Credit Card Name | Monthly fee | Minimum monthly income Required |
| Gold Credit Card | R55 | R4 000 |
| Premium Banking Credit Card | R92 | R25 000 |
| Private Banking Visa Signature Credit Card | R185 | R62 500 |
| Flexi Core Credit Card | R44 | R2 000 |
| Student Credit Card | N/A | R800 |
| Gold Package | R135 | R4 000 |
| Premium Package | R229 | R25 000 |
| British Airways Credit Card | R95 | R8 000 |
Absa Credit Card Interest-Free Period
Absa Bank provides its credit card users with an interest-free period of 57 days. This period is calculated from the date of the last statement generation to the current due date. During this period, no interest is charged on any purchases. Please note the two most important things related to the Absa Bank credit card interest-free period:
- The interest-free period is not applicable if you have carried forward your outstanding balance from the previous cycle to the current cycle.
- The interest-free period does not apply to cash withdrawals.
Frequently Asked Questions
The credit card interest rate is calculated by considering multiple things, such as transaction date, total amount due, transaction amount, amount due date, and much more.
If you lose your Absa credit card then call the Absa card customer care center to block it. The toll-free numbers are 0800 111 155.
Editorial Note: The information presented in this article is not provided by the Absa Bank. The article has been created for educational purposes and is intended to be helpful for customers of the Bank. It should be emphasized that the content is not endorsed or validated by the Bank, and readers should refer to the official website for accurate and up-to-date information about the bank’s products and services.
Author
Hello friends, my name is RK Singh and I am an engineer. However, by profession, I am a blogger; I have a keen interest in the finance niche. My main goal in starting this blog is to solve the difficulties people face in using online banking, bank branch codes, debit cards, and credit cards. I am not affiliated with any bank or company. I strive to provide people with accurate information so that they can achieve their goals correctly. If you still have any queries, please feel free to follow my social media accounts listed below and ask questions without hesitation. Thanks.
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