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Absa Business Credit Card

Table of Contents
Introduction

Absa Business Credit Card offers a revolving credit facility which means you can withdraw money and repay. This is ideal for small and medium enterprises (SMEs) that want to manage everyday banking expenses and improve cash flow.

One of the benefits of this credit card is that there are zero fees when you use your card on point-of-sale (POS) purchases; however, you do pay transaction fees on items such as cash withdrawals, casino transactions, and internet banking transfers. The credit card provides automatic travel insurance.

Visa cardholders get access to the Bidvest lounge and receive a 15% discount on lounge access charges at Premier lounges. Visa commercial cardholders receive a discounted rate at the Elite car park.

The Visa Business Revolve Credit card can be used on any POS machine in the world and the card offers safe and secure online transactions.

You can also link your Garage card, which will pay for fuel, oil or any other vehicle-related expenses.

Main Features

Type of credit: Revolving credit facility, meaning you can withdraw cash to fund your business, repay it, and withdraw it again.

Qualifying Criteria: Your business must fall under the small and medium enterprises (SMEs) category.

Repayment Terms: The monthly installment will be as little as 3% of the outstanding balance. However, if you want to pay back the money in full before 55 days, you will have interest-free credit.

Application process: Make a call or visit the branch to start the application process. Your credit limit is approved at the account level. Note: If the main account holder decides to apply for a secondary card, the secondary cardholder will have access to the same credit limit as the main account holder.

Pricing

Fees: Once approved, costs include:

  • Once off initiation fee – R300
  • Monthly service fees – R35,50
  • Garage Card – is sold separately but can be linked to the Business Card; annually it costs R305.
  • Lost card administration fee – R140

Interest rate: You are advised to ask your personal banker about this.

Rewards: There is no mention of an annual fee for the rewards programme. Visa card holders can receive a 15% discount off lounge access charges at Premier Lounges of Bidvest lounges, and a preferential rate of R85 per day at the Elite car park.

Other: The following are sold separately and can be paid annually: Purchase Card (R381), Virtual Pay (R820), Aviation Card (R329), and a Travel Lodge Card (R632).

Pros and Cons

Pros

Interest-free period
Security features
Convenience
Optional features

Cons

Potential fees
Debt trap
FAQs

You’ll typically need your South African ID, business registration documents, and recent financial statements. Absa may request additional documentation depending on your business profile.

Unfortunately, Absa doesn’t currently offer online applications for business credit cards. You’ll need to visit an Absa branch or contact a business banker to initiate the application process.

Approval times can vary depending on your circumstances. Generally, it can take anywhere from a few business days to a week for a decision.

Absa doesn’t publicly disclose the minimum credit score requirement for the Absa Business Credit Card. However, they typically look for a good credit history and healthy business financials.

While Absa prioritizes established businesses, they may consider applications from newer businesses with strong financial projections and a solid business plan.

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