Absa reveals price changes for 2023 — including free Absa Rewards access

3 years ago 3

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Absa has published its 2023 pricing and benefits guide, which includes monthly fee increases for several accounts.

Monthly fees and costs on transactions involving cash handling will increase on the bank’s Flexi, Gold, and Premium accounts.

Absa said this was the first price adjustment on these accounts in three years.

The three accounts’ monthly fees will increase as follows:

Flexi — R40, up 33.3% from R30
Gold — R115, up 5.5% from R109
Premium — R200, up 5.3% from R190

Cash-send will now also be available on Gold and Premium accounts, with monthly limits of R4,000 and R5,000, respectively.

The Flexi account increase is the biggest, but Absa explained these customers are getting up to 90% reduced day-to-day digital transaction fees.

Among these, debit card swipes will now cost R1.00 instead of R4.00, digital payments have been reduced from R10.00 to R1.00, and external debit orders dropping from R10.00 per transaction to R3.50.

Till-point withdrawals will also be free for these customers.

Absa said these reductions would result in R230 million of pricing relief for Flexi customers.

The Transact account’s monthly fee of R4.90 will also remain unchanged, while Student and youth accounts will continue to pay zero monthly fees.

Monthly credit card fees will also remain the same, with bundled options continuing to get an add-on credit card at no additional monthly cost.

No more monthly fee for Absa Rewards

Another significant change in next year’s fee structure is the scrapping of the R23.20 monthly fee to be part of the bank’s loyalty programme Absa Rewards.

The bank estimated this would lead to an additional R260 million in customer savings on Absa Rewards.

Absa has also promised “new and exciting” enhancements to the programme in early 2023 for primary banked customers, who will receive “superior” value from the programme.

This includes a dedicated rewards hub and new VIP programme with a refreshed set of benefits.

Embedded below is Absa’s full 2023 pricing and benefits guide.