The Sanlam Money Saver Credit Card stands out with its innovative Wealth Bonus feature that encourages savings while you spend. With every transaction, you receive a guaranteed 5% Wealth Bonus, which can be redeemed as cash. Additionally, it offers R1 back for every litre of fuel purchased at TotalEnergies.
On the other hand, the Absa Gold Credit Card is known for its broad range of rewards, including Absa Rewards, travel insurance, and exclusive access to Bidvest Premier Airport Lounges. The Absa Gold card is suitable for those who value travel benefits and premium experiences.
The table below provides a clear comparison of the key fees and benefits of each card.
Fees and Benefits Comparison
| Feature/Benefit | Sanlam Money Saver Credit Card | Absa Gold Credit Card |
|---|---|---|
| Monthly Fees | No commitment to Wealth Bonus: R35/month | R57/month |
| Minimum Income Requirement | R3,000/month | R7,000/month |
| Wealth Bonus | 5% cash back on all purchases, except TotalEnergies forecourts | N/A |
| Fuel Rewards | R1 back per litre at TotalEnergies | Accepted at petrol stations, with Absa Rewards |
| Travel Insurance | N/A | R1.5 million travel insurance cover |
| Airport Lounge Access | N/A | Bidvest Premier Lounges at preferential rates |
| Absa Rewards | N/A | Cash back and free meals through challenges |
| Exclusive Benefits | Wealth Bonus partner stores | Visa Local Offers, Global Merchant offers |
| Interest Rate | Variable, based on user profile | Variable, based on user profile |
| Credit Protection Plan | Optional | Optional |
Benefits of Each Credit Card
Sanlam Money Saver Credit Card
- Wealth Bonus: Earn a guaranteed 5% Wealth Bonus with every purchase. Sanlam matches your 2.5% contribution, making it a great card for building wealth while spending.
- Fuel Savings: If you refuel at TotalEnergies, you receive R1 back for every litre of fuel, which can add up over time.
- No Obligation to Save: If you don’t want to commit to saving, you can still enjoy the credit card’s benefits without the Wealth Bonus for a lower monthly fee.
- Reward Partners: Shopping with selected partners boosts your Wealth Bonus, allowing you to grow your savings faster.
Absa Gold Credit Card
- Absa Rewards: Earn cash back and enjoy free meals for completing challenges via the Absa Banking App. This encourages smart spending habits.
- Travel Benefits: With R1.5 million in travel insurance and access to Bidvest Premier Lounges, the Absa Gold Credit Card is ideal for frequent travelers.
- Visa Local and Global Offers: The card includes access to exclusive Visa benefits, such as local and international merchant offers and buyer protection.
- Wide Payment Options: The card allows you to pay via smartphones, wearable devices, or traditional methods, making it versatile.
Requirements for Each Credit Card
Sanlam Money Saver Credit Card
- Must be over 18 years old.
- Be a South African citizen with a valid ID.
- Have a minimum monthly income of R3,000.
- Have a valid phone number and email address.
- Have a clear credit record.
- Be employed or have a contract of 12 months or more (self-employed individuals can apply but need additional documentation).
- Not under debt review or administration.
Absa Gold Credit Card
- Must be over 18 years old.
- South African citizen or permanent resident.
- Minimum monthly income of R7,000.
- Good credit score and credit history.
- Valid proof of income and identification.
- Must not be under debt review.
Pros and Cons of Each Credit Card
Sanlam Money Saver Credit Card
Pros:
- Guaranteed 5% Wealth Bonus on every transaction.
- R1 back per litre at TotalEnergies.
- No commitment to save, making it flexible.
- Easy-to-meet minimum income requirement (R3,000).
Cons:
- Wealth Bonus only applies to selected Reward Partners and excludes TotalEnergies.
- Limited additional perks such as travel insurance and airport lounge access.
- Not ideal for frequent travelers.
Absa Gold Credit Card
Pros:
- Extensive travel benefits, including R1.5 million in travel insurance.
- Bidvest Premier Lounge access at preferential rates.
- Cash back through Absa Rewards, along with other exclusive Visa offers.
- Flexible payment methods, including smartphone and wearable device payments.
Cons:
- Higher income requirement (R7,000/month).
- Monthly fees are higher than Sanlam’s card.
- No guaranteed Wealth Bonus on every purchase.
Who is Each Credit Card Suitable For?
Sanlam Money Saver Credit Card
The Sanlam Money Saver Credit Card is suitable for individuals who prioritize saving while spending. Its low-income requirement of R3,000 per month makes it accessible to a broader audience. If you’re someone who shops frequently at Reward Partners or refuels at TotalEnergies, this card is a great fit. The Wealth Bonus helps build long-term savings, making it an ideal card for budget-conscious consumers who want to grow wealth gradually.
Absa Gold Credit Card
The Absa Gold Credit Card is tailored for higher-income individuals (earning R7,000 or more per month) who value travel perks and rewards. If you travel frequently, the travel insurance and airport lounge access are significant advantages. The additional rewards from Absa and Visa make it appealing to those who enjoy exclusive benefits. This card is best suited for individuals who want a premium credit card experience with rewards and benefits for frequent transactions.
Other Relevant Comparison Indicators
- Interest Rates: Both cards have variable interest rates depending on the user’s credit profile. It’s essential to compare these rates based on individual eligibility.
- Flexibility: The Sanlam Money Saver Credit Card offers flexibility in how much you commit to saving, whereas the Absa Gold Credit Card has more rigid travel benefits and fees.
- Digital Banking: Both cards offer digital platforms, but the Absa Banking App has more interactive features, such as completing challenges for rewards.
Conclusion
Both the Sanlam Money Saver Credit Card and the Absa Gold Credit Card are compelling choices depending on your financial goals and lifestyle. The Sanlam Money Saver Credit Card is ideal for individuals looking to save while spending, offering a unique Wealth Bonus feature. On the other hand, the Absa Gold Credit Card caters to those who travel frequently and seek a card with robust rewards and insurance benefits.
Ultimately, if building wealth and saving money with every purchase is your priority, the Sanlam Money Saver Credit Card is a worthy option. However, if you want a card that offers premium perks, such as travel insurance and airport lounge access, the Absa Gold Credit Card is the better choice.