Absa Credit Card Cash Transaction Interest Charges

Absa credit card policy dictates that fuel purchases and cash withdrawals attract interest debits. When however, an online inter-account transfer is inadvertently made from the credit card account, immediately recognised as such and imminently reversed but still attracts a full month's interest, it becomes contentious.

Absa was afforded three opportunities to reconsider and reverse the interest debited, the rigidly response remains unchanged, that inter-account transfers are deemed cash transactions. Absa has no intention, if not for any other reason but at the very least a gesture of goodwill, to refund the interest charged.

It brings into question the legitimacy within which the Bank acts in charging a full month's interest to an inadvertent and imminently reversed inter-account transfer, notwithstanding that such a transaction should in fact be considered as cash at all.