Looking for how to get a credit card in Nigeria? There has been a long-running controversy over the prevalence and usage of credit cards in Nigeria. It is believed that the use of credit cards by both individuals as well as businesses is quite insignificant when compared to the global scene.
In this article, we’ll go over what credit cards actually are and which are the top businesses that offer credit cards, and a video on how to get your credit card in Nigeria.
Table of Contents
What is a Credit Card?
A credit card can be described as a type of plastic card that allows you to access the credit limit that your card issuer offers you.
A credit limit can be described as a loan. But, instead of giving you money, the lender lets you take the amount of credit you need for a certain period of time, and permits you to use the loan repeatedly and then pay it back.
Explanation of How Credit Card Work in Nigeria?
There are many processes going on in the course of payment with your credit card in Nigeria. When you use your credit card in Nigeria to order or purchase something the terminal of the merchant will ask your credit card company whether your card is in good standing and if you have credit available.
The card issuer will send you an acknowledgment of the acceptance or decline of the purchase. If the transaction is approved, you’re able to take the products and services and continue your journey.
Each time you complete the purchase your credit will decrease by the same amount. If you have an N100 credit limit, and you make an N25 purchase and you’re left with N75 remaining credit. The bank will owe you N25.
If you were to borrow N50 before repaying your N25 loaned, you’d be liable to the bank N75 and also have N25 in credit.
The main difference between credit cards and normal loans is that your limit is available once you have paid the balance of the card.
In the previous example in the previous example, if you repaid the N75 due, you’d be left with N100 of credit available.
Below is a on How to get your credit card in Nigeria
Banks Offering/Issuing Credit Card in Nigeria
1. First Bank Nigeria
With the First Bank credit card, you can purchase everyday goods and consolidate your debt and establish a credit score yourself.
There are three different kinds of credit cards in Nigeria that are offered through First Bank. They comprise:
- Visa Infinite Credit card
- Naira Credit Card
- Visa Gold Credit Card
Visa Infinite Credit Card
It is the top card from the Visa product line of cards. It’s targeted towards the highest of the range, ranging from 1% to 5% of bank’s customers. The First Visa Infinite credit card gives you access to the highest success rate for transactions and acceptability throughout all channels.
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Naira Credit Card
It is the world’s first international credit card accepted at more than 29 million locations, as well as for cash withdrawals at more than 1.8 million ATMs.
Visa Gold Credit Card
Visa Gold is the name of a dollar-based credit card, that is issued by First bank Nigeria
2. UBA Nigeria
You are eligible for a UBA Naira credit card in Nigeria, only if an existing customer who’s been using the UBA pay-roll account for at least three months.
The credit card can be used locally in Nigeria as well as globally at an ATM as well as a POS outlet. Additionally, you will have an option for repayment that is flexible, ranging from 10 percent.
3. Standard Chartered Nigeria
There are two kinds of credit card in Nigeria that are offered through Standard Chartered Nigeria. They are:
- Visa Gold Credit Card
- Visa Platinum Credit Card
Visa Gold Credit Card
It requires a company employee to earn an annual salary of at least N75,000. Government employees are required to earn the minimum salary required before you are able to use it is N50,000.
Visa Platinum Credit Card
To gain access to this card, you must have a pay stub with Standard Chartered Bank Nigeria, as well as a solid credit score from a credit bureau.
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4. Zenith Bank
Zenith Bank credit cards offer customers the benefits of making regular purchases at POS websites, POS, and ATMs. They provide a range of these listed credit cards in Nigeria.
- Classic credit card
- Gold credit card
- Platinum credit cards to help you finance your daily expenses.
5. GTBank
What credit card in Nigeria does GTBank offer? (GTBank) It offers a Visa credit card a globally accepted payment card that is issued/denominated by US Dollars. This credit card has a validity time period of three years.
6. Stanbic IBTC Bank
This Stanbic IBTC credit card is a credit card specifically designed to supply you with cash at times when you require it most. You can avail yourself an up to a 55-day period of interest-free purchase as well as cash at any ATM around the world.
Credit Cards – Frequently Asked Question
Are Credit Cards the same as Debit/ATM cards?
No, A Credit Card is distinct from a debit or ATM card.
A credit card is pre-funded by an authorized credit limit, and it permits you to pay for purchases and withdraw cash at ATM while a Debit/ATM card allows you to make cash withdrawals and pay bills from an ATM by debiting your account at the bank.
Are credit cards able to use personal identification numbers (PINs)?
Yes, A Credit Card utilizes a PIN that is generated by the cardholder and encoded in the chip of the card that is secure. This permits the user to authorize transactions at ATMs, POS, and online purchases.
Can my Credit Card expire?
Yes, the expiration date of the Credit Card is inscribed on the card in the month/year.
What is the Credit Card work?
Credit Card functions by allowing you to take out loans from the issuer of your card (bank) to satisfy your financial requirements. It comes with a credit limit that has been approved by the bank for purchases (POS ATM withdrawals or e-commerce for example). The money you spend with your credit card has to be reimbursed after a certain time period, at the rate that is agreed upon with the issuer of the card at the time of issuance. The majority of credit card transactions can earn reward points and assist in building credit scores.
How much is the limit of my Credit Card?
Your credit Card limitation is the highest amount that is available to your credit card account to use. The limit is approved based on the income you earn and your satisfactory score from the credit bureau.
Can I make use of the Credit Card abroad?
Yes, Your Credit Card is accepted for international transactions.
Is there a maximum sum to spend on international travel?
The maximum amount is USD1,000 monthly per month and can be accessed via ATM and POS or on the internet. The limit is subject to change as well as you’ll be notified every time a change occurs.
How much will I be required to pay every month?
Each month you receive an invoice stating your total outstanding balance (everything you’ve spent, in the month, plus any interest or charges) and the minimum amount you must pay. You are able to pay any amount between the minimum payment and your full outstanding balance.
Conclusion
In this article, we have gone over what credit cards actually are and which are the top banks that offer credit card in Nigeria.