Bank credit cards

How to get bank credit cards in Nigeria

Bank credit cards

How to get bank credit cards in Nigeria

Raphael Orji Raphael Orji April 14, 2019

How to get bank credit cards in Nigeria

Bank credit cards – The evolution of digital and electronic banking left a lot to be desired, banking becomes even easier using the e-channels and world over have a record of increasing patronage via the said channels which can only get better.

Often times, people confuse credit cards with debit cards, could have similar functions but not necessarily the same. They have differences you can only get to know in this guide, kindly read carefully and get yourself acquainted with every necessary detail.

WHAT IS CREDIT CARD

A credit card is a card that allows the user to borrow money from the bank, in turn use the fund to pay a merchant for goods and services. The card holder is expected to pay back the issued fund to the bank on a future date which he may not necessarily meet up with, despite paying back the principal amount there are other charges involved. A credit card could come in form of master card, Visa or Verve card.

Interestingly, you can use your credit card to shop online real time just like your debit card, this is one basic similarity between the two.

Note: Bank credit cards are not necessarily linked to the borrowers account, it is however being issued based on credit worthiness.

Scenario: Say a customer of ACD bank Mr. Nicholas Nkume obtained a credit card from his bank well-funded to the tune of N5m, basically for his business trip to China. Mr. Nicholas can pay a seller otherwise known as a merchant in China for goods purchased or services rendered using his credit card which is stock piled with money already without stress.

This money is a borrowed fund from ACD bank which Mr. Nicholas is expected to pay back with other fees as well, the payment date must not necessarily be the schedule date, so there’s no cause for alarm. The money is not linked or traced to Mr. Nicholas bank account.

However, this type of facility is not given to every Tom, Dick and Harry of a customer, customers who have access to these credit card funds are credit worthy customers, who track records are rock solid.

FEATURES OF A CREDIT CARD

Like I buttressed earlier, a credit card gives you the opportunity to borrow money, which you must pay back on a later date with accrued interest which is normally very high.

  • It’s a temporary facility
  • Interest rate is high
  • It’s not linked to your checking account whatsoever

DIFFERENCE BETWEEN A CREDIT CARD VS DEBIT CARD

  • Credit cards are loan instruments while debit cards are not
  • In the case of a debit card, the holder can only spend the money available in his credit balance while credit card is not in any way linked to bank account, every required fund is stock piled electronically in the credit card.

These two cards are almost similar in service functions but for the highlighted points above.

HOW TO GET BANK CREDIT CARDS

The process of acquiring credit cards is relatively easy, in the sense that you will have to contact your bank on demand to communicate your interest for a credit card facility, the bank will receive your application in turn conduct its due diligence to ascertain if you suit the class of customers who should source this card, upon confirmation that you’re suitable, your credit card is profiled funded and divulged.

You will receive same and commence your shopping accordingly.

You may also like: All you need to know about debit card in Nigeria

BEST BANK CREDIT CARDS

In Nigeria, credit cards are being issued by financial institutions, these cards have unique features apart from the general features, owing to the bank that issues such card.

A word of advice, before you apply for a credit card, kindly shop around banks to weigh their respective charges, thresholds and spending limits on credit card issuing. This will help you to make informed decision and be at peace with yourself and the bank afterwards.

Nigerian banks have achieved a lot in terms of credit card and I’m compelled to list just a few of these banks and their credit cards available.

1 ) Stanbic IBTC credit card: Their credit cards run in the following categories,

Visa corporate US dollar credit card: It serves medium, large and multinational corporations who seek to save time and money by simplifying their travel and entertainment expenses process.

Benefits: Greater financial control, enhanced data services, detailed reporting with analysis denominated in US dollar, it’s linked to a US dollar account for repayment. It has chips and PIN for security. The card has a validity period of 3 years.

Daily transaction limit: ATM= $1000, POS=$10,000, Daily web transaction=$10,000

Fee Amount
New card fee $30
Replacing a lost, damaged or expired card $30
Additional card $30
Processing fee 1% of limit annually
Commitment fee 1% of limit annually
Annual fee $30
Default fee (late payment) $12.50
Interest rate 2.5% per month
Local ATM (Stanbic IBTC) NIL
Local ATM (non Stanbic IBTC) $0.4 AFTER THE 3RD in the month
International ATM N240
Purchases on local websites Free
Purchases on international websites Free

 

Requirements for application

  • Banking relationship with Stanbic IBTC
  • Completed credit card application form
  • Letter of request from authorized corporate signatories
  • Corporate documents as requested by the bank

For credit card enquiry call: (234) 01 422 2222.

2 ) First Bank credit cards: Whether you want to make every day purchases, consolidate your borrowing or simply want to build a credit worthy record for yourself, there’s first bank credit card for you. first bank credit cards

3 )Visa Infinite: This is the highest card in the Visa range of card products targeted at the top 1% to 5% of first bank customers.

Features of First bank Visa infinite card

  • It has a default card limit of $15k minimum
  • It has a tenure of 36 months
  • Billing cycle of 30 days
  • Collateral: 120% of credit limit on USD, GBP or EURO Fixed Deposit Account in the bank, with a lien placed on it throughout the tenor of the card
  • Minimum operating balance of $100

 

Benefits of First Bank credit cards

  • Guaranteed transaction success rates and acceptance across all channels
  • Interest free period of up to 45 days
  • Flexible repayment
  • Access to international emergency services
  • Emergency card replacement..

 How to apply

Kindly visit any First bank branch to complete an application form on this regards.

Fee Amount
Card joining/Reissue $3
Annual maintenance $20 taken upfront
Interest fees 2.5% flat (outstanding balance)
Default fee 0.25% flat per month
Card replacement $3
Supplementary card fee $3
PIN Re-issue $2
POS & Web transactions Free
ATM withdrawal fee $3
POS cash advance fee $3+1%

 

Daily usage limit

  • ATM cash withdrawal $1000 (frequency 5 times)
  • Purchases (POS) $25,000 (frequency 20 times)
  • Purchases (internet) $25000 (frequency 5 times)

 

4 )GTBank credit cards

GT Bank credit cards

GTBank Visa card is an international payment card issued in partnership with Visa international and directly linked to your account against odds. Denominated in US Dollar, can as well be used to settle payments in major currencies, all transactions carried out using this card are reflected on the account instantly.

Features of Guarantee Trust Bank credit card

  • 24/7 access to funds
  • Secure and affordable
  • It has a world -wide acceptance no matter the country
  • It doesn’t have transaction limits, it’s infinite. Think this is about the best feature of a Nigerian master card ever.

How to apply

You will be required to open a domiciliary account with the following details 1) USD domiciliary account form 2) Two referees, 3) A recent passport photograph 4) A recent utility bill 5) Any primary ID card like DL, PVC, International passport and issuance fee of N1k or its equivalent in USD. T

Transaction limit

ATM withdrawal: %1000 USD or its equivalent in local currency.

ATM fees:

A fee of $3.50 applies for every ATM withdrawal.

 

5 )Zenith Bank credit cards

From regular purchase on POS, web and ATM to a world of prestige, recognition and comprehensive package of benefits and services, Zenith bank offers a range of Classic, Gold, and Platinum credit cards that meet lifestyle needs and helps you manage your payments at your convenience.

 

Zenith bank classic credit card is the ideal choice for those looking for flexibility, convenience, and worldwide acceptance that credit cards offer.

You may also like: ATM card blocking: How to block your ATM card with Nigerian banks

Features and benefits

  • Available in naira and dollar
  • Available in master card and Visa card
  • Accepted worldwide for internet shopping
  • 3D online security
  • Emergency cash disbursement
  • Zero lost card liability
  • Up to 45 days interest free

6 ) Access Bank credit cards

The Access Bank credit Visa card is a dual currency denominated payment card which allows you to spend and settle in naira for domestic transaction while all your international transactions are billed and settled in US dollars.

Access bank credit cards

Access Bank has Credit cards in the following category:

 

Classic, Gold, Platinum and Black. Below are their daily and monthly limits

 

Card Type Daily limit Monthly limit
Classic $300 $10,000
Gold $300 $10,000
Platinum $1000 $10,000
Black $1000 Unlimited

 

Conclusion

Bank credit cards are not meant for everyone, they are designed for a peculiar class of customers who can foot the bills and charges, as well are credit worthy. Have you had challenges using any of the mentioned cards or others, kindly share your experience with us.

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