How to Get a Credit Card in Nigeria
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You have most definitely come across the words ‘credit card’
before. Credit cards are not commonly used in Nigeria; however, they
are common in some other parts of the world. If you have ever wondered
how you could get a credit card in Nigeria, you should read this
article. This article provides you with information on all you need to
know about credit cards and how to get one in Nigeria.
(adsbygoogle = window.adsbygoogle || []).push({});
Read on below:
How to Get a Credit Card in Nigeria
(adsbygoogle = window.adsbygoogle || []).push({});
Some might ask what the use of a credit card is when we already have
debits cards, why not just stick to what you have? This is because
many do not know the functions of credit cards. Many debit cards and
credit cards have similar features. Generally, both cards carry the
logo of a major credit card company, such as Visa or MasterCard. Both
can also be swiped at retailer shops or merchants’ to purchase goods
and services. The fundamental difference between a credit card account
and a debit card is where the cards pull money from when a purchase is
made. A debit card withdraws money directly from your bank account
while a credit card charges it to your credit line (for which the card
owner is billed at a later date)
A debit card is issued by a bank to their customers for the purpose of
accessing funds without having to write a paper check or make any cash
withdrawal. A debit card is also linked to one’s bank account and
can be used in practically any place and for any transaction where
credit cards are permitted.
What is a credit card?
A credit card is basically a debt instrument, so you should consider
learning about the difference between debt relief vs bankruptcy before
you apply for a credit card. It is used for financial transactions
when there is no cash, check, or even a debit card. A credit card may
have come with a high spending limit or a lower one (it all depends on
its owner’s credit-worthiness) When you use a credit card, the
amount used in the purchase is automatically added to your outstanding
balance.
(adsbygoogle = window.adsbygoogle || []).push({});
With most credit card companies, a customer has about 30 days to pay
before interest is charged on the outstanding balance. With some other
credit card companies, interest starts accruing immediately. Interest
rates on credit cards can be very high too. This is a chief way credit
card companies make money. Consumers can avoid paying these very high
interests by settling their balance in full each month.
However, it might surprise you to know that credit cards provide more
functionalities and more advantages to debit cards. This does not mean
it is without disadvantages. For example, getting yourself a credit
card in Nigeria can be very difficult. Unlike debit cards that are
issued to you once you have an account with a bank, credit cards are
not issued to everyone with bank accounts. There are criteria and
conditions to be met before one can be issued a credit card in
Nigeria.
Another reason why getting a credit card in Nigeria is relatively
difficult is because you cannot apply for it online. You would have to
visit a bank branch before you can get one.
How to get a credit card in Nigeria
There are three types of bank cards. These are credit cards, debit
cards and prepaid cards. Of all three, debit cards are the easiest to
get. Credit cards require more information and stricter measures
before it is issued. If you want to get credit cards in Nigeria,
please read the instructions and requirements for eligibility below:
(adsbygoogle = window.adsbygoogle || []).push({});You must open an
account with the bank you want. This could be a savings account,
current account, domiciliary account or diaspora account.
You must also have a salary account with the bank (this helps to make
your application approved faster)
Validate your Bank Verification Number (BVN). This is because your BVN
is always requested for when filling the credit card application form.
Specify which account you want linked to the credit card
Visit any of the bank branch nearest to you and request for a credit card form
Fill the form appropriately
Select the card you prefer (This is either a Verve card, Master card
or Visa card)
Submit the form and wait for it to be processed (This takes about 30
to 40 minutes)
Once your application has been processed and approved with the card
available, you will be given your credit card
You will be asked to select the pin for your credit card
Different banks have varied eligibility requirements for getting a
credit card so find out at a bank branch if you meet their
requirements.
Note that credit cards take longer to get to you than debit cards.
After application, patiently wait for your bank to call or send you a
text of the card’s availability.
Credit cards have more requirements than debit cards because it
provides you with credit facilities. What this means is that you can
borrow money from the bank and pay back at a later date.
Other possible requirements for opening a credit card includes:Referees
Passport photograph
Recent Utility Bill
A copy of your Driver’s License
A copy of the international Passport
Issuance fee (or it’s equivalent in dollars).
According to the First bank, you can borrow up to $15,000 when using
your credit card. This is why the bank would want to be double sure if
you can pay back the loan when you borrow money using your Credit
Card.
Using a Credit Card is not such a bad idea, however, the process to
get one is not an easy one. If you really want to make use of credit
cards in Nigeria, ensure you meet the requirements above. Your
eligibility or not would increase or decrease your chances of getting
one.
Making use of a Credit Card in Nigeria means you can easily get a loan
on the go. With credit cards, you do not need to visit any bank or
have to stand in queues or fill lots of forms, you have a loan at the
tip of your fingers, all there in a credit card.
(adsbygoogle = window.adsbygoogle || []).push({});
(adsbygoogle = window.adsbygoogle || []).push({});
(adsbygoogle = window.adsbygoogle || []).push({});
jQuery(document).ready(function( $) { $.post(
'https://nigerianfinder.com/wp-admin/admin-ajax.php', {action:
'mts_view_count', id: '290399'}); });
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You have most definitely come across the words ‘credit card’
before. Credit cards are not commonly used in Nigeria; however, they
are common in some other parts of the world. If you have ever wondered
how you could get a credit card in Nigeria, you should read this
article. This article provides you with information on all you need to
know about credit cards and how to get one in Nigeria.
(adsbygoogle = window.adsbygoogle || []).push({});
Read on below:
How to Get a Credit Card in Nigeria
(adsbygoogle = window.adsbygoogle || []).push({});
Some might ask what the use of a credit card is when we already have
debits cards, why not just stick to what you have? This is because
many do not know the functions of credit cards. Many debit cards and
credit cards have similar features. Generally, both cards carry the
logo of a major credit card company, such as Visa or MasterCard. Both
can also be swiped at retailer shops or merchants’ to purchase goods
and services. The fundamental difference between a credit card account
and a debit card is where the cards pull money from when a purchase is
made. A debit card withdraws money directly from your bank account
while a credit card charges it to your credit line (for which the card
owner is billed at a later date)
A debit card is issued by a bank to their customers for the purpose of
accessing funds without having to write a paper check or make any cash
withdrawal. A debit card is also linked to one’s bank account and
can be used in practically any place and for any transaction where
credit cards are permitted.
What is a credit card?
A credit card is basically a debt instrument, so you should consider
learning about the difference between debt relief vs bankruptcy before
you apply for a credit card. It is used for financial transactions
when there is no cash, check, or even a debit card. A credit card may
have come with a high spending limit or a lower one (it all depends on
its owner’s credit-worthiness) When you use a credit card, the
amount used in the purchase is automatically added to your outstanding
balance.
(adsbygoogle = window.adsbygoogle || []).push({});
With most credit card companies, a customer has about 30 days to pay
before interest is charged on the outstanding balance. With some other
credit card companies, interest starts accruing immediately. Interest
rates on credit cards can be very high too. This is a chief way credit
card companies make money. Consumers can avoid paying these very high
interests by settling their balance in full each month.
However, it might surprise you to know that credit cards provide more
functionalities and more advantages to debit cards. This does not mean
it is without disadvantages. For example, getting yourself a credit
card in Nigeria can be very difficult. Unlike debit cards that are
issued to you once you have an account with a bank, credit cards are
not issued to everyone with bank accounts. There are criteria and
conditions to be met before one can be issued a credit card in
Nigeria.
Another reason why getting a credit card in Nigeria is relatively
difficult is because you cannot apply for it online. You would have to
visit a bank branch before you can get one.
How to get a credit card in Nigeria
There are three types of bank cards. These are credit cards, debit
cards and prepaid cards. Of all three, debit cards are the easiest to
get. Credit cards require more information and stricter measures
before it is issued. If you want to get credit cards in Nigeria,
please read the instructions and requirements for eligibility below:
(adsbygoogle = window.adsbygoogle || []).push({});You must open an
account with the bank you want. This could be a savings account,
current account, domiciliary account or diaspora account.
You must also have a salary account with the bank (this helps to make
your application approved faster)
Validate your Bank Verification Number (BVN). This is because your BVN
is always requested for when filling the credit card application form.
Specify which account you want linked to the credit card
Visit any of the bank branch nearest to you and request for a credit card form
Fill the form appropriately
Select the card you prefer (This is either a Verve card, Master card
or Visa card)
Submit the form and wait for it to be processed (This takes about 30
to 40 minutes)
Once your application has been processed and approved with the card
available, you will be given your credit card
You will be asked to select the pin for your credit card
Different banks have varied eligibility requirements for getting a
credit card so find out at a bank branch if you meet their
requirements.
Note that credit cards take longer to get to you than debit cards.
After application, patiently wait for your bank to call or send you a
text of the card’s availability.
Credit cards have more requirements than debit cards because it
provides you with credit facilities. What this means is that you can
borrow money from the bank and pay back at a later date.
Other possible requirements for opening a credit card includes:Referees
Passport photograph
Recent Utility Bill
A copy of your Driver’s License
A copy of the international Passport
Issuance fee (or it’s equivalent in dollars).
According to the First bank, you can borrow up to $15,000 when using
your credit card. This is why the bank would want to be double sure if
you can pay back the loan when you borrow money using your Credit
Card.
Using a Credit Card is not such a bad idea, however, the process to
get one is not an easy one. If you really want to make use of credit
cards in Nigeria, ensure you meet the requirements above. Your
eligibility or not would increase or decrease your chances of getting
one.
Making use of a Credit Card in Nigeria means you can easily get a loan
on the go. With credit cards, you do not need to visit any bank or
have to stand in queues or fill lots of forms, you have a loan at the
tip of your fingers, all there in a credit card.
(adsbygoogle = window.adsbygoogle || []).push({});
(adsbygoogle = window.adsbygoogle || []).push({});
(adsbygoogle = window.adsbygoogle || []).push({});
jQuery(document).ready(function( $) { $.post(
'https://nigerianfinder.com/wp-admin/admin-ajax.php', {action:
'mts_view_count', id: '290399'}); });
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