How to get a credit card from a Nigerian bank

Credit Card Nigeria

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Posted by on Wednesday November 30, 2011 19:28:28:

Now more than ever, credit cards have become readily available in Nigeria. A credit card is required for making life easier or you. It is more convenient carrying a credit card than carrying N1 million naira in your hand. In Nigeria, we have two kinds of credit cards;
- Naira credit card
- Dollar credit card

Naira credit card
The naira credit card is the newest version of credit cards in Nigeria as it came after the launch of dollar based credit cards which were mostly meant for online transactions. The naira credit card is available in Nigeria from most banks and it is more of a loan facility granted to you by the bank to make payment for your pressing needs. You can get one by applying to the bank and if you have a collateral or something to back it up like a salary account, shares or bonds or other. Some naira credit cards can carry funds from N10,000 while other can carry as much as N10,000,000. You can use such naira based credit cards on ATMs to make withdrawals to suit your needs. The naira credit card is offered by most banks for a fee which is interest based and you will need basic documentation when applying for it such as Utility bill, National ID card and Referees..

Dollar credit card
The Dollar based credit card available in Nigeria is mostly prepaid meaning you have to deposit the dollarized funds into a special account created for that specific card before usingthe card. The minimum deposit in most cases in activating your dollar credit card is about $120 - you are credit with $100 while the bank takes about $25 for cost of card. Subsequent addition of funds will be loaded straight to your card in about 24 hours and the bank doesn't take any other fees from it other than when you use it and maybe a monthly charge which can be as low as %1. People travelling abroad from Nigeria mostly need the dollarized credit card for paying for hotel bills, school fees or making withdrawals in the foreign country or global ATMs when in need of cash

Steps to get a credit card
- Get copies of utility bill, valid id, passport photo and then the funds to load to the card
- Go to any major Nigerian bank request for one from the customer service
- Fill and submit the application form
- Your card should be ready in a few days. For non personalized cards, it takes a shorter time frame of about 24 hrs


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