Credit and Debit Card fees

Credit Card Nigeria

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Posted by on Monday December 5, 2011 12:25:0:

Whenever you want to apply for or get issued with a card product, one of the things you should look into first are the fees attached to it.

ATM, Debit and credit cards all have certain fees attached to them right from the issuance to the usage and it's life span.

Here is an example of certain categories of charges I know that are attached to credit cards in Nigeria:

- New card fees ~ $20
- Replacing lost or stolen cards fees
- Reloading fees ~ $5
- Online payment charges ~ 1%
- P.O.S. payment charges
- ATM withdrawal fees
- Maintenance fees

To be on the safe side, prior to applying for a card product at your bank, one of the things you should do is first inquire about the fees attached to it and you could do this by:

- Visiting the official website of the issuer
- Calling the customer service by phone
- Visiting the customer service
- Reading through any coupon or terms of service related to the product

In Nigeria, ATM withdrawal fees are at about N100 but it seems to be free if withdrawing from your own bank. The costs attached to using your credit or debit card could be divided into 2: Fixed and variable costs.

Fixed cost: Those that have to do with flat charges placed to the card such as issuance fees, replacement and maintenance fees.

Variable costs: These are the costs or fees attached to your card that are directly linked to how you use it. They tend to vary with the level of activity and an example is transaction charges.


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