Interest Free Naira credit card

Credit Card Nigeria

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Posted by on Friday May 3, 2013 at 8:23:29:

Credit cards normally come with some sort of interest to be paid on them apart from just the funds your bank loaned you.

Getting soft loans from your banks is what credit cards let you do but most banks in Nigeria don't just give a credit card facility for free. Charging interest on such soft loan products which are repayable within the short term is how they make their money.

The benefits of using a naira credit card are numerous and as long as you can repay at the right time, you are less likely to incur higher charges on interest.

What if you could get a credit card that is interest free? Well this is quite possible in a variety of ways that I'll talk about below.

One way of getting an interest free credit cards is by looking for the ones that come with interest free days and pay back within 30 days. Interest free days means those days during which no interest would be charged on funds you've used out of your credit card account. This means that if you take funds out of your credit card account and repay back within that period, you are less likely to get charged any interest on it. So, paying back your loan before the interest free days have expired is one way of getting free interest on your credit card. Some banks allow much longer interest free days than orders and you could see that while some offer 30 days interest free, another may offer 90 days. Going for the ones with longer interest free days can help your finances a lot and you shouldn't avoid them.

A second way you can get an interest free credit card is by making use of internet and P.O.S. transactions. Most credit card facilities in Nigeria normally charge an interest on other areas where you use you card apart from these two platforms. If for instance you use your credit card to make cash withdrawals from an ATM, you are most likely to get charged interest from the day you make that withdrawal. So you can avoid those paying interest on your credit card by simply avoiding cash withdrawals.
If however the cost of interest on cash withdrawals is not as much as the transaction charges on the internet or POS, then you may rather opt for the cash withdrawals.

A third way to avoid paying interest on your credit card is by simply going for those credit card products that come packaged as free in its entirety. It is quite possible to see such products being offered by banks but it may come with certain conditions such as having a healthy balance, providing useful collateral or other conditions that are helpful to the bank's business. If you fulfill those conditions, you are more likely to get a credit card facility that is totally free. These kinds of products are not common though.


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