Best Credit cards in Nigeria

Credit Card Nigeria

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Posted by on Monday May 13, 2013 at 9:7:6:

There are many banks offering Naira credit cards in Nigeria but not all of them come with the same package or terms and conditions. In order to find a card that bests suits your plan, it would be wise to first of all compare what all of them has to offer before you make your decision.

So which are the best credit card plans in Nigeria? Which of them offers what customers really want?

Factors that should influence your decision

A discerning credit card customer should make his decision based on some of the following factors:

1. Interest rate: For any credit card, the interest rate is important. It seems most Nigerian banks tend to offer from 1 to 5% rate. The higher the interest rate, the higher the liability for you so as a customer, you should go for a bank that offers the minimum interest rate on their credit card account holders. The interest rate is normally charged on the amount that remains to be paid back after the payback period.

2. Payback period: This is basically the time period for which you are meant to repay your debt. It can range from 30, 45 or 50 days. The longer the payback period, the better for you as a customer.

3. Shopping Discounts: Does your credit card come with shopping discounts? Most credit cards come with such if you use them to make payments at select stores. If you are the kind of person that normally prefers making use of cards for payments, then going for those card that offer shopping discounts would be to your advantage. Some of these discounts could be applied to flight tickets, hotel bookings, event tickets, restaurants and shopping malls.

4. Interest free period: This is a bit like the Payback period but is basically the period during the Payback period when no interest would not be charged on your credit given to you. Some banks allow for 30 days while others give longer such as 45 or even 50 days of grace before you start getting charged. If you make full repayments within these interest free period, you will no longer have to pay interest.

5. Repayment options: Full or part. Does the bank allow you to make repayments within a short term or do they allow you only to make part payments. Full repayments are much better if they allow it and you should take advantage of it so that you can avoid incurring higher costs.

6. Validity period: It could be 1, 2 or 3 years. The longer the validity period, the better it is for you. So, credit cards come with validity periods indicating the time period after which the card would expire and a new one would have to be acquired.

7. Customer service:
This is also an important factor to look into when shopping for a credit card in Nigeria. If the bank you go to doesn't generally have a good customer service to attend to your needs, chances are that when you eventually apply for and get a card, they would still not offer a reliable customer service. It's best to avoid dealing with banks that don't generally offer you a good customer service.


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