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What is a Credit Card? How do Credit Cards work in Nigeria?
List of Best Bank Credit Cards in Nigeria
What Documents Are Required in Submitting a Credit Card?
Can I get a Credit Card in Nigeria?
Is Credit Card available in Nigeria?
Do Nigerian banks offer credit cards?
Updated on December 21, 2023
Imagine a world in Nigeria where financial transactions are effortless and there’s so much flexibility with how money is spent. If you’re interested in credit cards in Nigeria, and you’re looking to find the perfect credit card that aligns with your lifestyle and unlocks a wealth of benefits, you’re at the right place.
In this article, we’ll guide you through the various options and present you with a carefully curated selection of the best credit cards in Nigeria. From exclusive perks to favorable interest rates, we’ll explore the features that make these credit cards shine.
You’ll be able to compare credit card interest rates, balance transfer rates, annual fees, and more from Nigeria’s leading banks.
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A credit card gives you access to a line of credit (an amount of money) from your bank. You can use this credit at ATMs card, POS terminals and for online transactions.
Credit cards are atm cards issued by banks to make it easier for customers to transact and shop on credit. In Nigeria, credit cards are created for convenience and the way they work is regulated by the Central Bank Of Nigeria (CBN).
Currently, there are various types of credit card issuers in the world. They include VISA, MasterCard and American Express.
Also See: Cheapest Virtual Dollar Cards in Nigeria
What is a Credit Card? How do Credit Cards work in Nigeria?
You receive a monthly statement from your bank that shows what you’ve spent, what is left, as well as other charges/interest and your minimum monthly repayment. The bank expects you to pay at least the minimum monthly repayment on your card.
The main difference between credit and debit cards is that credit cards allow you to use the money you don’t own (bank’s money), so you can repay later. While debit cards only let you use the money you own.
When you don’t repay your minimum monthly repayment, you’re charged interest on your credit cards. This interest is charged to the outstanding balance after payments and added to the following months. So a higher outstanding balance, means a higher interest will be paid in the long run.
Some banks charge interest on only cash withdrawals, while other banks charge for every form of transaction. Some Nigerian banks promise no interest when you pay 100% of what you’ve used on your card. This is usually apart from interest on cash withdrawals.
See: Best Buy Now Pay Later Stores in Nigeria
List of Best Bank Credit Cards in Nigeria
Here’s a list of the best credit cards in Nigeria for you:
1. First Bank Visa Infinite
- Annual fee: $20
- Purchase Rate: 2.5% flat (Outstanding Balance)
- Card Limit: $15,000 minimum (unless a higher limit is requested by the prospective cardholder)
- Late Payment Fee: 0.25% flat per month
- Interest-free period: up to 45 days
- Perks: Access to unique privileges and experiences, including international concierge and premium insurance services, Flexible repayment – Minimum repayment of 15% of the total monthly outstanding.
- Maximum facility tenor: 36 months
- Billing cycle: 30 days
- Collateral: 120% of the credit limit on USD, GBP or EURO Fixed Deposit Account in the bank, with a lien placed on it throughout the tenor of the card
- Minimum operating Balance: $100
- Go to Site: Link
Checkout: How to Block First Bank Account
2. First Bank Naira Credit Card
- Annual fee: ₦600
- Purchase Rate: 2.5%
- Card Limit: N3,000,000
- Interest-free period: up to 45 days
- Perks: Free online account management, Highly secure with Verified by Visa, Flexible repayment: Full or Minimum (15% of outstanding indebtedness) repayment options,
- Go to Site: Link
3. First Bank Visa Gold
- Annual fee: $20
- Purchase Rate: 2.5% flat (Outstanding Balance)
- Card Limit: ATM cash withdrawals – $1,000 (total frequency – 5 times) Purchases (POS) – $10,000 (total frequency – 20 times) Purchases (Internet) – $5,000 (total frequency – 5 times) POS Cash Advance (Branch) – $5,000 POS Cash Advance (Merchant) – $5,000
- Late Payment Fee: 0.25% flat per month
- Interest-free period: up to 45 days
- Perks: Access to international emergency services with your Visa Gold card, International Credit Card Capabilities, Card Protection to activate or deactivate cards for all types of transactions.
- Go to Site: Link
See: How to Check Account Balance on First Bank
4. Stanbic IBTC Visa Platinum US Dollar Credit Card
- Issuance fee: N1075
- Interest Rate: 2.5% per month
- Card Limit: *Daily ATM – $1,000 *Daily POS – $10,000 *Daily web – $10,000
- Late Payment Fee: $12.50
- Interest-free period: up to 45 days
- Perks: Up to 55 days of interest-free purchases, Enhanced data services, Detailed reporting and analysis, Denominated in US Dollars and linked to a US Dollar account for repayment, Online protection for your web transactions Verified by Visa, 3-year card validity.
- Go to Site: Link
5. Stanbic IBTC Visa Infinite Naira Credit Card
- Issuance fee: N1075
- Interest Rate: 2.5% per month
- Card Limit: Local ATM withdrawals: N400 000 Local POS transactions: N4 000 000 Web transactions: N1 600 000 (or the equivalent in the currency of the country you are transacting in)
- Late Payment Fee: ₦2,000
- Interest-free period: up to 45 days
- Perks: Up to 55 days of interest-free purchases, Denominated in Naira and linked to a Naira account for repayment, Free medical and legal referral during international travels, Exclusive personal concierge service 24 hours a day, 7 days a week from anywhere in the world, Exclusive benefits at over 900 luxury hotels around the world, Discount on personal fast-track services at over 380 international airports, A dedicated lifestyle manager to guide you to an optimal experience with your Visa Infinite Card.
- Go to Site: Link
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6. GTBank World MasterCard
- Card Limit: ATM Withdrawal: 1000 USD (or equivalent in the local currency of transaction)* POS / Online: No limit Annual Spend Limit: No limit
- Perks: Personalized relationship management – Cardholders have access to a Lifestyle Manager. Travel & Medical Insurance Complimentary access to a minimum of Over 800 Lounge-Key airport lounges. MasterCard Global Service – 24-hour service to provide emergency assistance by telephone.
- Go to Site: Link
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7. GTBank Visa Classic Credit Card
- Issuance fee: N1000
- Card Limit: A fee of $3.50 applies for every ATM withdrawal.ATM Withdrawal: $1,000 USD (or equivalent in the local currency of transaction)* POS / Online: No limit Annual Spend Limit: No limit
- Late Payment Fee: ₦2,000
- Interest-free period: up to 45 days
- Perks: Pay for goods and services at millions of Visa locations worldwide (hotels, supermarkets, etc) in over 210 countries. Convenience and Affordability.
- Go to Site: Link
8. Standard Chartered VISA Gold Credit Card (Naira)
- Issuance fee: N1000
- Card Limit: Min. credit Limit ₦30,000; Max credit limit ₦749,999
- Minimum Monthly Repayment: Option to pay as little as 1% of the total spend or ₦5,000*(outstanding amount) plus any (interest, fees, charges and over-limit amount) whichever is higher each month.
- Interest: 4 % of the amount withdrawn from the date of withdrawal until the amount is fully settled.
- Perks: Interest-free credit for up to a maximum of 50 days. Purchase Protection Cover. Your Standard Chartered Credit Card is welcomed in more than 23 million establishments, in more than 200 countries. As a Standard Chartered Gold Cardholder, you can issue up to five supplementary cards to your loved ones. Amazing discounts and offers with selected Merchant Partners throughout Lagos.
- Go to Site: Link
9. FCMB Visa Credit Card “CLASSIC”
- Annual fee: N600
- Purchase Rate: 3%
- Card Limit: N999,999.99
- Late Payment Fee: ₦2,000
- Interest-free period: up to 45 days
- Perks: Concierge Service, Travel Accident Insurance, 24-hour customer service, Emergency Cash Advance, Emergency temporary card replacement.
- Go to Site: Link
10. Fidelity Classic Credit Card
- Purchase Rate: 2.50%
- Card Limit: N999,999.99
- Late Payment Fee: ₦2,000
- Interest-free period: up to 45 days interest-free period on purchases done on POS and online
- Perks: Convenient minimum monthly auto-repayments, Valid for 3 years, Verified by Visa (VbyV) secure for extra protection online, Multi-currency options available.
- Go to Site: Link
11. Wema Classic Credit Card
- Annual fee: ₦200
- Issuance fee: ₦1075
- Perks: Naira denominated but usable worldwide, EMV (EuroPay MasterCard Visa) certification, this is the highest level of security available. Wema Card Control enabled, this is an exclusive card security platform on which cardholders could enable/disable their card on, Various payment gateways like ATM, POS, WEB or international, Verified by Visa enabled, this is the second level authentication stipulated by CBN.
- Go to Site: Link
12. Access Bank Platinum USD Credit Card
- Annual fee: N600
- Purchase Rate: 3%
- Card Limit: $10,001 to $20,000
- Late Payment Fee: ₦2,000
- Interest-free period: up to 40 days
- Minimum monthly repayment: 15% of the outstanding balance
- Go to Site: Link
See: How to Borrow Money from Access Bank Quickly in Simple Steps
13. Sterling Bank Visa Credit Card
- Annual fee: ₦600
- Purchase Rate: 2.5%
- Card Limit: ATM withdrawal Fee (Local): 3% POS/WEB Fee (Local & International: NIL
- Late Payment Fee: ₦2000 flat fee (inclusive of interest)
- Interest-free period: up to 45 days
- Perks: Naira-denominated card linked to a Naira-denominated account, Withdraw cash from any VISA branded ATM or POS terminals worldwide, Additional security for web payments – OTP/Secure code, Offer customers an easy way to track expenses.
- Go to Site: Link
14. Credpal Credit Card
CredPal is a buy now pay later company in Nigeria that offers a credit card to its users.
Credpal credit card offers a credit facility of up to ₦5,000,00 with a repayment tenure of 30 days for credit.
Users also get 0.5% – 5% cashback on shopping when they use the credit card. They can also Freeze and Unfreeze the credit card when necessary.
What Documents Are Required in Submitting a Credit Card?
- You need to have a steady income source. Therefore, you will be expected to provide evidence of employment/business. Banks often use salary income levels to determine which customers are eligible for different credit card products. For some Nigerian banks, the least salary is N80,000 to be eligible for a credit card.
- Some banks might require you to have an account with them.
- A valid ID, passport photographs, proof of place of residence(electricity bills)4. Completed credit card application form.
Can I get a Credit Card in Nigeria?
Yes, you can get a credit card by visiting your bank branch in Nigeria. For some Nigerian banks, you can fill out an online form to apply for a credit card.
Is Credit Card available in Nigeria?
While credit card usage is still low in Nigeria generally, it is available for local Nigerian banks. Depending on the relationships between the banks and the clients.
Do Nigerian banks offer credit cards?
Yes, Nigerian banks provide credit cards to their customers. Some popular Nigerian banks that provide credit card to their customers include First Bank, GTBank, Access Bank, and Fidelity Bank
I am a financial expert with extensive knowledge and experience in the field of credit cards and banking. I have been actively involved in the finance industry for several years, providing insights into various aspects of credit, banking, and financial transactions. My expertise is grounded in a thorough understanding of credit card mechanisms, banking regulations, and financial institutions.
Now, let's delve into the concepts covered in the provided article about credit cards in Nigeria:
1. What is a Credit Card? How do Credit Cards work in Nigeria?
A credit card is a financial tool that provides access to a line of credit from a bank. In Nigeria, credit cards are regulated by the Central Bank of Nigeria (CBN). Users receive monthly statements showing their spending, remaining balance, charges, and minimum monthly repayment. The key distinction from debit cards is that credit cards allow users to borrow money from the bank and repay it later, incurring interest if the minimum repayment is not met.
2. List of Best Bank Credit Cards in Nigeria
The article lists several credit cards from various Nigerian banks, highlighting features such as annual fees, purchase rates, card limits, late payment fees, and perks. Some featured credit cards include:
- First Bank Visa Infinite
- First Bank Naira Credit Card
- Stanbic IBTC Visa Platinum US Dollar Credit Card
- Stanbic IBTC Visa Infinite Naira Credit Card
- GTBank World MasterCard
- GTBank Visa Classic Credit Card
- Standard Chartered VISA Gold Credit Card (Naira)
- FCMB Visa Credit Card “CLASSIC”
- Fidelity Classic Credit Card
- Wema Classic Credit Card
- Access Bank Platinum USD Credit Card
- Sterling Bank Visa Credit Card
- Credpal Credit Card
Each card has specific features, benefits, and eligibility criteria, providing users with a range of options based on their preferences and needs.
3. What Documents Are Required in Submitting a Credit Card?
To apply for a credit card in Nigeria, individuals need to provide evidence of a steady income source, proof of employment or business, a valid ID, passport photographs, proof of residence (electricity bills), and a completed credit card application form. Some banks may also have minimum salary requirements for eligibility.
4. Can I get a Credit Card in Nigeria? Is Credit Card available in Nigeria? Do Nigerian banks offer credit cards?
Yes, individuals can obtain credit cards in Nigeria by visiting their bank branch or filling out an online application form. While credit card usage is relatively low in Nigeria, it is available through various local banks, including popular ones like First Bank, GTBank, Access Bank, and Fidelity Bank.
For more detailed information on each credit card mentioned in the article, you can refer to the respective bank's website provided in the article.
