There are numerous financial benefits that a credit card provides to the owner such as paying for daily expenses and other bills. With a credit card, you do not need to apply for a loan every time, once you are approved by a credit card company, you are entitled to a certain amount of loan monthly as far as you pay back when due. Credit card loan repayments are typically at the end of every month.
Credit card companies give you a maximum limit depending on your credit score and other factors. They typically charge an interest rate between 3 percent to 5 percent monthly.
Here is a list of some of the most popular credit card companies in Nigeria.
How to Get a Credit Card in Nigeria
To get a credit card in Nigeria, all you need to do is:
- Find a credit card provider
- Sign up with them
- Provide the details they require e.g. BVN, Identity Card, Bank Statement, etc.
- Submit your application
After submitting your application, you’ll need to wait for the provider to approve your application before you get access to your credit card.
Credit Card Companies in Nigeria
Most of the credit cards in Nigeria are issued by commercial banks but there are some smaller credit card companies you can also get one from.
1. Fidelity Classic Credit Card
Fidelity Bank offers classic credit cards at a rate of 2.5% monthly with a limit of 1 million Naira and late payment fee of 2,000 Naira. It is offered to salary earners who earn between 60,000 Naira and 300,000 Naira per month.
2. Wema Classic Credit Card
Wema bank also offers credit cards that are usable worldwide on various electronic channels. This cards are offered to salary earners only.
3. CredPal Credit Card
CredPal is a credit card company that gives credit cards to salary earners & business owners with a repayment period of 30 days at interest rates between 1.5% to 7%. They provide credit limits of up to 5 Million Naira per month.
4. O3 Credit Card
O3 is a credit company in Nigeria that offers credit limits of up to 1.5 million Naira at 10% interest rate. They provide credit to salary earners and business owners.
5. Standard Chartered Credit Card
Standard Chartered is one of the biggest banks in Africa and they provide their Nigerian customers with credit cards that have a limit of up to 749,999 Naira. They charge a 1000 Naira card issuance fee and have a 30 day repayment tenure. They also have Gold & Platinum credit cards for high income earners.
There are other providers including most banks in Nigeria so you can ask your bank account manager if they provide credit cards if you need one.
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