How to Apply for a Credit Card in Nigeria | See Guide

If you are in Nigeria and you want to get a credit card, make sure you take this article seriously. There is important information that I would like to share with you; that is, how to apply for a credit card in Nigeria.

A credit card is a type of payment card that is given to customers (cardholders) to allow them to pay a merchant for products and services depending on the amount of debt they have accumulated (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).

The card issuer (often a bank or credit union) establishes a revolving account. It provides the cardholder with a line of credit from which they can borrow money to pay for purchases or to get a cash advance. Consumer credit cards and corporate credit cards are the two types of credit cards.

Most cards are made of plastic, however, some come in metal (stainless steel, gold, palladium, titanium) and some even have gemstones embedded in them. See How to Apply and Activate SBI Credit Card.

In Nigeria, credit cards are issued for convenience, and the Central Bank of Nigeria regulates how they operate (CBN). Although not widely utilized in Nigeria, credit cards are in several other regions of the world.

The percentage of credit card users in Nigeria, according to an unsubstantiated estimate, is 0.5%. Even the figure itself may be excessively liberal, according to some analysts. The country has very little credit awareness.

Despite this number, it is very much possible to get yourself a credit card in Nigeria. In this article, I will be showing you how to apply and get a credit card for yourself in Nigeria.

Requirements for application of Credit Card in Nigeria

The following are the requirements for the application of credit card in Nigeria:

  • Duly completed credit card application form
  • 2 Credit Bureau Checks
  • Copy of valid identification (International passport, driver’s license, National ID or voters card) 
  • Staff ID, Letter of awareness from company, and six months’ staff account statement (for salary earners). 

How to Apply for a Credit Card in Nigeria (ATM Card)

The application for a credit card in Nigeria cannot be done online as it requires your presence in the bank branch where you want to apply for it. The following are the steps involved in the application:

  • Firstly, Visit any nearby bank location and ask for a credit card application.
  • Then you are to open an account with your desired bank. It can either be a savings account, current account, domiciliary account, or diaspora account.
  • Additionally, you must maintain a bank salary account (this helps to make your application approved faster) because the bank needs to be sure that you can pay back your credit.
  • Submit your bank verification number (BVN). This is due to the fact that your BVN is always required when completing a credit card application.
  • Indicate which account you want the credit card to be connected to.
  • Complete the form properly.
  • Select the preferred card. (This is either a Master, Verve, or Visa card.)
  • Fill out the form, then wait while it is processed (This takes about 30 to 40 minutes)
  • You will receive your credit card when your application has been reviewed and authorized with the available card.
  • You must choose your credit card’s pin when prompted.

Find out in a bank location if you qualify for one of their credit cards as different banks have different eligibility standards. See How to Apply for Amazon credit card

Advantages of Using Credit Card in Nigeria

The following are the advantages of using credit card in Nigeria:

•    Simple access to cash with a revolving line of credit.
•    Enjoy up to up to forty-five days interest free credit.
•    Flexible repayment choice with a low as ten percent minimum monthly repayment needed.
•    Enjoy remarkable discounts at partner hotels, restaurants, lounge access, etc. across the planet.
•    Make internet bill payments, car rental services, hotel reservations and online shopping
•    Withdraw cash from ATMs or make payments on terminals internationally or locally.

How does credit card work in Nigeria?

A credit card in Nigeria is a payment that provides you access to cash advances within a set restriction which you can spend just via the card. With every purchase the sum is deducted from your credit card Nigerian banks balance.

For example, if your credit card limit is ₦50,000, and you made a purchase of  ₦10,000, your Nigerian credit card remains ₦40,000.

Anyway, the funds accessible in your credit card can be replenished over and over as long as you pay back the lowest amount within set dates.

Just like regular loans, not paying your complete statement balance by its due date can add interest and affect your credit score restricting how much funds you can access via your credit cards in Nigeria. On the other hand, prompt payment is rewarded by an expansion of your Nigeria credit card limit.

I hope you have found this article helpful. In case of any other questions about how to apply for credit card in Nigeria, kindly make use of the comment section below.

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