May 17, 2022
Credit Cards

Top 5 Banks that offer credit cards in Nigeria

Unlike other cards, credit cards are uncommon in Nigeria. This is due to the fact that only a few people and businesses know about it, compared to how it is vastly used internationally.

 

In this article, we will be discussing what credit cards are designed for and where you can get them in Nigeria.

 

What is a credit card?

A credit card is an electronic card that allows you to purchase goods or services on credit. A credit card limit is the maximum amount of money you can get on a credit card which is usually issued by lenders, credit card companies, or banks.

 

A credit card limit is like a mobile loan, where you can take a certain amount of money for a period of time. Instead of getting a physical loan, you collect an electronic card that allows the mobile transfer and online transactions. And you can always reuse the loan anytime and payback later.

 

How Does Credit Card Work in Nigeria?

Just like you debit the card, the credit card also undergoes a lot of processes during transactions.  Once you input your electronic credit card into the ATM or merchant’s terminal, your card issuer will be contacted to know if your card is valid.

 

And if you have enough credit to make a purchase, your card issuer will send a notification of the approval or declination if otherwise. Once the transaction is successful, you can make your purchase and get the goods or services that you want.

 

Top 5 Banks That Offer Credit Cards in Nigeria

Only a few banks issue credit cards in Nigeria due to their usage among the populace, below is a list of banks that issue credit cards in Nigeria.

  • First bank

The first bank offers the electronic credit card that allows its users to buy anything online and on merchants’ terminals, pay off other debts and build a good credit score. There are three categories of credit cards issued by the First bank which include;

Visa infinite: this is the best type of credit card issued by the first bank, it is accepted across all channels with a guaranteed transaction success rate.

Naira Credit Card: this type of electronic credit card is accepted internationally, meaning you can make purchases with it across the world.

Visa Gold

  •  UBA Bank

You’re qualified to get a UBA credit card if you’re a regular customer who uses a UBA salary account for at least three months within a year. This credit card is available for usually at any ATM or POS outlet

  • GTbank

The GTbank visa credit card is accepted for both local and international transactions and it is dominated by US dollars. However, its validity period doesn’t last long. It ends within a time frame of three years.

  • Stanbic IBTC Bank

The Stanbic IBTC credit card allows you to make purchases free of interest within the first 55 days and withdraw all over the world

Which bank gives credit cards easily in Nigeria?

There are lots of debates on which bank easily gives out credit cards in Nigeria. However, we give it to First bank Nigeria due to its diversity in credit cards and customer satisfaction.

 

gbadamosi Asisat

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