activelyA:

Thanks!
But...

Aaah...loan from Nigeria banks
Does the credit card thrive at all in Nigeria?

missKiffy:
fighal is credit card available in Nigeria?

linearity:


It will be hard to live in countries like the US that uses the credit rating system...the system establishes trust and score individuals base on their trust levels. You can rent a car with your debit card or huge pile of cash, but with a credit card, you are in and out within minutes. You can't buy a house without credit, even if you have the cash in your bank to do it, you want to refresh from doing it, because any cash or check transaction of $10k and above is reported to the FBI by law, so they will dwell on your case and satisfy themselves that it is not illegal money and that you are not laundering money, also make such your taxes are up to day; too many wahala with it that, people just opt for the credit card and establish a disciplined pattern of paying it off each time.

The idea is simple, the car rental place, or the next bank or business believes that if a prior bank trust you enough to give you a credit card, then they too can trust you and will give you a credit or believe that you will return their card...and the more banks and institutions that trust you, the better and old trust relationships are valued higher than new ones, that is why you do not want to close that old credit card account simply because you do not need it.

oluseyiforjesus:
Bros Thanks for dis But Wich one can I use in buying Application online

linearity:


Not quite, you also open a bank account for your credit card, but it is a credit account with a limit and for debit cards, you open a debit account with your cash balance + (over draft protection, if applicable) as your limit.

Also, you do pay interest on credit transactions, if you pay off your balance within the grace period, which is usually 25 or 30 days after your statement closing date.

One of the big major difference is, you have more protection from credit cards compare to debit cards when it comes to fraud, if I don't recognize a transaction on my credit card statement, a single 2 minutes call deletes that transaction and I will be made whole immediate, for debit transactions, though one might get their money back (with some limit), but it will take time.

charlesucheh:
THANKS ... BUT WHERE DO THE MONIES BEING DEDUCTED FROM YOUR CREDIT CARD EACH TIME YOU MAKE PAYMENTS COME FROM? AREN'T THEY FROM A PARTICULAR BANK ACCOUNT OR DOES IT MEAN THE CREDIT CARD COMPANY SERVE AS INTERMEDIARY BETWEEN YOU AND THE BANK YOU DEAL WITH

souleymon:


You will when you live legally in countries that offer it

kunle75:



Alot of rily dont know about it but for some that are aware have taken advantage of it while some people like dont wnt to live beyond my income........... but it helps as long as one have the capacity to refund at the agreed time/date

scantee:
@OP can one use up to 10m from his CC? do you have idea of their maximum limit?

EgunMogaji:
These small small yahoo boys for Lagos and rappers with their pre owned Range Rovers, if you care to impress me then show me your American Express Centurion card aka Black card

EgunMogaji:


Maybe a typo but you DON'T pay interest during grace period on new purchase.

If you buy on credit and pay off the balance within that 20 - 25 day grace period then no interest is charged.

fighal:
lol, baba u no get joy o

InvertedHammer:
/
Per agreement with your bank:

Credit card is used to spend borrowed money. You will pay back the loan with interest

Debit card is used to spend the money you deposited in your account.e.g. using your ATM card in a POS

EgunMogaji:


So you sabi that card?

Na by invitation only and $10,000 fee plus you have to be a millionaire (in US$), no preset spending limit.

A painting purchase was charged to it by a Chinese customer for $170million

frenchboy:
Tnx for this..that is aour atm is debit card.that means credit card wil be hard to get...

marieolae:
Never have and never will own a credit card.

godfirstawe:
So simply.
Debit and credit
Debit. .- withdrawing from your savings Credit- withdrawing in advance.

Teacher don't teacher me nonsense (in fela's voice)

EgunMogaji:


Maybe a typo but you DON'T pay interest during grace period on new purchase.

If you buy on credit and pay off the balance within that 20 - 25 day grace period then no interest is charged.

2n2k:


Grace period however applies to POS and online transactions only. If you withdraw cash from ATM using credit card, there won't be grace period for that transaction.

EgunMogaji:


...if you don't pay off the charges before the due date at the end of the month.

This is important to note.

fighal:
10m?.. Baba u want relocate with the money ni?

scantee:
haa haa e go make sense na if dem go allow it

great664:
Nigeria is not ripe for credit card only MtN Glo and airtel gives E-Credit card for making calls alone

EgunMogaji:


And that's why I stated "new purchases".

But since you want to address using a credit card as a personal loan then we should add that cash withdrawals incur a higher interest rate than purchases, in most cases.

dustydee:
I got one from Ecobank in 2007. I took some money (about 200k) and paid back but the teller did not credit the account. Months later I got a letter saying I was owing them. I went to the bank and complained and showed them the deposit slip. The said they'd investigate. After a few months I got a letter again with increased. I went to the branch and complained and they promised to investigate, I had to pay the interest as it was increasing. Never heard from them again and didn't bother to follow-up on the "investigation" even though I had paid them. The initial interest was less than 10k by the time I paid it off it was almost 30k.
The most annoying part was that I took the money to "help" someone out and not for my personal use.

warrenweste:



pls which of their cards?

dustydee:

I can't remember the name. I shredded it afterwards.