Hello all, please i'm about to apply for a credit card from a known bank in Nigeria.
sometimes i run out of cash dat i'll need cash Asap which i'll recover back in 2 weeks from my business. I also have a salaried account wit same bank. this is what prompted my interest in credit card.
I want to know if there are disadvantages to this?
Will it turn out to be a decision i'll regret later?
Are there monthly/annual card maintainance fee?
Any hidden charges?

Please, those in the know should kindly enlighten me the more.
Thanks...!

Their is a monthly maintenance fee of up to 50 dollar for master card

Hi, I have had a Naira credit card and terms were very favorable. There are no hidden charges but you must make sure you pay back the borrowed sum before the end of the month or credit cycle. You must also diligently keep records of your payments in case a dispute arises(Email copies of bank statements). But its a wonderful thing to have cos it comes in handy when you run out of your own cash.

blujoi:
Hi, I have had a Naira credit card and terms were very favorable. There are no hidden charges but you must make sure you pay back the borrowed sum before the end of the month or credit cycle. You must also diligently keep records of your payments in case a dispute arises(Email copies of bank statements). But its a wonderful thing to have cos it comes in handy when you run out of your own cash.

Tnx dear, plz wit d credit card can i still make multiple ATM withdrawal wit d credit card and multiple purchase within a month and at wat percentage do they charge u?



Secondly, if i have a credit card of 300k for instance and i make purchase of 50k in a month how much interest am i likely to pay? And how do i make repayment?
Does d credit card have an account of it's own or wil it be linked to my account?

Sorry 4 too many questions.

The credit card is just like any other ATM card. You can make multiple withdrawals with it and purchases just like you will use your normal debit ATM. The interest rates are determined by the bank issuing it to you. I believe they would tell you the interest rate, you should talk to your account officer to give you the terms and conditions. I was under the impression that you had already been offered a credit card, so you should have the interest rate information. The credit card would usually have its own account number and you can pay by transferring to it or walk into your branch and make a deposit over the counter just like you would pay into every other account. Hope my answers are satisfactory

AmandaLuv:
Tnx dear, plz wit d credit card can i still make multiple ATM withdrawal wit d credit card and multiple purchase within a month and at wat percentage do they charge u?



Secondly, if i have a credit card of 300k for instance and i make purchase of 50k in a month how much interest am i likely to pay? And how do i make repayment?
Does d credit card have an account of it's own or wil it be linked to my account?

Sorry 4 too many questions.

blujoi:
The credit card is just like any other ATM card. You can make multiple withdrawals with it and purchases just like you will use your normal debit ATM. The interest rates are determined by the bank issuing it to you. I believe they would tell you the interest rate, you should talk to your account officer to give you the terms and conditions. I was under the impression that you had already been offered a credit card, so you should have the interest rate information. The credit card would usually have its own account number and you can pay by transferring to it or walk into your branch and make a deposit over the counter just like you would pay into every other account. Hope my answers are satisfactory

very satisfactory. Just wanted to weigh my options b4 accepting d offer. Tnx alot sir.

You are welcome. Its very handy and helps when you are down on cash but you require a lot of discipline to ensure you make the monthly payments. Have a pleasant day.

AmandaLuv:
very satisfactory. Just wanted to weigh my options b4 accepting d offer. Tnx alot sir.