Can anybody here put us through on the advantages and disadvantages of the credit card in Nigeria

Fraud is one disadvantage. Just like anywhere in the world: your card gets stolen, you're in hot soup if you don't report to your bank so they could immediately block the card.

Another problem is that many online merchants do not accept credit card payments from Nigerian due to the high number of fraudulent transactions originating from Nigeria. In such cases, your Nigerian-issued credit card would be a mere plastic. :d

there is no creditcard in Nigeria but debitcard.

creditcard: you dont need to have bank account or money; you only need to have employment or means to pay back.

you pay small percentage every month, when they send the 'bill' to you.

is anyone of those cards in Nigeria like that?

but its dangerous; you amount credit quickly and interest builds up

Let me tell you guys, Nigeria Credit Cards are accepted anywhere it all boils down to where you buy from and what you wanna do with your so called credit card, like my DEDICATED SERVERS i pay using INTERCONTINENTAL BANK MASTERCARD what they need from you is either your back and front card scan it and the proof of your ownership and signature and with money in your card, worth of what you are buying.

disadvantage are the IP and your Country, that is why majority of companies rejects it. like me ip will say nigeria and country same nigeria after that they test run it and confirm.

And another mistake is if you credit card billing is diff. from your ISP they will refuse your order oooo

Advantages

A credit card can:

1. Offer free use of funds, provided you always pay your balance in full, on time.
2. Be more convenient to carry than cash.
3. Help you establish a good credit history.
4. Provide a convenient payment method for purchases made on the Internet and over the telephone.
5. Give you incentives, such as reward points, that you can redeem.

Disadvantages

On the other hand, credit cards can:

1. Cost much more than other forms of credit, such as a line of credit or a personal loan, if you don't pay on time.
2. Damage your credit rating if your payments are late;
3. Allow you to build up more debt than you can handle;
4. Have complicated terms and conditions;

WHICHEVER WAY, HAVING A NIGEIAN CREDIT CARDS IS LIKE HAVING A MERE PLASTIC COS MOST MERCHANT REGARD NOT 9JA CREDIT CARDS DUE TO OUR EVER INCREASING STATUS (THE BAD ONE AS USUAL) ABROAD.

I also want to get 1. .
But I think they're requirements that u have atleast 20,000 getting into the account monthly. .
any other ways?

@ babasin

So you don't know there are Credit Cards in Nigeria? Hmm,

GTB, UBA, Zenieth, Intercontinental and a lot more have prepaid MasterCard Credit Cards which you can use to make purchases over the internet and also access millions of ATM Machines with MasterCard logo around the world.

-- -- --

Well, the only disadvantage I have come across; Is that there are sites i wish to make payments but they do not accept Nigerian MasterCard! (mostly paypal)

For me, my master card has been an advantage especial with my Google Checkout and other sites! - Its FUN

rufaai:

@ babasin

So you don't know there are Credit Cards in Nigeria? Hmm,

GTB, UBA, Zenieth, Intercontinental and a lot more have prepaid MasterCard Credit Cards which you can use to make purchases over the internet and also access millions of ATM Machines with MasterCard logo around the world.

-- -- --

Well, the only disadvantage I have come across; Is that there are sites i wish to make payments but they do not accept Nigerian MasterCard! (mostly paypal)

For me, my master card has been an advantage especial with my Google Checkout and other sites! - Its FUN

I do not know if there are credit cards in Nigeria or not, however if the card has to be prepaid, then it is not a credit card but a debit card. Even if it has mastercard logo on it and could be used anywhere in the world on ATM machines with mastercard logo.

Debit cards: You are using your own money for purchases when you use the card. You will not be sent any bill by the card issuer to be paid back because you already paid before you used the card.

Credit cards: You are using the issuing bank money for your purchases when you use the card. You will be sent a bill at end of each month telling you the minimum amount you have to pay back to remain in good credit standing. If you do not want to die in debt, my suggestion is that you make sure you pay your bill in full every month. Failling to do that you will be paying very high interest on the balance.

That's not credit card. It's pretty much a "glorified debit card" The fact that you have to prepay, and you can't spend more than you have on it, makes its use very limited. I know, it's called a prepaid credit card. On this end, it's usually for those with bad credit. But at least it still gives them an option to rent a car, and buy stuff online, since a credit card is the widely accepted means of payment. Bottom line, you can't spend more than you have prepaid into the account.

rufaai:

@ babasin

So you don't know there are Credit Cards in Nigeria? Hmm,

GTB, UBA, Zenieth, Intercontinental and a lot more have prepaid MasterCard Credit Cards which you can use to make purchases over the internet and also access millions of ATM Machines with MasterCard logo around the world.

-- -- --

Well, the only disadvantage I have come across; Is that there are sites i wish to make payments but they do not accept Nigerian MasterCard! (mostly paypal)

For me, my master card has been an advantage especial with my Google Checkout and other sites! - Its FUN

True talk!

What we have here is no credit card coz we can't spend more than we have on it.

For those having problems with paying at Paypal, you can contact me,
I buy effortlessly at Paypal using a system on ground right here in Nigeria.
I can also help you secure a Card with a foreign address you can use to buy anywhere.

I am saying this, because I am using one right now.

Pls, Pls, Pls there is credit card in Nigeria.

Oceanic bank and Ecobank has credi card that i know very well. I mean the normal credit card where u use fund that u don't have.

Babasin pls note.

Can you expatiate more on this please.

HI guys its 12 days to go for the Fidelity Public offer to close. This is an opportunity no to miss at N8/share.
We have the best stock in the market presently and would love you nairalanders to invest.

The sooner you invest the better your chances of full allotment.

Please if u need forms at your disposal i cand email a personalised form to your emails addys.

All you need to do is to print out the personalised form, fill it and pay it into any fidelity bank closest to you.

If your interested contact me with the following means:
1) ehie007@yahoo.com
2) 08030513655
3) Fidelty Bank Plc 23 Awolowo road Ikoyi Lagos. (Dept.: Business Process)

My name is Ehi and i work for Fidelity Bank.
Hala

coollove:

Please, Please, Please there is credit card in Nigeria.

Oceanic bank and Ecobank has credi card that i know very well. I mean the normal credit card where u use fund that u don't have.

Babasin please note.

Those 'credit cards' are NAIRA denominated.

Credit card is credit card. The truth is once it is admissible in Nigeria, it is still Nigeria credit card. I use credit card, and I enjoy using it very well. One of the main advantages is that, once you have it, you dont need to tell people your problem when you need to borrow money to do something urgent.
However, the best way to use a credit card is not to use it if you are not sure of where the money to replace is coming from. I dont go to ATM to withdraw cash from my credit card if I am not expecting a cash from somewhere. Once I got the cash am expecting, I pay back to my credit card account. This nigeria credit card is not open to fraud yet, because you cant change your password online. We are improving in this country, it is only a matter of time before we get there.

ehie007:

HI guys its 12 days to go for the Fidelity Public offer to close. This is an opportunity no to miss at N8/share.
We have the best stock in the market presently and would love you nairalanders to invest.

The sooner you invest the better your chances of full allotment.

Please if u need forms at your disposal i cand email a personalised form to your emails addys.

All you need to do is to print out the personalised form, fill it and pay it into any fidelity bank closest to you.

If your interested contact me with the following means:
1) ehie007@yahoo.com
2) 08030513655
3) Fidelty Bank Plc 23 Awolowo road Ikoyi Lagos. (Dept.: Business Process)

My name is Ehi and i work for Fidelity Bank.
Hala

HMMM,
NICE WAY TO ADVERTISE ONCE COY, :DATLEAST U ARRE WORKING UR WAYS TO PROMOTION

What we have in 9ja are debit cards! It often irritates the pants off me when people or the banks call them "credit cards". Your have to have money in your blimping account b4 you can use them! I don't even know if there's a crediting rating system in 9ja like equifax dem. There's really no advantage in my opinion, apart from the fact that they look fine and can use dem to pose or make your wallet look fine. Many of them get declined abroad, heck even in Ghana and you have to watch the conversion rates when using them as well.

I have been using these credit cards for sometime now. they are very reliable.

www.jacintacards.com

www.naijacreditcards.com

You can try them.

Babasin and others,

I know the difference between a credit and a debit card. There are credit cards issued in Nigeria that are not backed by cash. Ecobank Nigeria started issuing a credit card in Nigeria, even denominated in Naira.

As for all these talk about "prepaid credit cards", it is funny - these are all debit cards. The fact that they are prepaid makes them debit.

Guap Banga:

What we have in Nigeria are debit cards! It often irritates the pants off me when people or the banks call them "credit cards". Your have to have money in your blimping account before you can use them! I don't even know if there's a crediting rating system in Nigeria like equifax them. There's really no advantage in my opinion, apart from the fact that they look fine and can use them to pose or make your wallet look fine. Many of them get declined abroad, heck even in Ghana and you have to watch the conversion rates when using them as well.

Zenith bank and Ecobank offer 'real' credit with their card.

in the case of Zenith, the most popular card most people can have an easy access to is a debit card but if you have been running a current account with them or u have your salary acct domiciled with them, they will give you a credit card and you pay back a mandatory minimum regularly and you can pay the rest as you wish just that you will incur interest expense

ecobank's naira credit card is also real and you do not have to have been operating an account with them for 6 months but they encourage you to have an account with them. i know they have a list of companies who they give those credit cards to easily because they know the staff have the means to pay back

what most other banks offer is called a SECURED credit card and believe me, it is not peculiar to nigeria. you find such cards even in the US but they are issued to people with poor credit ratings or no credit history such that over a period of time, if you can show that you are a trustworthy customer who respect obligations and agreements, you will be gradually migrated to unsecured cards

Ladies and gentlemen especially those of us abroad, lets take the time to get correct facts about what is happening in Nigeria before we start making assumptions on availability of credit cards or credit reference agency in Nigeria.

Firstly, I believe that banks like Zenith and Ecobank have REAL credit cards but I can't confirm it immediately. Will do later and post report.

Secondly, there is a new credit reference agency in Nigeria and I pray that it will develop to be a good one for effective credit management in Nigeria. See links

http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=FE2B62A4295F302C85257336004D2B3E

http://www.thenewsng.com/modules/news/article.php?storyid=3595

i believe wat they have in Nigeria is a debit card, there is nothing big about credit card but i think Nigeria does not have the facilities yet to have a secured credit card for her citizen.
1. there is no way to verify your identity( i mean to know who you really are)
2. No facility yet for credit scoring or credit search. ( i mean your suitability for credit)
3. No way to verify your location ( are you really living where you say you live)
4. What if you refuse to pay? how would they get hold of you. You can easily get another pasport and another name and go to another Bank for another credit.
5. People can easily use someone name for credit.

Some of these stuffs happen in developed society as well but the system makes it more difficult. I believe Nigeria will get there but not yet.

cool4ny:

i believe what they have in Nigeria is a debit card, there is nothing big about credit card but i think Nigeria does not have the facilities yet to have a secured credit card for her citizen.
1. there is no way to verify your identity( i mean to know who you really are)
2. No facility yet for credit scoring or credit search. ( i mean your suitability for credit)
3. No way to verify your location ( are you really living where you say you live)
4. What if you refuse to pay? how would they get hold of you. You can easily get another pasport and another name and go to another Bank for another credit.
5. People can easily use someone name for credit.

Some of these stuffs happen in developed society as well but the system makes it more difficult. I believe Nigeria will get there but not yet.

Some of the credit cards are given to people who work in recognised corporate organisations and the usage is monitored in conjuction with the company. Sort of like your company guarantees the card for you. Somewhat akin to the AMEX corporate credit cards in use around here.

I know for a fact that United bank for Afica (UBA) have both debit and credit cards that customers can apply for. I visited their website and I was amazed. Nigeria does have credit cards! That I know for sure.

Nwaka77:

I know for a fact that United bank for Africa (UBA) have both debit and credit cards that customers can apply for. I visited their website and I was amazed. Nigeria does have credit cards! That I know for sure.

I have been on their (UBA) website and i am confused cause they advertised debit card while they talk about credit card features.

Nwaka77:

I know for a fact that United bank for Afica (UBA) have both debit and credit cards that customers can apply for. I visited their website and I was amazed. Nigeria does have credit cards! That I know for sure.

Also see Zenith FAQs for mastercard. http://www.zenithbank.com/faqs.cfm

cool4ny:

I have been on their (UBA) website and i am confused cause they advertised debit card while they talk about credit card features.

See what u need http://www.ubagroup.com/products/ATM.asp

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[/list]The Advantage of the Credit or Debit card is ease of payments and access to the Global Market.

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[/list]The major disadvantage in Nigeria is fraud aided by inefficiencies and incompetence on the part of our banks.


My experience with Ecobank was terrible. They slam you with multiple unexplained charges and you can never get ur statements , no matter how hard you try. I was defrauded (I suspect by their staff) to the tune of $400. Each time I loaded the card I struggled with the fraudsters to spend the money.

If at all you get a card make sure its a debit card , only load it when u have transactions its safer that way.

Credit card is very dangerous to Nigerian online business newbie because the desire to spend more and more of the card will soon drain his or her accunt. It is really better to go for Debitcard which is very safe due to the fact that you can only use it if you fund it just like recharging your phone with recaharge card.that way you never overspend your money.
Nigerian Mastercards had been discredited long ago and is really worthless cos of numerous fraudulent activities perpetrated by Nigerians, it is better to go for international debit card that is widely acceptable. I myslef use www.globalpaysite.com and they have relaodable and non-relaodable card. you can even fund it with e-gold.

Its so amazing when I hear naija guys who are supposed to be highly informed talk so ignorantly.
There is credit cards dominated in NAIRA in naija.
The first was started by ECOBANK, while OCEANIC followed. UBA made a false start, and since then we heard nothing from them. Zenith give theirs only to selected individuals.
For OCEANIC, the highest limit u get on your card is N75,000 no matter who you are or how much u earn.
ECOBANK gives u up to 20% of your verifiable annual income on the card accessible only on POS or ATM. Its given to any body so far you have a verifiable income regardless of ur status in the society, either u are a messenger, cleaner, shoe shiner, manager, politician, etc. Once ur income can be duly verified, u qualify, all u need do is pick up an application form + all neccesary documentation in place, u easily have access to funds u dont own without collateral and all neccessary securities for normal loan, and the good part of it is that you have a 40 day interest free period before u bother u head about interest.
What are u still waiting for? Walk into any branch of ECOBANK and pick ur forms today, lets make our society relatively cash free, and lets thrive on credits, cos advanced and civilised society sleep, eat ,and breath credit.

Master card and Visa card are also available.

Thank you toy boy.

Truth is most people do not know the difference btw a master, credit, and a debit card.

ECOBANK NIGERIA has been giving out credit cards to credit worthy nigerians since last year, up to 20% of your annual income with different classes of cards i.e classic, premium, gold and platinum, card starts from 25k to 5M depending on the type of card. they call it naira credit card i.e NCC

Oceanic only just started and have not really gotten the hang of it, as it has not rolled out yet.

And please no credit card in UBA yet.

Credit card re-payments don't have to be a 100% of what you have spent, it is from 5% to a 100% of what you have spent.

Cool4ny you are wrong you know.

BOLADEZ, you dont load a debit card, you only load a valucard. the debit card is a card tied to your account.

Your Ecobank card statement is sent to your E-mail monthly and if not just walk into any branch and request for a statement.