Today I will be listing the various requirements for obtaining a credit card from a Nigerian bank.
Each bank in Nigeria has her own requirements and policy for obtaining a credit card but it will be too cumbersome to list each bank and her requirements because Nigeria has over 20 banks and most of us (I included) don’t have the luxury of reading long posts. I will list the few banks I contacted and at the end of the post I will list the general requirements.

LIST OF BANKS AND THEIR REQUIREMENTS

SKYE BANK PLC CREDIT CARD FEATURES AND REQUIREMENTS:
The credit card has a 30 days billing cycle 15 days grace period within which if utilized credit is repaid, interest will be waived for the month3% charge on cash withdrawals 2% charge on POS Transactions2.5% monthly charge on outstanding balance10% minimum repayment required monthlyN2,000 flat late payment fee applicable N1,500 annual fee
HOW THE CREDIT CARD WORKS:
Credit Card Cycle: The cycle is 45 days and it consists of the billing cycle (30 days) and the grace period (15 days). This means that for a cycle in June, it would be 16th May – 30th June. Billing Cycle: The number of days within which interest is charged on previous outstanding balance and grace is given to make at least the minimum payment due. The billing cycle starts on the 16th of May and ends on the 15th of June (30 days). Grace Period: The period a cardholder has to either pay up or pay the min payment before the Bank starts charging interest on the card. The Grace period runs from 16th of June to 30th of June (i.e. 15 days). If a cardholder fully repays his closing balance (as indicated on the statement) before 30th June, he will enjoy the interest free opportunities i.e. a customer will avoid interest payment by the 15th of July. Due date: This is the last day of the grace period after which default/ penalty fees will be applicable if the minimum payment has not been made. The due dates are usually 30th of the month.
Pay down your outstanding balance before the 30th to enjoy the interest free period
Flexible payment option is available as customers can pay 10% of their outstanding balance before the 30th of the month. However interest will be charged on the outstanding balance unpaid
Pay at least the minimum repayment due before the 30th to avoid late payment fees .
Credit Card statements are delivered to each credit card customer on the 15th of each month. Always refer to your statement before you make your credit card repayments.
REQUIREMENT FOR CREDIT CARD:
1. Minimum net monthly income of N100,000 or annual of N1,000,000
2. Must be between 21 and 65 years old
3. Satisfactory credit bureau report
4. Credit limit is determined by a credit scoring module
5. Salary domiciliation is required


GTBank CREDIT CARD FEATURE AND REQUIREMENTS:
GTBank has various types of credit card. Each type of credit card they offer has it's own policy and requirements so we won't be listing their requirements because it will be a very tedious work to do and also very time consuming, kindly click HERE to see their various cards they offer and their requirements respectively


STANBIC IBTC CREDIT CARD FEATURE AND REQUIREMENTS:
The Stanbic IBTC Visa Credit card is a chip and PIN payment card that gives you access to a revolving line of credit to meet your financial needs.
What does it offer you:

Access to funds for cash withdrawal and point-of-sale (POS) purchase transactions at millions of merchant locations worldwide.
Up to 55 days interest-free
Exclusive offers and discounts.

How much it will cost you:

We charge a percentage on the interest accrued

What you need to apply:

Please contact your relationship manager or call their cards hotline 234 1 422 2222 and email cardqueriesWA@stanbicibtc.com



ECO BANK CREDIT CARD FEAUTURES AND REQUIREMENTS:
The Ecobank MasterCard is a secured payment system that allows you to make payments for goods and services abroad. With the Ecobank MasterCard credit card, customers can make payments via the Internet, over the telephone, or in person at over 22 million locations worldwide and in 210 countries or from the comfort of your home.
Before customers are issued an Ecobank MasterCard, certain requirements and qualifications must be met. These criteria include:

Customer must be gainfully employed and can show evidence of a steady source of income.
The customer must possess an international passport.
All applicants must provide two satisfactory references one of which must be an Ecobank approved bank reference.
Clients with No credit reference must operate domiciliary accounts with Ecobank
All applicants must show evidence of place of residence


FIRST BANK CREDIT CARD FEAUTURES AND REQUIREMENTS:
Please visit this HERE to learn about first bank credit card features and requirements


ZENITH BANK CREDIT CARD FEATURES AND REQUIREMENTS:
Zenith bank also has various types of credit card and each has it’s own requirements, kindly visit HERE to learn about their various credit cards
These are the features and requirements I got from the customer services of the banks listed above respectively. I wish I could list more banks but these are the few banks that responded to my questions.


GENERAL REQUIREMENTS
1. Proof of monthly income
2. An account with the bank
3. References from the bank and outside the bank


Those are the general requirements according to my findings. If you have any question please use the comment box.
Thanks.

Courtesy: http://www.bankings.net/2016/01/nigerian-banks-and-their-credit-card.html

Nice

ekibor:
Nice

thanks. hope u find it useful

cc: FOD
cc: puskin
cc: naijacutee
cc: dominique

abeg help me share, thanks.

GTB

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