Are you interested in knowing the best banks and companies in Nigeria that give virtual dollar visa and Mastercard credit card to apply and get yours today?
If YES, this article is only what you need to read today.
Getting started…
What is a Credit Card?
A credit card is a thin plastic card issued by a bank or financial services company that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.
Using a credit card is like getting a loan.
Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.
How Credit Card Works in Nigeria
In Nigeria, when you swipe your credit card to make a purchase, the merchant’s card terminal asks your credit card issuer whether the card is valid and if you have enough available credit.
Your card issuer sends a notification of the approval or rejection of the transaction.
If approved, you can take the goods and services.
Every time you make a transaction, your credit goes down by that same amount.
If you have a ₦1000 credit limit and you make a ₦250 purchase, you’ll have ₦750 available credit remaining. You’ll be owing the bank ₦250.
The major difference between credit and debit cards is that credit cards allow you to use the money you don’t own (bank’s money), so you can repay later.
While debit cards only let you use the money you own.
When you don’t repay your minimum monthly repayment, you’re charged interest on your credit cards.
This interest is charged to the outstanding balance after payments and added to the following months.
So, a higher outstanding balance means a higher interest will be paid in the long run.
Some banks charge interest on only cash withdrawals, while other banks charge for every form of transaction.
In Nigeria, credit cards are created for convenience and the way they work is regulated by the Central Bank of Nigeria (CBN).
There are various types of credit card issuers in the world, including VISA, MasterCard and American Express.
Credit card is available for local Nigerian banks.
You can get a credit card by visiting your bank branch.
For some banks, you can fill out an online form to apply for a credit card.
Credit Card Requirements in Nigeria
These are the eligibility requirements to apply for a credit card in Nigeria.
- Bank Verification Number (BVN)
- Completed Credit Card Application Form
- Employment Status
- National Identity Card
- Monthly Income (Bank Statement)
- Passport Photographs
- Utility Bill
Best Banks that Give Credit Cards in Nigeria
Here is the list of the best banks that give credit cards in Nigeria:
5. Access Bank
Naira Credit Card
The Visa credit card is a dual currency denominated payment card which allows you to spend and settle in naira for domestic transactions, while all your international transactions are billed and settled in US dollars.
However, you also have the option to settle your dollar spend/bills in Naira, subject to the prevailing exchange control regulations.
With your credit card, you don’t have to wait for payday.
Pay for it your way whenever you want it.
- Naira denominated credit card.
- Accepted at over 2 million ATMs and 30 million merchant locations, across over 220 countries globally.
- Interest-free period of up to 40 days.
- Verified by Visa additional security for online transactions.
- Up to 50% of net monthly salary can be availed as a credit limit.
- No collateral required for salaried employees.
- Minimum monthly repayment of 15% of outstanding balance.
- No need to source for FX to repay bills.
- Available in classic variant and supplementary cards.
USD Credit Card
- US Dollars denominated card.
- Accepted at 2 million ATMs and 30 million merchant locations, across over 220 countries globally.
- Interest-free period of up to 40 days.
- Minimum monthly repayment of 15% of outstanding balance
- Issued as a secured or unsecured credit card.
- Available in Classic, Gold, Platinum, and Infinite variants.
- Verified By Visa additional security for online transactions.
- Pay for domestic spends in Naira and international spends in US Dollar.
- Supplementary cards available.
4. FCMB
With the FCMB Visa Credit Card, you can enjoy life without boundaries.
Pay for anything, anytime, anywhere.
Classic Card
- Needed by civil servants, engineers, bank workers, etc.
- No initial card issuance fee.
- Card will be renewed automatically after expiry date.
- Opportunity to spend in any currency worldwide and settle in Naira.
- Credit limit of up to ₦999,999.99
- 3% per month interest rate.
Gold Card
- Needed by oil workers, multinationals, business owners, etc.
- No online transaction fees.
- No initial card issuance fee.
- Card will be renewed automatically after expiry date.
- Opportunity to spend in any currency worldwide and settle in Naira.
- Credit limit of up to ₦3,500,000.
- 3% per month interest rate.
- 40 days interest-free period.
3. Fidelity Bank
Fidelity credit cards give you the flexibility to spend now and pay later.
- Delivery within one week.
- No issuance fees.
- International acceptance.
- Discount offers at various merchants around the world.
- Up to 45 interest-free days.
- Flexible repayments of the amount spent.
- Interest rates charged on amount spent only.
- Low interest rates of 2.5% monthly.
- Revolving credit facility.
- Suitable for “Credit Card-Only” payments abroad, foreign websites and accessing VAT refunds.
- Suitable to build credit history: Useful when getting Travel VISAs for certain countries.
Visa Classic Credit Card
- Visa classic credit card is for the simple spender, who requires just a little extra now and then to meet immediate needs.
- This card is eligible for salary earners who make between ₦60,000 – ₦300,000 and can be used anywhere in the world.
Visa Infinite Credit Card
- Visa infinite credit card is designed for customers who prefer the finer things in life.
- This is the highest class of VISA credit card available worldwide.
- This card is eligible for High-Net-worth individuals and salary earners who make between ₦600,000 – ₦1,500,000.
Platinum Credit Card
- Fidelity platinum credit card is reserved for distinguished highfliers, boasts a range of carefully curated features, privileges, and lifestyle benefits put together to create a superior and uniquely tailored banking experience.
- This card is eligible for High-Net-worth individuals and salary earners who make between ₦600,000 – ₦1,500,000.
2. First Bank
Visa Infinite
The FirstBank Visa Infinite is the highest card in the Visa range of card products targeted at the top 1% to 5% of the bank customers.
Besides the credit limit availed, it also offers access to the finest things in life, no matter where the cardholder is, by offering an extraordinary selection of distinctive travel, dining, shopping and lifestyle opportunities.
Visa Infinite Card request is by invitation.
Features
- Default credit limit: $15,000 minimum (unless a higher limit is requested by the prospective cardholder).
- Maximum facility tenor of 36 months.
- Billing cycle of 30 days.
- Collateral: 120% of credit limit on USD, GBP, or EURO Fixed Deposit Account in the bank, with a lien placed on it throughout the tenor of the card.
- Minimum operating Balance of $100.
Naira Credit Card
The FirstBank Naira Credit Card (NCC) is an international credit card that provides a developing credit line and offers to 45 interest-free days on used funds.
Issued in partnership with Visa International, it is accepted for payment at over 29 million locations and for cash withdrawals at over 1.8 million ATMs in over 200 countries and territories worldwide.
Features
- The NCC has a maximum credit limit of ₦3,000,000.
- The card is denominated in Naira.
- Interest rate is 2.5% monthly, which is only on the used amount and not on the total facility amount.
- There is an initial interest-free period of up to 45 days.
- Transactions done with the card can easily be monitored via the card services feature on FirstMobile, with a 24-hour access to support for all card related complaints through FirstContact.
Visa Gold
The FirstBank Visa Gold card is an international premium credit card issued in partnership with Visa International.
It is a US Dollars denominated card and secured by chip and PIN technology.
Features
- Daily spend limit on ATM ($1,000), POS ($10,000) and WEB ($5,000) anywhere in the world with your Visa Gold card.
- Access to international emergency services with your Visa Gold card, i.e., emergency Card Replacement and emergency Cash Advance in situations where your card gets lost or damaged.
- International credit card capabilities.
- Card Protection to activate or deactivate cards for many transactions, using the Card-in-Control Service on FirstMobile or the USSD *894# – Quick Banking-Card management.
1. GTBank
GTBank credit cards are international payment cards issued in partnership with Visa International and Mastercard.
It is denominated in US Dollars but can also make payments in other major currencies.
All transactions carried out using this card are reflected on the account instantly.
Visa Classic Credit Card
- 24-hour access to funds from about 2.1 million Visa ATMs worldwide.
- Pay for goods and services at millions of Visa locations worldwide (hotels and supermarkets) in over 210 countries and across other channels such as the internet.
- The GTBank Visa Credit Card can be issued at a minimum of ₦1,000.
- The card uses chip and PIN technology to guard against unauthorized transactions.
- The card is valid for 3 years.
Standard Credit MasterCard
- 24-hour access to funds at over 2.1 million ATMs worldwide.
- Pay for goods and services at over 34 million merchant locations worldwide (hotels and supermarkets) and across other channels such as the internet.
- Uses chip and PIN technology to guard against unauthorized transactions.
- The card also uses Card Secure TM, which is an additional secure verification feature for web (online) transactions.
- The card is valid for 3 years.
