How to Get a Credit Card in Nigeria

There are many credit card options in Nigeria.

Nigeria is a country in which cash is the primary means of paying for goods and services. Despite this, automated payment is becoming more popular. According to Creditcards.com, credit card ownership grew by 38 percent between 2003 and 2007 and the numbers continue to increase. However, credit cards are primarily used in establishments that cater to Nigeria's upper class, large number of expatriates, visitors and tourists. Such establishments include hotels, shopping malls and upscale stores.

Things You'll Need

• Valid identification
• Proof of employment
• Proof of residence
• Bank statements (Three months)

Instructions

1. Ensure that you meet the basic requirements needed to obtain a credit card. To qualify, an individual must be at least 18 years of age or older and have a verifiable source of income. Failure to satisfy these requirements will automatically disqualify you from consideration by the issuing bank. If you meet the stated requirements, gather proof of this, as it will be requested by the bank.

2. Figure out whether your credit card should be Naira-denominated, as that will affect whether monthly payments will be made in local or foreign currency. For non-Naira denominated cards, if you frequently travel outside of Nigeria, or plan to use the credit card to make online purchases from foreign outlets, payments must be made in U.S. Dollars. A Naira-denominated credit card will simply convert all purchases to Naira, no matter where the purchase is made, without forcing the card holder to pay in U.S. dollars, which is very expensive.

3. Visit your personal bank or a bank of your choice. To find the closest location, visit the website of the bank of your choice. At the bank, ask to speak to an employee about the credit card offerings. The employee will tell you about your options and based on the reliability of your income, will offer you either a secured or unsecured credit card. The secured credit card will require you make a deposit that will be held as collateral. The deposit depends on the several factors, such as whether you are self-employed and whether you have a previous relationship with the bank.

4. Complete the application and submit it with the necessary documents. These will include, but not be limited to, a valid passport or other form of identification, two passport photographs, proof of address in the form of a recent utility bill, proof of employment and confirmation of salary from your employer or proof that you own your own business. For individuals seeking a credit card from a bank other than that with which they do business, they must also provide a three-month bank statement showing that their accounts are in good standing. The bank will charge an application or service fee and an annual card fee in addition to monthly interest rate charges.

5. Wait for approval of your credit card application. This can take anywhere from one day to more than a week, depending on the bank. If approval is not granted automatically and you have to wait, the bank will call, send a text message to your phone or send an email regarding the application. If approved, simply return to the bank and pickup your credit card.

Tips & Warnings

• Some of the banks offering credit cards to non-customers are Skye Bank and Diamond Bank. Zenith Bank has a large variety of credit card options, including Mastercard and Visa cards, and even prepaid card options. Also, keep in mind that a secured credit card is essentially a prepaid card and you cannot spend more than the money you put on the card. Access Bank offers a Visa Infinite card, also called their Black Card, to its most valued customers. The card comes with concierge service, automatic access to VIP rooms at 600 airports around the world, travel insurance, extended manufacturer warranties on purchases, medical and legal assistance when outside Nigeria and other exclusive offers with top international hotels and luxury brands.

• Holders of Nigerian issued credit cards are sometimes not allowed to make online purchases by many large, foreign online shopping outlets.

References

• Creditcards.com: Credit Cards Around the World -- Nigeria
• Skye Bank: FAQ on Skye Card Credit Scheme
• Diamond bank: Why Choose The Diamond Visa Credit Card

Resources

• Zenith Bank: Zenith Cards
• Access Bank: The Black Card