How to get Credit card in Nigeria

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Posted by Ekene Liz on January 26, 2010 at 00:12:06:

A credit card is a unique product that helps people pay for stuff without cash. It is like an electronic kind of monet that is stored on a plastic card that can be used or accessed only by means of special numbers.

Understanding credit cards

Credit cards come with credit card numbers which are lengthy serialized numbers that can be as much as 14 - 16 digits.
There are different kinds of credit cards which carry digits indicating the brand of card that it is;
- Master card
- Visa
- Discover
- American Express

The first digit in your credit-card number signifies the system:
- 3 - travel/entertainment cards (such as American Express and Diners Club)
- 4 - Visa
- 5 - MasterCard
- 6 - Discover Card

The structure of the card number varies by system. For example, American Express card numbers start with 37; Carte Blanche and Diners Club with 38.
- American Express - Digits three and four are type and currency, digits five through 11 are the account number, digits 12 through 14 are the card number within the account and digit 15 is a check digit.
- Visa - Digits two through six are the bank number, digits seven through 12 or seven through 15 are the account number and digit 13 or 16 is a check digit.
- MasterCard - Digits two and three, two through four, two through five or two through six are the bank number (depending on whether digit two is a 1, 2, 3 or other). The digits after the bank number up through digit 15 are the account number, and digit 16 is a check digit.

In Nigerian however, the 2 main credit card brands are Mastercard and Visa.
A Visa credit card comes mostly in the format 4**************** and has a 3 digit CVV code attached to it for security purposed.

A mastercard also has a lengthy number with the format 5************** and equally comes with a three digit CVV code attached to the back of the card and should be known only to the user.

Where to get credit card in Nigeria
There are many outlets to get your very own credit card in Nigeria but it is more especially available athe the bank brancehs due to the boom in the industry and subsequent competition. Such banks include;
Zenith Bank - e.g Zenith bank web surfer
Ecobank, Intercontinental bank, UBA, First bank - Mostly Mastercard
GTBank,, PHB: Visa card

You can also get a virtual credit card from credible Nigerian merchants like:
- www.epaymonster.com
- www.gtn-ng.com
- www.graphcard.com

Types of credit card issued in Nigeria
Although credit cards issued by the providers are of various brands like MASTERCARD and VISA, we can categorize them into 2 types namely;

- Prepaid Credit card - mostly in US $ currency
- Post paid credit card - mostly in naira currency e.g the naira credit card

The prepaid credit card can be a mastercard or visa card and this is a plastic card which can either be:
- Personalized or
- Non personalised

Personalized credit card:
It is a plastic credit card which is popular and offered by most Nigerian banks in partnership with the globally accepted visa and mastercard brands. It has the following features:
- It comes embossed with one's name
- The credit card number is also embossed
- It carries a 3 digit CVV code
It can carry higher dollar values e.g. $1000 - $10,000 limits
- It can be used on global ATM locations for withdrawals and transfers
- It can be used within and outside Nigeria

Non personalised credit card
These can sloe be a mastercard or visa card and it is more commonly used by people to make quick and secure payments mostly on the internet. You can get one from a bank close to you like PHB, Intercontinental or Zenith and it has the following feautures;
- Lower card values e.g. $100 - $500 limits
- Not embossed with customer's name or card number
- Not designed for use on ATMs
- Mostly used for online payments
- Also comes with a 3 digit CVV code

A credit card can also be described according to its form;

Forms of credit card
According to its form, a credit card can be;
- A physical credit card
- A virtual credit card

A physical credit card is one which you can see and touch since it's made of plastic and it can be used for a wider range or transactions. like online payments for hotel booking, airline tickets, P.O.S payments, ATM withdrawals e.t.c
Physical credit cards comprise mostly of post paid types of credit card but does not entirely exclude the prepaid ones

A virtual credit card on the other hand consists mostly of prepaid types of credit cards and it one you can't feel or touch since it's virtual. You only get to view it or read the details on a visual display unit like your computer. It also comes with a credit card number, CVV code, expiry date and it is registered to your desired name and address.
A virtual credit card equally has a low entry value value and at least 24 hrs to I year - 2 years validity period and is mostly used for online payments. It is normally sent to the email address of the subscriber or customer.

So how does one really get a credit card in Nigeria and one that works well too?

How to get credit card in Nigeria
Well as you might have known or heard, it is not so easy to get a credit card in Nigeria. The only thing you need to get one from a :

1.Bank is:
- Dollar equivalent e.g. $125 for a $100 card
- Fill the application form
- A valid form of identification e.g driving license, national id card or international passport
- 24 -48 hrs wait for delivery after application

2.A US credit card agent in Nigeria is:
- Naira or dollar equivalent for required card amount e.g. N8500 for a $25 card
- Preferred name of applicant
- 3 - 5 days wait for delivery
- An email address

Credit card fraud in Nigeria
Card fraud is an increasing problem not just for Nigeria's image abroad but also for her citizens within. We already know about how sophisticated card theft has become when it comes to ATM cards, so also is credit card fraud an issue so you need to take urgent steps to protect your credit card if you've got one.
Users have complained of fraudulent charges and unapproved transactions being debited to their credit card account. There are many ways in which the security of your credit card can be compromised and so you need to be aware and updated on the safety measures given to you by your card provider so as to reduce the likelihood of being burned by credit card fraud.

Personally, I would advise that if you have a credit card, you need to follow these safety measures;
- If you have a plastic card, make sure you hide it in a place where only you have access to.
- Don't give your credit card to any one for use unless you are swiping it on a P.O.S. terminal
- Keep a tab on your credit card account and look at your bill in order to detect any strange transactions.
- Pay in cash when possible and don't use your credit card for everything.
- Don't use your credit card on ATM machines that don't have a secure environment
- Always keep your credit card details private
- Don't use your credit card on new or insecure websites or those without a reputation
- Rarely use your card in public cafes. Try to have a personal internet account at home as this will secure your card transactions
- Only use your credit card on secure sites that carry the prefix "https"
- Make sure that you provider allows you to have unrestricted access to your account history online and for free.
- If you discover any discrepancies to your credit card account or any unapproved payments, promptly inform your card provider.
- If your credit card provider doesn't allow charge-backs to your account in case of any fraudulent transactions, maybe it's time you move to a new provider

Comments:

Re: How to get Credit card in Nigeria Posted by obi daniel on Saturday March 3, 2012 at 24:52:47:

I want a credit card

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