No single credit card will be "the best" for everyone. However, depending on your goals, spending habits, credit score, and more, certain credit cards will likely stand out. Choosing a credit card that is tailored to suit your needs should be based on a combination of factors. These include your tolerance for annual fees, credit score, and what perks you might be seeking. In essence, the best credit card is one that's aligned with your specific needs. If you are new to credit cards, here is the simple idea behind them.
By getting and using a credit card, you are borrowing money from the card provider to pay for something. You must, later on, repay what you borrowed, and you must do so on time. If you take time to pay back what you borrowed, you'll be charged interest. All credit card companies rest on this basic premise. Credit card companies in Nigeria offer different kinds of cards to meet a variety of needs. Once again, the best credit card depends on your needs as well as how much effort you want to put into managing it. With that in mind, here are some of the best credit cards in Nigeria:
1. FirstBank Naira Credit Card
The FirstBank Naira Credit Card is an international credit card with a maximum credit limit of N3,000,000. As its name implies, the card is denominated in Naira. Issued in partnership with Visa International, the FirstBank Naira Credit Card is accepted for payment and ATM cash withdrawals in over 200 countries and territories worldwide. The card's interest rate is 2.5% monthly. This interest rate is only on used amount, not on the total facility amount.
The card comes with free email and/or SMS alerts as well as a flexible repayment option. However, you can't use the FirstBank Naira Credit Card for payments on international websites and POS. But you can it to pay for goods and services online in Nigeria.
FirstBank's Visa Gold and Visa Infinite credit cards are suitable for payments on international websites and POS.
To apply for a FirstBank Naira credit card, you need to complete an application form at any FirstBank branch closest to you.
2. ALAT Credit Card
ALAT offers three types of credit cards: Black Credit Cards, Purple Credit Cards, and Dollar Credit Cards. These options allow you to choose the best credit card that’s right for you. All three credit cards come with a wide array of attractive and invaluable rewards. ALAT Visa Signature Credit Cards are locally and internationally accepted as a means of payment. Plus, Visa Signature credit card holders are eligible for six complimentary airport lounge access per year along with other rewards. As a cardholder, you don't need to register before visiting the lounge. You simply just need to present your Visa signature card to the lounge staff to process your visit.
With an ALAT Visa Signature Credit Card, you can pay for your travel with peace of mind, knowing that you are covered for any unforeseen circumstance. The card comes with a 2.0% monthly fee on the outstanding balance and a 200 Naira annual fee. The minimum monthly repayment amount is 10% of the outstanding balance. The payment due date is the 28th of every month and there is a 2,000 Naira late payment fee.
3. UBA Naira Credit Card
The UBA Naira Credit Card allows you to access up to N3 million credit limit. With this card, you can withdraw cash from ATMs or make payments on terminals in Nigeria. The card offers a flexible repayment option of as low as 10% monthly. Plus, you get amazing discounts at partner restaurants and hotels, as well as lounge access across the world. The card's issuance, renewal, or replacement fee is N1,000, plus a 50 Naira quarterly maintenance fee. To be eligible for the UBA Naira Credit Card, you must be an employee with a salary account domiciled with UBA. Visit UBA Nigeria's website to learn more about their Naira Credit Card.
4. GTBank Visa Classic Credit Card
The GTBank Visa Credit card is an international payment card linked to a separate card account ledger. Unlike the UBA Naira Credit card, the GTBank Visa Credit is denominated in US Dollars. As such, it can be used to make payments in other major currencies. Any transactions you carry out using this card will reflect on your account instantly. The GTBank Visa Credit Card's issuance fee is N1,000 and is valid for three years. With it, you can pay for goods and services at millions of Visa locations worldwide. To get this card, which comes with an annual maintenance fee of $10, you must be a GTB domiciliary account holder, per the bank's website.
5. Wema Credit Cards
Wema Bank offers three types of credit cards: Wema Classic Credit Cards, Wema Gold Credit Cards, and Wema Platinum Credit Cards. The Wema Classic Credit Card and Gold Credit Card are naira-denominated but usable worldwide. On the other hand, the Wema Platinum Credit Card is USD-denominated and usable worldwide. Unfortunately, the issuance of this card is strictly by invitation. But you can apply in person for the Wema Classic Credit Card or Gold Credit Card. These cards allow you to withdraw cash on ATMs locally and internationally, subject to regulatory limits and charges.
6. Ecobank Credit Cards
Ecobank offers two types of credit cards: an Advantage Gold Credit Card and a Premier Platinum Credit Card. The latter is available to Ecobank Premier Account holders, while the former is available to Ecobank Advantage Account holders. With an advantage or premier credit card, you can have more flexibility around your expenses. In other words, you can spend money responsibly upfront and pay it back later with an Ecobank credit card.
The Advantage Gold Credit Card is ideal for you and your family. On the other hand, the Premier Platinum Credit Card is recommended for high earners. As a Nigerian, you need two references, a valid proof of identity, two passport photographs, proof of address, and an employer’s letter of introduction to apply for either of these credit cards.
7. Zenith Bank Credit Cards
To meet your lifestyle needs, Zenith Bank offers three types of Credit Cards: Classic, Gold, and Platinum. The Classic Credit card is available in Naira and Dollar denominations and is the ideal choice for you if you're looking for the flexibility, convenience, and worldwide acceptance that credit cards offer. The Gold Credit card is designed to give you real peace of mind and make life easier for you. It brings superior spending power and provides special discounts, offers, and promotions.
The Platinum Credit card is the ideal credit card for you if you live a busy and fulfilled life. To get a Zenith Bank Credit Card, you must meet some requirements, which are outlined on Zenith Bank's website.
8. Fidelity Credit Cards
Fidelity Bank offers both Naira and Dollar credit cards, giving you the flexibility to spend now and pay later. Their Visa Classic credit card is the ideal option for you if you're a simple spender who needs just a little extra occasionally to meet immediate needs. This card, which can be used anywhere in the world, is eligible for salary earners who earn between N60,000 and N300,000.
Fidelity also offers a Visa Infinite credit card, which is designed for customers who prefer the finer things in life. The Visa Infinite, according to Fidelity, is the highest class of VISA Credit card available worldwide. It is eligible for salary earners who earn between N600,000 and N1,500,000 and high net-worth individuals.
Finally, the Fidelity Platinum Credit Card. Reserved for distinguished high fliers, this card comes with distinct privileges. Like the Visa Infinite, the Fidelity Platinum credit card is eligible for salary earners who earn between N600,000 and N1,500,000 and high net-worth individuals.
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