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Top 10 Best Credit Cards in Nigeria
These are the top10 best credit cards in Nigeria, Having the right credit card can help you achieve your financial goals, whether it’s earning cashback, or traveling on points and miles.
What are the best credit cards in Nigeria? Research says that having too many choices actually decreases a person’s ability to take action. With so many credit cards available for customers, it can be tasking to choose the best for you.
A credit card is just like an ATM card issued by financial institutions and allows you to borrow funds from a pre-approved limit to pay for your purchases and can be used to complete a payment or for other online transactions, and you are expected to pay back with interest accrued on a pre-defined date.
Having the right credit card can help you achieve your financial goals, whether it’s earning cashback, or traveling on points and miles.
So, we decided to do the hard work for you by reviewing each one of them. This article on the top 10 best credit cards in Nigeria can help you find a card that is specially made for your lifestyle.
Top 10 Best Credit Cards in Nigeria
1. CredPal Credit Card
- Repayment tenure of 30 days for credit and up to 12 months for a standard loan
- Credit facility up to ₦5, 000, 000
- 0.5% – 10% cashback on shopping
- For salary earners and businesses
- Freeze and Unfreeze card when necessary
- Fees are between 1.5% – 7% depending on the plan
CredPal is the first on the list of the top 10 credit cards in Nigeria, it is a financial technology company that has developed an innovative solution that allows businesses and individuals to buy anything and pay for it in installments across online and offline merchants by providing them with instant access to credit at the point of checkout.
CredPal was founded in 2017, by Fehintolu Olaogun and Olorunfemi Jegede, CredPal is the closest thing Nigeria has to a full credit card service. The company uses proprietary technology to perform risk analysis processes such as identity verification, credit checks, address verification, and other credit determinants.
2. Fidelity Classic Credit Card
- Purchase Rate: 2.50%
- Card Limit: N999,999.99
- Late Payment Fee: ₦2,000
- No Issuance Fee
- Low-Interest rates of 2.5% monthly
Fidelity Classic Credit Card is for the simple spender who requires just a little extra every now and then to meet immediate needs.
This card is eligible for salary earners who make between N60,000 and N300,000 and can be used anywhere in the world.
Fidelity Classic Credit Card is a convenient and flexible card that helps you prepare for the unexpected and makes everyday spending easier.
3. Wema Classic Credit Card
- Card FeeN1,075
- Annual Fee N200
- Re-issue Fee N1,075
Wema Classic Credit Card is Naira denominated but usable worldwide is an exclusive card security platform on which cardholders could enable their card on various payment gateways like ATM, POS, WEB, or international.
4. O3 Credit Card
- Credit facility up to ₦1, 500, 000
- Repayment tenure of 24 months for credit
- For salary earners and businesses
- 10% repayment interest rate
O3 Capital Nigeria Limited is a financial service institution that delivers various consumer loans using credit cards as the delivery channel. They are the First Non-Bank Credit Card issuers in Nigeria and they hope to be the Preferred Card for years to come.
5. Standard Chartered Credit Card Bank
- Issuance fee: N1000
- Credit facility up to ₦749,999
- Repayment tenure of 30 days for credit
- Interest: 4 % of the amount withdrawn from the date of withdrawal until the amount is fully settled.
Standard Chartered banks offer one of the best credit cards in Nigeria, particularly Visa Gold and Visa Platinum Credit cards.
if you’re a Visa Gold credit card owner, you have a lifeline to upward of 5 supplementary cards for your loved ones.
6. First City Monument Bank (FCMB)
- Annual fee: N600
- Purchase Rate: 3%
- Card Limit: N999,999.99
- Late Payment Fee: ₦2,000
- Repayment tenure of 30 days for credit
- Interest-free period: up to 45 days
This Card is a Naira denominated and internationally accepted credit card in the market. You can use it in any currency and your monthly repayments will be in Naira. It is internationally accepted at over 170 million outlets and you can withdraw cash at any ATM in the world where the VISA logo is displayed.
FCMB has classic credit cards and they are designed for Engineers, civil servants, Bankers, etc. The Gold credit cards are designed for staff of multinationals, blue-chip companies, and oil workers.
With the FCMB Visa Credit Card, you can enjoy life without boundaries. Pay for anything, anytime, anywhere.
7. Guaranty Bank of Nigeria
- Issuance fee: N1000
- Late Payment Fee: ₦2,000
- Repayment tenure of 30 days for credit
- Interest-free period: up to 45 days
GTBank credit card is one of the best credit cards in Nigeria given, Unlike most credit cards, the GTBank credit card is linked directly to your bank account which infers that transactions consummated can be traced to your account statement/bank account.
8. First Bank Visa Gold
- Annual fee: $250
- Purchase Rate: 2.5% flat
- Late Payment Fee: 0.25% flat per month
- Interest-free period: up to 45 day
First Bank Visa Gold credit cards come with maximum spending limits as high as $15,000 at a 2.5% monthly interest rate.
The Gold card comes with an annual fee of $250, and there is no annual fee for adding any additional cards to a Gold account. One of the biggest perks for any cardholder is the membership rewards program, which allows consumers to earn points as they use their credit cards.
9. Zenith Bank
- Credit facility up to ₦5, 000, 000
- Repayment tenure of 30 days for credit
- For salary earners and businesses
- 0.5% – 15% interest rate
Zenith bank Classic Credit Card is the ideal choice for those looking for the flexibility, convenience, and worldwide acceptance that credit cards offer. What’s more, you also get the added security that comes with every Zenith Visa or MasterCard Credit Card.
10. Stanbic Bank
- Issuance fee: N1075
- Interest Rate: 2.5% per Month
- Late Payment Fee: $12.50
- Interest-free period: up to 45 days
Stanbic Bank gives access to exclusive offers and discounts at participating merchant stores so they can explore, shop, and play for less. Receive, spend and send money without any charges from your eNaira wallet.
They allow businesses and individuals to buy anything and pay for it in installments across online and offline merchants by providing them with instant access to credit at the point of checkout.
Summary
Finally, here is a recap of the top 10 best credit cards in Nigeria 2022:
- CredPal Credit Card
- Fidelity Classic Credit Card
- Wema Classic Credit Card
- O3 Credit Card
- Standard Chartered Bank
- First City Monument Bank (FCMB)
- Guaranty Bank of Nigeria
- First Bank Visa Gold
- Zenith Bank
- Stanbic Bank