First Bank of Nigeria Credit Cards – Types and Everything You Must Know

Your regular ATM Card is a Debit Card. This means you can only use money that has been deposited into the bank account associated with the card.

There is something else called Credit Card. With this, you can borrow cash from your financial institution almost automatically. Once you get one of these cards, you can withdraw or make online purchases using the bank’s money. You’ll have to pay though, (with interest sometimes).

Firstbank of Nigeria now offers credit cards. This post will show you what you need to know about the First Bank of Nigeria Credit Cards – Interest rates, qualifications etc.

Continue reading to get the full gist:

Whether you want to make everyday purchases, consolidate your borrowing, or you want to build a credit-worthy record for yourself – there’s a FirstBank credit card for you.

There are three types of first bank credit cards at the time of writing this. They are Visa Infinite, Naira Credit Card and Visa Gold.

FirstBank Naira Credit Card

The Naira Credit Card is an international credit card that provides an evolving credit line and offers up to 45 interest-free days on utilized funds. Issued in partnership with Visa International, it is accepted for payment at over 29 million locations and cash withdrawals at around 1.8 million ATMs in over 200 countries and territories worldwide.

Features

The NCC has a maximum credit limit of N3, 000, 000
The card is denominated in Naira
Interest rate is 2.5% monthly which is only on the utilized amount and not on 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 24-hour access to support for all card-related complaints through FirstContact.

Benefits

Free online account management tool
Free email and/or SMS alerts
Highly secure with Verified by Visa (VbV)
Flexible repayment: Full or Minimum (15% of outstanding indebtedness) repayment options
Interest- free period of up to 45 days

FirstBank Naira Card FAQs

1) How is interest calculated on my credit card?

Interest is calculated on the outstanding balance on your credit card, i.e. after making the minimum repayment, 2.5 % interest is calculated on the unpaid balance.

2) Is the Naira Credit Card only available to salary earners?

Investment holders (Fixed Deposit, Treasury Bills & CASA) who are ready to use their investment as collateral for cash backed NCC. 120% of availed credit limit is to be liened throughout the tenor of the card.

3) How do I get the Platinum Naira Credit Card?

The Platinum Naira Credit Card is the premium version of the NCC card variant.
A credit limit of N1,000,000 and above qualifies you for a Platinum Naira Credit Card which affords you more premium benefits.

4) What are the fees associated with the Naira Credit card?

Issuance fee – N1,000
Annual maintenance fee – N600, i.e. N50/Month
Insurance Fee – N1,500
Purchase fee (POS, Internet) – Free
Web fee – Free
ATM withdrawal fee – 3%
Card Replacement Fee – N1,000
Interest Fee – 2.5%

FirstBank Visa Infinite Credit Card

The First Visa Infinite is the highest card in the Visa range of card products targeted at the top 1% to 5% of the bank’s customers. In addition to 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.

Features

Default Credit Limit: $15,000 minimum (unless the prospective cardholder requests a higher limit)
Maximum facility tenor of 36 months
Billing cycle of 30 days
Collateral: 120% of the 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

Benefits

Access to unique privileges and experiences, including international concierge and premium insurance services
Guaranteed transactions success rates and acceptance across all channels
Interest-free period of up to 45 days
Flexible repayment – Minimum repayment of 15% of the total monthly outstanding.
Access to international emergency services
Emergency Card Replacement
Emergency Cash Advance via money transfer services (MoneyGram or Western Union)

FirstBank Visa Infinite FAQs

1) Is the Visa Infinite card a Debit or a Credit card?

The Visa Infinite is offered as either a Credit Card or Debit card.
For Credit Card variant; client provides collateral value up to 120% of the credit limit sought.
For Debit Card variant; the client enjoys the flexibility of funding card account as and when required.

2) Target Market?

Owners/ MDs of organizations and conglomerates that meet the minimum qualifying criteria
High Net Worth Individuals
Ultra-High Net Worth Individuals

3) Cost of issuance of Visa Infinite Card and associated fees

Card joining/Reissue Fee: $3
Annual Maintenance Fee: $20 (Taken upfront)
Interest Fees: 2.5% flat (Outstanding Balance)
Default Fee: 0.25% flat per month
Card Replacement Fee: $3
Supplementary Card Fee: $3
PIN Re-issue Fee: $2
POS & Web Fee: Free
ATM Withdrawal Fee: $3
POS Cash Advance Fee: $3+1%

4) Will a lien be placed on my US Domiciliary account with respect to my desired limit on the Visa Gold card?

Yes, a lien of 120% will be placed on USD, GBP or EURO account to secure the funds throughout the tenor of the card

5) What are the daily usage limits for my Visa Infinite card?

ATM cash withdrawals – $1,000 (total frequency – 5 times)
Purchases (POS) – $25,000 (total frequency – 20 times)
Purchases (Internet) – $25,000 (total frequency – 5 times)

6) How long would it take for my Visa Infinite card to be ready for collection after I submit my application?

For Lagos branches, the Visa Infinite card will be ready for collection two business days after application. While for upcountry branches, Visa Infinite cards will be ready for collection five business days after application. Please visit a first bank branch to apply. Compulsory hold amount on the card is $100.

FirstBank Visa Gold Credit Card

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 & Emergency Cash Advance in situations where your card gets lost or damaged.
International Credit Card Capabilities.
Card Protection to activate or deactivate cards for all types of transaction, using the Card-in-Control Service on Firstmobile or the USSD *894# – Quick banking-Card management.

First Bank Visa Gold FAQs

1) Is the Visa Gold card a Debit or a Credit card?

The Visa Gold card has both the credit variant and self-funded variant. The Credit variant is cash-backed and the limit assigned is determined by the collateral cover. The customer spends ONLY the amount he pays into his card with the self-funded Visagold card.

2) Will a lien be placed on my US Domiciliary account with respect to my desired limit on the Visa Gold card?

No. You would, however, be required always to maintain a minimum operating balance of $40 in your Visa Gold account.

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3) What are the fees associated with the Visa Gold card?

Issuance fee – $3
Annual Maintenance Fee- $20 taken upfront at issuance
Purchase fee (POS, Internet) – Free
Web fee – Free
ATM withdrawal fee – $3
Card Replacement Fee – $3

4) What are the daily usage limits for my Visa Gold card?

ATM cash withdrawals – $1,000 (total frequency – 5 times)
Purchases (POS) – $10,000 (total frequency – 20 times)
Purchases (Internet) – $5,000 (total frequency – 5 times)
POS Cash Advance (Branch) – $5,000
POS Cash Advance (Merchant) – $5,000

The above limits are subject to a cumulative daily limit of $10,000.

5) How long would it take for my Visa Gold card to be ready for collection after I submit my application?

For Lagos branches, the Visa Gold card will be ready for collection two business days after application. While for upcountry branches, Visa Gold cards will be ready for collection five business days after application. Please visit a first bank branch to apply. Compulsory hold amount on the card is $40.