Sunday, 20 October 2013

How to make use of a Credit/Debit card

The credit card is the technological brain behind the payment for goods and services without out the use of physical cash. It is a plastic payment instrument that is controlled by a software linked with Banks and other financial institutions. I see it as an online currency since it is a legal tender.
The credit card is supposed to be for worldwide use , but there are some restrictions to its use in some countries. Some of the reasons are :
·         Fraud
·         Technological incapabilities
·         Maintenance
·         Underdevelopment

                                                              Credit Card VS Nigeria
Plastic payment system has recently entered Nigeria due to our progress in technological development and standardization of our Banking system in the recent years. We have now got ATMs in our Banks for cashing money with the use of ATM cards.
Some Banks in Nigeria now have MasterCard one of the best credit card worldwide commonly used in the U.S. You can use this card to order for goods and services via the internet from any part of the world where MasterCard is available.
MasterCard and Visa Card are considered as the best and trusted Credit/Debit cards in the world. Some other credit card-issuing companies work in collaboration with either of these card’s companies to process payments.
Here in Nigeria, ECO Bank was the first bank to run the issuance of MASTERCARD , after which some other Banks started,like Zenith bank, GT bank ,etc. B       y information from the papers, Zenith Bank has been licensed to run branches in the UK. By this , ther won’t be any more fears in the use of MasterCard from the Bank to shop internationally.
Nigerian Banks have been considered the fastest growing in Africa. I think all kudos go to Prof Charles Soludo.
Note that it is not cheap to acquire MasterCard here in Nigeria. Most Banks that issue that card will need you to have up to #45,000 to #50,000 in your account to qualify for applying for the card. But in countries like U.S, CANADA, in EUROPE, etc. you can get the card with $100.00 and even less. Well not to worry, you know we are still growing up.
                                        Getting  a  U.S Credit Card
There are possible ways you can get a U.S Credit/Debit card here in Nigeria that will not cost you morethan the $60.00 not by fraud as some do, but legally.

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