UBA introduces New Naira Credit Card

The United Bank for Africa (UBA) Plc has announced the introduction of a new Naira Credit Card for its customers.

In a statement by the bank, new customers whose salary accounts have been domiciled with the bank for a minimum of three months, and are employees of corporates under UBA’s approved counter-party list with minimum net monthly income of N250,000, are in for a stress-free business and personal lifestyle using the new credit card .

“These customers would be qualified to access up to N3million credit with extremely flexible repayment plans of as low as 10 per cent of their monthly outstanding due,” the statement said.

UBA’s Group Head, Digital Banking, Sampson Aneke, said: “As a bank that is interested in the welfare of Nigerians, UBA is always on the forefront of developing products and services aimed at creating wealth, easing living conditions and meeting the needs of its customers all over the world.”

UBA introduces New Naira Credit CardHe added: “At UBA, we recognise that access to credit is fundamental to the creation of wealth and value in the economy. Unfortunately, the country has been challenged in this regard with only about two per cent of the population presently having access to bank loans.

“It is in addressing these developmental and household challenges that the bank has in recent times developed and introduced a number of unique lending products to the market, with the latest being the innovative UBA credit card.”

Aneke, who spoke about all the benefits that the banks’ customers would enjoy from the credit card, explained that the UBA Credit card is currently available as Visa Gold card with a card limit of between N75,000 to N1,000,000 and Visa Platinum card with a limit of between N1,000,001 to N3,000,000 and can be used locally and internationally at any ATM or POS outlet which has the Visa logo, WEB (online), and POS terminals.

“There is an interest free period of 45 days on POS/Web transactions provided 100 per cent repayment is made on the repayment due date and customers are entitled to 30 per cent (annualised) of their monthly salary as credit card limit subject to the existing Debt Service Ratio (DSR).

“The monthly repayment cycle will run from the 15th of every month to the 15th of the next month and the credit card statement showing transactions details within the period and the amount due for repayment will be sent to the cardholders’ registered email address,” Aneke said.

According to the bank, customers aged between 18 and 57 years, who apply for the UBA credit card would also enjoy easy access to funds with a revolving line of credit and up to 45 days interest free credit, flexible repayment options; discounts at select merchant locations, including restaurants, boutiques, among other mouth-watering benefits.

The new UBA credit card also allows ATM withdrawals, ease of payment for goods and services on PoS/Web terminal in Nigeria or abroad wherever the Visa logo is displayed.