First Bank Visa Infinite Credit Card is one of the cards that belongs to the First Bank of Nigeria, a multinational banking and financial services company. The headquarters of the First bank is situated in Lagos, Nigeria. The first bank has 53,000 locations in Nigeria and over 700 business locations over Africa. Hence, this bank has made its name through retail banking and crossed 18 million customers.
The First Bank of Nigeria was founded in 1894 as the Bank of British West Africa. With time the first bank understood the importance of credit cards and provided their customers with the First Bank Visa Infinite Credit Card. This credit card is the most expensive card in the Visa lineup. This credit card is aimed at the business’s upper 1% to 5% of clients.
In addition to the credit limit, it connects directly to the finer things in life regardless of where the user is by offering a diverse range of unique travel, eating, retail, and lifestyle options. This credit card makes the life of Nigerian people very smooth and easy, and it has some good features and benefits as discussed below.
First Bank Visa Infinite Credit Card features
The First Bank Visa Infinite Credit Card has many great features that bring it to the top of the Nigerian Credit Cards list. This Visa credit card meets the desires of its customers as it brings in various ranges of credit limits according to their wishes. The minimum default credit limit is 15,000$ (around 600,000 ₦). In addition, the maximum facility tenor of this credit card is 36 months.
The credit card of First Bank has a billing cycle of 30 days. It has a collateral amount equal to 120 per cent of the credit limit on major foreign currencies (USD, Euro, GBP or fixed deposit account in the bank) when a lien is imposed on it throughout the card. The credit card also has a limit for minimum operating balance, which is 100$ (around 40,000 ₦).
First Bank Visa Infinite Credit Card benefits
The credit card is bringing in some exciting benefits to its customers. It connects its users to the exclusive benefits and experiences, such as international concierge services and superior insurance facilities. This credit card is getting acceptance all over Africa and especially in Nigeria. The provision of guaranteed success rates is one of the impactful benefits of this credit card.
The First Bank Visa Infinite Credit Card provides 45 days of interest-free transactions for new customers. If any customer could not pay the dues in time, this credit card has a specified repayment charge. This credit card has a minimum repayment of 15 percent of the month’s total outstanding balance. However, These charges are for those people who cannot pay the dues at the expected time.
The bank provides international emergency insurance services to the consumers of this credit card. These emergency insurance facilities are available to its customers all over the world, and they can get access to premium services anywhere where First Bank is working. In case of any emergency loss or theft of the card, you have an offer of free card replacement.
This Visa card helps its customers whenever they require it. It brings in the services of emergency cash advances. The customers can get this award through money gram and western union. Through this service, individuals can get cash and help from the bank in case of any mishap or emergencies. This credit card has various charges for various offers that we discuss below.
Charges of First Bank Visa Infinite Credit Card
If you want to reissue the card, you have to pay 3$ (around 1200 ₦). The first bank is also providing supplementary credit cards by charging 3$. In case of card maintenance, the bank charges a fee of 10$ (around 4000 ₦). The annual fee for having this card is around 200$ (about 8000₦). The bank provides 3 per cent flat charges as an interest fee for the outstanding balance.
If any customer withdraws money from an ATM, he has to pay an extra 5$ on every withdrawal. If the ATM pin is forgotten, the bank will again issue it without charging any fee. The cash advance rate is also 3 per cent, but it also charges 1 per cent on every transaction. In the case of buying goods, you do not have to pay extra charges. The default fee for this credit card is 0.25 per cent flat every month.
You can withdraw around 1000$ (around 400,000₦) through an ATM card and shop for 25000 dollars on any store or online website. The First Bank Visa Infinite Credit Card comes in two flavors: credit and debit. In the Credit Card variation, the client must provide collateral worth up to 120 per cent of the requested credit amount. Clients who choose the Debit Card option benefit from the flexibility of funding their card account as and when they need it.
How to get the credit card?
It is straightforward to get a First Bank Visa Infinite Credit Card. The individual who wants to get this credit card has to visit any First bank branch. The bank has the form you need to fill out, and after the verification, the bank will deliver the card to you. However, The Lagos branch delivers the card within 2 business days, and the other country branches provide the card in 5 working days.
The customers have to hold an amount of 100$ on this credit card. You can also apply online with your account information, but the most accurate method is visiting a branch and applying for the card. Do not forget to bring some strong identity and residence documents with you as they are necessary to provide to the bank for completing the application.