#whatisacreditcard Archives - CredPal

Need An Emergency Loan? Get A CredPal Credit Card

CredPal — Fri, 10 Sep 2021 19:37:50 +0000

Traditionally, the regular way most people get loans was by going to queue at a bank, offering properties as collateral, or getting friends and family members to stand in as guarantors. These are tedious and stressful processes that many go through to get a loan or an emergency loan. This is done without an assurance that the loan will be approved.

Now, that long and tedious process has been shortened to a seamless online process with a credit card. You can now get easy access to loans when you have a credit card. In this article, we are going to highlight how you can get an emergency loan effortlessly when you have a CredPal credit card.

When you get approved for a credit card, you get a credit limit that you can use for small-ticket purchases and pay back all you have spent with an interest on your salary date. However, when you apply for a loan, you get a whole sum of money that is above your credit limit as long as you are eligible and have the ability to payback. You can also spread your loan repayment within 1–9 months with a certain interest that you will be required to pay back monthly.

How to get a CredPal loan

To apply for a loan, you must first be a CredPal credit cardholder.
If you are not, you can apply at www.credpal.com
You sign up and provide all the necessary information and documents.
CredPal offers loans from 50,000 Naira to 5,000,000 million Naira so once your credit card is approved, you can proceed to request a loan of your required amount.
Once your loan request is approved, you will get an offer letter that entails the information and duration of the loan, repayment days, monthly repayment amount, interest rate, and many more.
You will be required to accept this offer letter so we can be sure that the loan is from you and not someone else.
After you have accepted the offer letter, your loan will be disbursed to you.

Benefits of CredPal loans

Getting a loan with credit cards is seamless and timely and it also comes with some amazing benefits that are discussed below.

1. Suitable for Emergency needs

CredPal loans are built for urgent and emergency needs. You do not have to wait for days before you get approval or queue at the bank to get approved. So long as you have a CredPal credit card, you are eligible for a loan.

2. Easy to secure

You can easily secure a CredPal loan because you do not need collateral or a guarantor that might be too scared to stand in for you. This is because he/she is careful of being harassed for a loan he didn’t apply for. All these are not necessary with CredPal, it is safe and you can access it on your smartphone.

3. Requires no collateral

You don’t have to stand in with any property like your house, car, land, company, or whatever property you might have. However, CredPal will not approve your loan if you do not have the capacity to pay it back.

Eligibility requirement for CredPal loan

Although you do not need collateral to get a CredPal loan, you need to be eligible to be approved. Here are some criteria that CredPal would consider before you get a loan.

A salary earner with at least 50,000 Naira monthly or an entrepreneur with a 6 months average turnover of over 300,000 Naira
Must be a resident of Nigeria
Must be between 21–55 years of age.
Good credit history

Taking a CredPal loan can be tempting especially when you do not have to go through a tedious process to get your loan approved. However, it is advisable to only take them when you have emergency needs, days you cannot wait for the maturity of your savings, or the risk of borrowing from friends.

Do not wait till you need a loan to get a CredPal credit card, treat your needs with all urgency, get a CredPal credit card now and save yourself some future stress.

Also Read; Money mistakes you should avoid in Nigeria

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The post Need An Emergency Loan? Get A CredPal Credit Card appeared first on CredPal.

10 Things to Buy With Your Credit Card

CredPal — Thu, 05 Aug 2021 15:15:10 +0000

Credit cards are created to help us meet our needs and make small-ticket purchases when they are urgent. This means that we do not have to worry about running into debt that might take forever to repay, we also don’t have to keep asking our loved ones for financial help when we can get them ourselves with a credit card.

There are so many things you can use your credit card to purchase. We will highlight 10 of them in this article. This is to enlighten you and also to debunk the misconception that you can only perform a few transactions with your credit card. The truth is you can use your CredPal credit card on all payment platforms that accept MasterCard and Visa cards.

1. Appliances and Electronics

One of the many things you can purchase with your credit card is electrical appliances like your refrigerator, microwave, gas cooker, electric iron, and other appliances. You might be wondering if this is possible, it is actually possible if your credit limit is enough to get them. This also helps increase your credit score when you buy big things with your credit card. There are some merchants that have partnered with CredPal and when you patronize these merchants, you get discounts and cashback. These are ways CredPal rewards you for using your credit card.

2. Online purchases

We are now living in the technology age where we do not have to go to malls to get things done. You can conveniently sit in the comfort of your home to shop and get it delivered to you. Using your credit card for online purchases is one of the safest things you can do. When making a purchase online with your credit card, your information is processed through an encrypted channel to the payment processor that handles the transactions. This helps protect your credit card information from cybercrimes.

3. Home Repairs

In as much as some of the engineers or artisans that come for home repair like to be paid in cash, a lot of them are also open to being paid via bank transfer. This helps you to get your credit card to work. We have created a transfer feature on the dashboard, which allows you to transfer funds from your credit card limit to your commercial bank account. So you can fix your generator, refill your gas, house painting, tiling your room, etc. You can do all these and pay with your credit card.

4. Cable TV subscription

Days of going to a physical office to pay for your cable tv subscription are over. You can now do that with your credit card. Be it GOtv, DStv, or StarTimes, you can pay with your credit card and worry less about getting disconnected when your subscription is over. You can also use your credit card to renew your Netflix subscription, it is safe, easy, and reliable.

5. Ride-Hailing Services

We have several ride-hailing apps in Nigeria that have come to save us from jumping a bus or bike to get to our destination especially when the destination requires us to look our best. Imagine jumping a bus after you have slayed for that particular owambe? that can’t happen and that is why you can use your credit card to pay for your rides to your occasion. Be it Oga Taxi, Bolt, or Uber, plenty waka, you can pay with your credit card and not worry about having your makeup gone or shirt stained before getting to your location.

6. Gasoline

Fuel stations are also a good place to use your credit card.

7. Meals at Restaurants

Sometimes we get tired of the usual “mama put” that we want to eat out and enjoy the luxury of being spoilt. CredPal credit card can spoil you whenever you are in that mood. You can also decide to have a weekend getaway with your loved ones while you allow your CredPal credit card to do the spending.

8. Travels

Credit cards are not limited to restaurants or home repairs alone, you can also use your credit card to buy your airline tickets, train tickets, etc. You can also use your credit card to pay for your hotel accommodation.

9. Medical bills

Your credit card can also be a pass to your medical appointments with your doctor. Although, you cannot use your credit card to pay huge medical bills like a heart transplant, intestine transplant, etc. However, you can use your credit card to pay for drugs, dental appointments, change your glasses or lens, conduct a blood test, etc.

10. Tuition

As an adult, one of the things you can’t run from is bills. Bills will keep piling up and one of the planned bills is tuition. May be personal or for the children. You do not have to work yourself up thinking of how to pay your child’s bill when you still have other bills to pay or that particular course you want to start to polish your skills. Your CredPal credit card can fix this.

Credit cards can serve as a pass to some of our needs. With all the things you can use your credit card to buy as listed above, it is advisable to use your credit card like your debit card, and use your debit card as your credit card. What this means is, rather than use your debit card to make purchases, you should use your credit card instead.

Then when it is time to make your repayment, you can then use your debit card to pay for all you have spent on your credit card with the accrued interest. This helps increase your credit score and you get rewards like cash backs and discounts. Do not restrict your credit card!

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8 Things to Know Before Getting your Credit Card

CredPal — Thu, 05 Aug 2021 13:18:50 +0000

Credit card education is important because credit cards are prone to be misused if they are not properly handled. Although there are thousands of credit cards in Nigeria there are users who still cannot find their way around the use of a credit card and run into debt. These 8 essentials will help you to avoid running into debt and other things that could as a result of not managing your credit card well.

1. Understand the concept of Credit cards

Before you get a credit card, you should know what a credit card is. A credit card is a card that allows you to borrow money from a lender. The “money” borrowed is known as the card’s credit limit. You can use the card to make basic transactions like paying for food, gym membership, hair appointment, shopping for groceries or clothing, online purchases, and several other everyday expenses you may have. The fund in the card is provided by financial institutions or credit card companies like CredPal.

2. Understand credit card terms

Just as debit cards have terms so does a credit card. Credit card terms are words and phrases you will regularly come across as you use your credit card. This ranges from knowing your billing date, billing transfer, credit limit, payment summary, posting date, reference number, cashback, and so on.

Also Read: What is a credit card?

3. Understand your credit card interest rate

An interest rate is an amount you pay financial institutions or lending organizations like CredPal for using their card. Credit card interest varies from the rates for purchases to the rates for cash loans. Here’s CredPal’s interest rate.

4. Paying late is costly

You are required to pay back the money you spend on your credit card after your billing cycle which is mostly your salary date. Paying late can attract fees and can affect your credit score. You can avoid this by automatically setting your repayment from your bank account or set a reminder that can prompt you to pay when due.

5. Make sure you’ve not applied for different credit cards before

Switching between different credit cards can affect your credit score which might stop other lending organizations from giving you a credit card because your account has probably been refused by other organizations which would reflect on your credit score.

6. Use your card responsibly

One of the benefits of using your credit card responsibly is that you are covered by unnecessary fees that you may incur on your card when you don’t make timely repayments.

Credit Card Education – Below are tips that can guide you to using your card responsibly

Make your repayment on time at the end of the month. By doing so, you assure your lender that you have enough to pay back and this can increase your credit limit and increase your credit score.
Make your repayment in full at the end of the month: Do not abuse the purpose of a credit card. By abusing it, you extend it to a long-term loan rather than a short-term loan that it was built for. And you will be charged for late repayment.
Try not to max out your credit card: This is just good practice. helps you to control how you spend with your credit card so that you can pay back when you have to. If you max out your credit card you might find it hard to make your repayment and that might incur charges and might lead to debt.
Never put anything on a credit card that you won’t be able to pay in full when the bill arrives.

7. Read your credit card terms and conditions

Many run away from reading terms and conditions because they feel it is too long and by running away, they miss out on the important messages. It is essential not to skip these terms to be on the safer side and make sure the terms and conditions suit you.

8. You get rewards for using a CredPal card

With a CredPal credit card, you get rewards with money or points that you can use to buy anything from a frozen turkey to a flight to Turkey. As your credit card performance and income improve, your credit limit may be reviewed for an increase. That means you have more funds at your disposal.

Credit card education is very essential before owning a credit card. Running into debt is not the goal for owning a credit card, the goal is to help meet your needs at the time you need them. Get familiar with these terms and make your repayment early so you can have a great credit score.

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What is a Credit Card?

CredPal — Wed, 04 Aug 2021 17:29:25 +0000

A credit card is a card that allows you to borrow money from a lender. The “money” borrowed is known as the card’s credit limit.

You can use the card to make basic transactions like paying for food, gym membership, hair appointment, shopping for groceries or clothing, online purchases, and several other everyday expenses you may have.

Credit cards have been in existence since 1920 and fast-forward to 2021, they are still being used by low, middle, and high-income earners in different parts of the world.

Credit cards are issued by both financial and lending organizations, one of such organizations is CredPal.

CredPal is a financial technology company that offers credit cards and loans to individuals and businesses. These credit cards can be used to take care of our everyday needs and small purchases. Then, on a specific date (referred to as a billing date), you pay back whatever you have spent on your credit card to the organization.

Credit card vs. Debit card

Some individuals confuse a debit card with a credit card. Let’s break it down for you.

CREDIT CARD

A credit card is a small plastic card that allows you to borrow funds to make payments at the point of purchase. You are able to purchase items without cash or cheques and also withdraw cash from ATMs. A credit card gives you safe, convenient, and instant access to funds. In this case, CredPal provides the funds.

Individuals and business owners have access to CredPal credit cards as long as they have a stable means of income that can enable them to pay back when due.

DEBIT CARD

A debit card is also a plastic card that allows you to spend money by drawing on funds you have deposited at the bank. When a debit card is used, the funds are deducted from your account, unlike a credit card.

Credit card funds come from the lender while debit card funds come from the money already deposited into your account by you.

How to apply for a CredPal credit card

Applying to get a CredPal credit card is one of the things that are easier than ABC, all you have to do is download the CredPal app on android or iOS, then register by providing the required information which you can find here.

After the successful completion of your application, your profile will be verified and a credit limit will be given to you.

How does the CredPal Credit Card work?

You don’t have to worry about putting money on the card like you would on a debit card, CredPal provides you with the money you spend. CredPal credit card also helps you get rewards for spending money, unlike your debit card.

This helps you to have a backup whenever you run out of money. You get the things you need without waiting till a later time when they may be more expensive (you know how the dollar rate fluctuates) or the need may not even be as urgent.

What is CredPal’s interest rate?

CredPal has three credit card pricing plans which are the standard plan which gives its users an 8% monthly interest rate, the premium plan at 5%, and the prestige plan at a 2.5% monthly interest rate.

Credit card terms you should know

Now that you are in, let us help you get familiar with some CredPal credit card terms you should know.

1. Credit Limit:

The maximum amount of money you have on your credit card which you can use at any time.

2. Card Balance:

This is the total amount you have used on your card that is pending repayment.

3. Repayment Date:

The repayment date is when you are expected to pay the balance you owe.

4. Billing Date:

This is the date when a statement is generated and sent to you. This is always 2 days before your repayment is due.

5. Billing Cycle:

This is the length of time between the last billing date and the current billing date. At the end of every billing cycle, you will need to repay your balance so that your card can be automatically funded again for you to use.

6. Credit Card Statement:

A summary of all transactions carried out on customers’ accounts in one billing cycle. Transactions include debit transactions and credit (customer repayments). Statements are only generated on the billing date.

7. Balance transfer:

The process of moving part of your balance from your credit limit to the bank account you used in signing up on CredPal. This makes it easy for you to spend from your personal account if you don’t want to make the payment from the CredPal app.

Credit cards can be wonderful financial tools that offer some great benefits for those who use them to their advantage. If you have the discipline to pay off your balance each month.

Now that you know about credit cards, get started with CredPal here.

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