credit card vs debit card

Everyone loves a stress-free life. A life where you do not have to constantly look over your shoulder. I bet those days when we had to carry large sums of money around and risk getting robbed were no fun. The feeling of having money on you without actually having money on you is priceless and we have cards to thank for that.

A card can be a debit, credit, or prepaid card but for the purpose of this article, we will focus on debit and credit cards, and having either of them boils down to choice and lifestyle.

Let us look distinctively at both of them using UBA cards as a benchmark.

What is a Credit Card

A credit card is a card issued to you by your bank or any authorised issuer that allows you to borrow money from them up to a certain limit with the agreement that you will pay back with interest. This limit is determined by your income and credit history. UBA’s credit card opens you to a world of endless possibilities.

Benefits of Using a UBA Credit Card

Apart from the fact that it is safe, secure, and convenient, below are other benefits of owning and using a UBA credit card

  • You get to enjoy an interest-free credit on POS/Web transactions when you repay within 45 days.
  • You can access up to N3 million credit limit. 
  • The repayment is flexible with the option of paying as low as 10% monthly.
  • You get amazing discounts at partner Restaurants & Hotels, Lounge access, etc. across the world.
  • You can withdraw cash from ATMs and make payments locally and internationally.
  • You can make online bill payments, hotel reservations, car rental services, and online shopping.
  • Helps you build credit.
  • Fraud protection.

How to Apply for a Credit Card

If you meet the listed requirements below, just visit any of our branches closest to you and you will be well on your way to having a credit card. 

  • Duly completed credit card application form
  • 2 Credit Bureau Checks
  • Copy of valid identification (International passport, driver’s licence, National ID, or voter’s card) 
  • Staff ID, Letter of awareness from your company, and six months staff account statement (for salary earners). 

What is a Debit Card?

A debit card is a payment card that is tied directly to your bank account. Unlike a credit card that is a loan, money is deducted from your bank account when you make use of your debit card.  UBA has a variety of debit cards that suits your lifestyle.

Benefits of Using a UBA Debit Card

Here are some of the numerous benefits of using your UBA debit card.

  • Zero card loss liability.
  • There’s little to no charge when you use a debit card.
  • Helps avoid debt accumulation 
  • You can track your spending using any of UBA’s digital channels
  • You can get amazing discounts with your UBA debit card. 
  • Purchase protection 
  • Fraud protection insurance

How to Apply for a Debit Card

With active savings or current account, you can request a debit card. Just complete and sign the Debit Card Application Form at any UBA branch close to you. The process is fast and seamless.

You can also request a debit card using the Self-service Card Dispense Kiosk at designated branches.

Features: Credit Card Vs Debit Card

UBA Credit Card UBA Debit Card 
Borrowed funds from your bankDeducted funds from your account. 
There’s a credit limitThere’s a spending limit
It requires a good credit rating and history.It requires a Personal Identification Number (PIN) for all ATM and POS transactions.  
Rewards and bonusesRewards and bonuses are often carded specific
It expires within 3 yearsIt expires within 3 years.

You can transfer money instantly from your account to other accounts in UBA or other banks in Nigeria with a debit card.

Read Also: 7 Reasons You Need a Prepaid Card