All You Need to Know About O3 Credit Cards
Recently, there has been a shoot of activities around O3 Cards that have necessitated the writing of this article.
O3 Cards is a service rendered by O3 Capital Nigeria Limited. The “O” is an alphabet, not the number zero “0” as mostly mistaken.
It is right to say they are a credit card company in Nigeria offering different variants of credit cards to interested members of the public who may need it. With an upsurge of mobile apps offering short-term loans in the Nigerian financial market, O3 Capital issues credit card loans with Verve as the processing network.
O3 Cards aren’t too distinct from other credit cards. Physically, it is a rectangular piece of plastic with a magnetic strip behind it. Just like the regular ATM card, it carries an account number and the name of the owner imprinted on its face. By using these cards, users are offered money instead of their own to pay for a product or service, and over time, they have to repay.
Credit cards are seen as the most divisive products among the many financial tools available, perhaps, because it makes it easier to spend money. Studies in the West have even shown that people are more likely to complete a purchase when they can pay with a credit card than with cash.
This is anchored on the premise that cash seems scarcer, so people tend to conserve it. This psychological barrier does not exist when it comes to credit cards.
With this in mind, it means with O3 Cards, one can enjoy enough access to money and even spend more money than they presently have. With either a Classic, Platinum, or Prestige card from O3 Capital with a credit limit from ₦100,000 to ₦1,500,000, it becomes very easy. What’s best? They don’t check your bank account before approving any purchase you make. All that is done is to make sure the user is qualified.
Like many financial tools, the credit cards from O3 Capital are not for everyone. Generally, the card is only given to individuals between the ages of 21–55 years who are resident in Nigeria, and specifically to just salaried individuals who earn a minimum gross monthly salary of ₦200,000 or entrepreneurs that have a 6 month average turnover of ₦200,000.
It is important to know that these are mere restrictions not discriminations against anyone, because being financial tools, it can be dangerous when in the wrong hands.
But why is it important to own a credit card from O3 Capital?
● It’s easy to carry and easy to use. Their credit cards are accepted at all Verve receiving points nationwide.
● You can buy now and pay later. If you don’t have the cash you need until your next payday, or for a major purchase, O3 Card gives you financial freedom.
● You don’t have to deposit any security, nor is collateral required. O3 Cards gives you access to credit without having to make any equity contribution or pledge any property as collateral.
● All cards issued by O3 Capital have a nationwide acceptance, operate with no cutbacks from any bank account.
Applying to get a credit card in Nigeria from O3 Cards is very easy. You just have to visit www.o3cards.com and apply for your preferred card. Your card gets delivered to you by courier at the address provided under 72 hours.
Aside from this credit facility, O3 Capital is also into fund management. With their fixed-income investment, investors deposit money and at maturity, they are repaid the principal amount they had invested with interest accrued.
Investors who want to key into their fixed-income savings can place funds under a fixed term (3–12 months) with the option to roll-over at maturity at highly competitive interest rates.
