FAQ ON THE SKYECARD CREDIT SCHEME

A. The Skyecard CREDIT is a payment card that offers clean credit line to meet  the credit needs of the cardholder.

Q.     What is Clean Credit?

A. Credit or Loan that is given to a customer without need for the customer to provide collateral or security

Q.     What are the objectives of the product?

1. To free individuals from financial handicap.
2. To enhance the purchasing power and improve the lifestyle of the average Nigerian.
3. To Reward credit worthy & honest Nigerians to achieve personal and professional aspirations.
4. To empower the creative talent of our customers.
5. To stimulate economic activity through consumer spending.
6. To demonstrate Skye Bank’s support for the consumer market.

Q.     How does a Credit card differ from a Debit Card?

Q.     Do I require collateral/ security?

A.    No.

Q.     Who can apply for a Skyecard CREDIT?   

A.    Any Individual that is 18years and above with traceable source(s) of income e.g. salary earners and non salary earners such as entrepreneurs, professionals, businessmen and women, artisans, traders and their dependants.

Q.     How do I apply for a Skyecard CREDIT

Take 3 simple Steps:

1. Complete the application form
2. Submit the form along with the required document
3. Pick up the Card, activate and use

Q.     What are the minimum and maximum credit limits obtainable on the card?

A.     Minimum Credit Limit of   N11,000 and Maximum Credit Limit of N1,000,000

Q.     When does my card expire?

A.      Card expiry is usually 2 years from date of issuance. Expiry date is clearly indicated on the face of each card.

Q.     How secure is my card?

A.      Your card has a Personal Identification Number (PIN) that should be known to only you. The PIN is used to access your credit limit via the credit card.

Q.     What is a PIN?   

A.      PIN represents Personal Identification Number. It is a 4-digit code that allows you to access the funds on your card via a Point of Sale terminal,   ATM, etc. You must always keep your PIN secret and never reveal it to anyone, not even to staff of the bank.   

Q.     When will I receive my PIN?

A.     You will receive your PIN when your credit card is ready.

Q.     Are there restrictions to what I can purchase with the card?

A.      NO. You can purchase any item of your choice with the card.

Q.     Can I use the card to withdraw cash?

A.      YES, from any Skye Bank ATM. You can also withdraw cash from 3rd party ATMs, anywhere you see the InterSwitch logo/sign. Some PoS Terminals at shops also provide cash. Locations are nation-wide.

Q.     How do I know where my card is accepted?

A.       Your card is accepted at all Skye Bank branches as well as everywhere you see the InterSwitch logo/sign.

Q.     I have been declined a credit facility before. Does this mean Skye Bank will automatically decline my request for the Skyecard CREDIT? 

A.       No. Your application will be treated on its own merits. Skye Bank will take all the information you provide on your application form into consideration and a decision will be made based on the results of Our credit reference checks.

Q.     What should I put in the income box?

A.        You should enter the total annual pay. If you are self-employed, retired or a housewife, please add-up all the pension, benefits and income you would receive in one year and enter this as your income. You will be required to provide evidence of each of these incomes

Q.     What should I put in the 'Occupation' box? 

A.        If you are employed, please enter your job title for example 'Banking' or  'Sales Executive'. If you are self-employed please indicate so and also state your line of business.

Q.     What must I do to obtain a Classic or Premium Card?     

A.       There are two classes of cards offered by the bank – Classic and Premium. The class of card offered to each cardholder is determined by   their level of income along with some other qualitative factors. More classes of the Credit would be introduced in due course. Increase in your income increases your chances of getting a higher credit limit and card class.

Q.     How much am I required to pay back in a month?

Q.     What interest will I pay?

A.      If you fully pay back the outstanding balance on your card by the specified payment date, no interest charge will apply on your account. This is however, applicable to only Premium class. For, Classic cardholders, interest charges start running from the day of draw down.

Q.     What payments will I have to make?     

A.     You have to make at least the minimum repayment of your outstanding balance every month plus ATM/POS transaction fees. Interest and Service fee are charged on the amount outstanding on your card after the payment
due date. You will also incur late payment penalty fees where payment is received late i.e. after the payment due date.

Q.     How best can I derive maximum value from my Skyecard CREDIT?

A.      If you fully pay back the utilized amount plus fees and charges on or before the payment due date (15th of every month), you will incur Zero interest on your purchases. This interest free period could be up to 45 days depending on the purchase date.  

Q.     Can I pay back more than the minimum monthly repayment of the utilized Amount plus transaction fees in my statement of account?         

A.     Yes, you can pay back as much of your outstanding balance as you wish at any time. However, you must pay the minimum monthly repayment plus fees & charges on or before the payment due date i.e 15th of every month. You can also choose to repay the total utilized amount plus transaction fees on or before the payment due date and enjoy an interest free period of up to 45 days on Purchases i.e. you pay no interest on your purchases.

Q.     How do I contact Skye Bank?        

A.     Please call Skye Bank on Call centre number 01-2705850

Q.     What happens if my Skyecard CREDIT is lost, missing or stolen?

A.    In the event of a missing or stolen card, call Skye Bank immediately via our 12 x 7 Customer Care line 01-2705850 to temporarily block your account. In the case of a stolen card, you are required to write the bank formally to
report the loss via your branch. A replacement card would be provided to you. Charges may apply. Additional contact details of the bank and its branches are available on the bank’s website at www.skyebankng.com. To ease reporting, we recommend that you make a list of your credit card number and store it in a safe place. Please do not write down your PIN.

Q.     What are the Terms and Conditions?        

A.   The Terms and Conditions state the agreement between you and Skye Bank Nigeria Plc relating to the use of your card. It is important that you read and understand the Terms and Conditions before applying for or using the card.

Q.     What is the Complaint’s procedure?

A.   If you have reservations with a transaction on your card or any other queries, please call our Customer Care line on 01-2705850

Q.     Can I use my card to make payments on the Internet?

A.   Yes, at any website where you see the InterSwitch logo.

Q.     How do I use my card to pay for goods and services?

A.   Instead of paying with cash, you simply insert/swipe the card on a Point of Sale (PoS) Terminal. The shop/sales assistant will assist you with this process. You will be required to enter your PIN. Please make sure that you do this discretely and that your PIN is not disclosed/revealed to anyone while you enter it. and will give you a receipt which you need to sign.

Q.     What is my credit limit?

A.   This credit limit is determined by the bank and communicated to you at the point of picking up your card. You can spend up to your credit limit. The limit is determined based on Information you supplied on your application form. It is calculated at approximately 50% of your annual net income.

Q.     How much can I spend with my card?

A.   You can spend up to a pre-agreed level called your credit limit. This credit limit is determined by the bank and communicated to you at the point of picking up your card. Your credit limit is determined based on Information you supplied on your application form. It is calculated at approximately 50% of your annual net income.

Q.     How can I protect my card privacy and avoid misuse?

A.    Most credit card misuse can be traced directly to the family, friends or associates of cardholders. Therefore, keep your card securely. Never reveal your PIN to anyone, family or friend. The bank will never require you to reveal your PIN to its staff so never respond to such request. Some card misuse has been traced to merchant shop/sales assistants so always check your card when you get it back to ensure the merchant did not hand a wrong card to you in a hurry.

Q.     How can I find out information about my Skyecard CREDIT (such as changing my contact information or requesting for secondary cards (additional) for my dependants)?   

A.    To update any account-specific information, please contact your Branch Customer Service Manager. You may also contact our 12 x 7 Customer Care line on 01-2705850

Q.     Is there an age limit to the additional cardholder on my account?         

A.      All credit card holders must be 18 years and above. Please note that you are responsible for any spending on you account by the additional cardholder.

Q.     Where can I use my Skyecard CREDIT?  

A.     The card can be used on ATMs, PoS Terminals and on the Internet. It is accepted at all Skye Bank branches and anywhere you see the InterSwitch logo.

Q.     How do I keep track of my transactions on the credit card?

A.    You will receive a detailed statement of your card account every month. This will help you verify the purchases made by you and maintain usage records. Please provide your email address to ease distribution of the statement. SMS/email notifications are also available to provide you timely information on outstanding balance, fees & charges applicable on your card.

Q.     What does Skye Bank do in the event of a charge on my account   
         that I did not authorize?

A.     As soon as you notify us of any charge you did not authorize on your account, we will commence an investigation to determine how the transaction occurred. Possible places of compromise of your credit card account may be at a  merchant’s shop, an ATM or someone close to you who has obtained knowledge of your card and PIN details. As you may be liable for unauthorized transactions performed using your card, we strongly recommend that you keep your card in a safe place and that you never write down your PIN.

FAQ ON THE SKYECARD CREDIT SCHEME

A. CashCard offers what are known as "stored value" cards. Quite simply, that means that you store money and access it by using your card in all InterSwitch member banks’ ATMs or at POS to make purchases.

Q.     What name will be printed on the card?

A. There is no individual name printed on it.

Q.     Does your CashCard expire?

Q.     Are there any withdrawal limits?

Q.     Are there any loading limits?

A.    This depends on each scheme.

Q.     Who can apply for a Skye Bank CashCard?

A.    Anyone can apply regardless of his or her sex, income class, etc.

Q.     Are there different types of cards?

A. Yes and no. All cards function in basically the same way, but they can be put to a number of different uses. Your employer can use a Skye Bank CashCard as a more convenient and less costly way to pay you. You can send a card to someone as a gift. You can use a card to transfer money to relatives in other cities in Nigeria. Insurance company can use cards to pay claims. In short, the possible uses are virtually endless.

Q.     How secure is my money with Skye Bank CashCard?

A.     A CashCard is more secure than a bank card. Like a bank card, nobody can get at your cash without your Personal Identification Number (PIN). What's more, unlike a bank card, the maximum risk that you face is the amount of money stored on the card. With a normal bank card, someone who steals both your card and PIN may be able to clean out your entire bank account.

When it comes to the question of security, the term "stored value" may be a little misleading. The money is not actually stored on the card. It is stored on our secure computers and can only be accessed if you provide your PIN when you use your card at an ATM.

Your PIN is not stored anywhere on your card, not even on the magnetic stripe. The information on the stripe merely identifies you so that our systems can compare the PIN that you enter to the one that is stored in our secure computers. That way, a thief who steals your card cannot learn your PIN even with a magnetic card reader.
Because your PIN is so critical to the security of your card, it is important that you protect it. Be sure that nobody is looking over your shoulder when you enter your PIN. Even if you aren't aware of anyone watching you, it is still a good idea to shield the keys of the ATM with your other hand when you enter your PIN.

Q.     How is Skye Bank CashCard better than cash?

A.     There are lots of ways that CashCard beats cash. To name just two:
1. Skye Bank CashCard is more secure than cash. If cash is lost or stolen it is likely gone forever. If your CashCard is lost or stolen, it can be replaced. No one can get at your money unless they also have your PIN. (We recommend that you do not write down your PIN or, if you do write it down, never keep it in the same place as your card.)
2. You can safely send a Skye Bank CashCard in the mail. The post office and courier companies tell you not to use their services to send cash. You can easily send a CashCard to them in the mail. It is secure because no one can access the cash on the card unless they also have the PIN. (Never send a card and its PIN at the same time).

Q.     Is Skye Bank CashCard better than using cheque?

A.      1. Cash stored on a CashCard is available immediately. If you send a cheque as a gift or to transfer money to relatives "back home", the cheque sometimes goes through clearing. The wait can be particularly long when sending money out of the state. With a CashCard, you can tell the recipient the PIN over the phone as soon as the card arrives and he/she can use it immediately at an ATM.
2. CashCards can be refilled quickly and easily. When you use cheque to send gifts or transfer money, if you want to send another gift or transfer more cash to the same person, the recipient has to wait for the cheque to arrive and the bank to clear it. With a CashCard you just add more cash to the same card. The recipient then has immediate access to the cash -- the second and subsequent times, they don't even have to wait for the card to arrive.

Q.     How is CashCard better than using a bank card?

A.     1. CashCard can be used to send gifts or transfer money. Since an ordinary bank card and PIN give the holder access to your full bank account, they are not a good way to send a gift or transfer money to others. A CashCard gives a recipient access to only as much money as you add to the card -- not your whole bank account.
2. CashCards are more secure. Because a CashCard is not tied to your bank account, in the very worst case, if someone steals both your card and PIN, the most that the thief can get is the money that remains on your card. With a bank card, they may be able to drain your entire account.   

Q.     Where can I get a card?

A.     From any Skye Bank branch or our partner outlets.

Q.     Where can I use my card?

A.      At all channels and locations where you can use your regular Bank (Debit) Card.

Q.     How many cards may I register under my name?

A.      There are no restrictions for now.

Q.     Can I use my Skye Bank CashCard like a credit card before I add money to the card?

A.      No. A CashCard is what is known as a "stored value" card. This means that you must first add money to the card and then spend or withdraw that money from it. You cannot use the card to spend more than the amount of money that is stored on it.

Q.     Do I need a good credit record to get a card?

A.      No. Since you cannot spend more money than you have added to the card, the card issuer does not assume any risk and, therefore, is not concerned with your credit rating.

Q.     How do I add money to my card?

A.      You can transfer money to your card at the ATM, POS terminal, over the Internet, Mobile Phone or at a bank branch.

Q.     Can I transfer money from my CashCard to my bank account?

A.     Yes, but this function is not yet activated.

Q.     Is my money protected if my card is lost or stolen?

A.      Yes. Nobody can get at your money without your PIN. If your card is lost or stolen, it can be replaced once we verify that you are the authorized cardholder.

Q.     If I give a CashCard as a gift, can the recipient replace the card if it is lost or stolen card or do I have to do that?

Q.     What happens if I forget my Personal Identification Number (PIN)?

A.     Not right away. If you have lost or forgotten your PIN the issuer/switch can reset the PIN after you must shown enough proof as the owner. If you have made 3 or more attempts at an ATM the system will automatically lock your card and disable use for 24 hours.

You can go back to any ATM after the 24 hour lock down period and try again.

Q.     What happens if I lose my CashCard?

A.     If you lose your card, you can easily get a replacement and transfer the balance on the lost card to the new card.

Q.     I want to use a CashCard to transfer money to relatives in another city. Can I have a 2nd card, send the card to my relatives and simply transfer from card to card?

A.    Yes. Simply get two cards. One card for the other person. Then simply execute card to card transfers.  

Q.     Are there any transaction fees?         

A.    Yes. You can get the details at any of our branches or at www.mynigeriacashcard.com.

Q.     How much does it cost to get a Skye Bank CashCard?

A.    Usually. There is a fee associated with the card, but, depending on the purpose of the card, the Bank or Issuer may decide to absorb that cost as part of its service. For example, an employer that uses CashCard to pay its employees may cover the cost of the cards rather than passing the cost along to its employees.

Q.     Are there any limits to how much money I can store on my card?

A.    There are no limits to how much money you can keep in your CashCard account. But you are limited to how much you can withdraw. These limits are set by each Bank or ATM you use.

Q.     Is there someone who I can talk to if I am having a problem?

A.   Yes. Please call any of help lines: 01-7904215, 4733398, 2705850 or send a mail to echannels@skyebankng.com.

Q.     Why should I trust Skye Bank CashCard?

A.   The security of your money is of utmost importance at Skye Bank. We take great care to protect all cards issued by the Bank.

Q.     I used a CashCard to transfer money to relatives back home. When I want to send more money to them, can I add money to the same card or do I have to get a new card?

A.   Yes. You can simply add more money to the same card. They will then have instant access to the cash.