FAQ ON THE SKYECARD CREDIT SCHEME |
| Q. What is Skyecard CREDIT? |
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? |
- To free individuals from financial handicap.
- To enhance the purchasing power and improve the lifestyle of the average Nigerian.
- To Reward credit worthy & honest Nigerians to achieve personal and professional aspirations.
- To empower the creative talent of our customers.
- To stimulate economic activity through consumer spending.
- To demonstrate Skye Bank’s support for the consumer market.
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Q. How does a Credit card differ from a Debit Card? |
| A. A credit card is a payment card that is loaded with a credit facility amount i.e. credit limit while a debit card is a payment card that is linked to a
cardholder’s existing savings or current account. |
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:
- Complete the application form
- Submit the form along with the required document
- Pick up the Card, activate and use
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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.
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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? |
| A. Monthly credit card statement along with sms/email notifications will
provide you with information on transactions performed, outstanding
balance, fees & charges applicable on your card. It will also specify the
minimum monthly repayment amount along with associated fees & charges
payable by the specified payment due date. While you retain the option of
full pay back, it is mandatory that you pay back no less than the minimum
monthly repayment amount along with fees & charges payable. If we do
not receive any payment from you on or before the payment due date, we
shall apply late payment fees on the outstanding balance in addition to the
interest and other applicable charges. Non payment would also be treated
as a default and recovery efforts would commence. |
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. |
| CLOSE SECTION |