Pros

Cons

Convenience: The ease of having access to funds when needed is the main advantage of using credit cards

Fraud: The Nigerian internet and FinTech space are still susceptible to fraudulent activities, and the credit card holder might need to take extra care in handling his card and protecting himself from fraud.

Credit Rating: Keeps credit history and builds credit ratings for other financial transactions.

High-Interest rates: This is the major disadvantage of credit cards all over the world. The rates may prove to be a burden and can run non-vigilant users into debt.

Rewards: Some credit card issuers offer rewards and points for using the card. This incentive can also be attractive.

Different fees and rates: From the cash advance fees, the annual fees and others, the credit card may be doing more harm than good for some users.

Safety: Carrying a credit card for purchases is safer and more comfortable than carrying cash.

Overspending: The knowledge and thought of readily accessible cash can push some users into debt as they may not exercise the necessary self-control and discipline.

Internet Purchases: Credit cards allow Nigerians to be a part of the global market as the cards will enable them to purchase and pay for products and services they might not be able to get here in Nigeria.