Product Highlight - The MasterCard



The Mastercard Debit Card From Nigerian Banks - Flexibility For the Global Citizen

By Acceler8now.com Investment Education Team
6th September, 2007

To say that MasterCard has come a long was is perhaps an understatement. A product that has been in the market for some four or so decades and has gained worldwide usage is clearly one that has made a mark. From the stable of MasterCard Worldwide, a New York, United States based NYSE-listed company, Mastercard is currently issued by many financial institutions across the globe. It has also established itself as one of the most-widely accepted international payment cards. However, the international success of Mastercard is not exactly what this article is about. The big story here is about the presence of major payment instrument now in the Nigerian financial market. With Visa, Mastercard has now opened new international payment opportunities that offer new transaction vistas to Nigerians. For one, the wide breath of transaction opportunities via the internet has now been largely thrown open, truly easing the burden of online payments. Simply put, one platform to be global citizens has just been provided.

What Your MasterCard Can Do
Having the MasterCard immediately puts you in a position to make payments at millions of physical locations worldwide, including stores, restaurants, hotels, airlines, car rental agencies, petrol stations, etc. That simply means a lot of payment flexibility, especially when on international business or pleasure tours. Having a card that permits you to pay for goods and services "just like that" is certainly one way to take tonnes of hassles off one's life.

Additionally, the better part of the global mall presented by the internet is put right in your hands. Granted that there is the concern over unbridled spending that can result from access to all the good stuff right from your desktop, it's still a good thing to have access and make the choices. Today, you can smoothly pay for a lot of important online services or goods that can enhance the quality of your life, simply using your MasterCard. Would you have been better off without this global access?

The MasterCard can also be used on hundreds of thousands of ATMs at locations worldwide. That is more funding ease to make your travel experience more result-oriented. You focus on the objective of your trip, MasterCard handles much of the payment issues.

Card Options in Nigeria
Globally, MasterCard issues both debit and credit cards. Debit cards are prepaid cards that only permit the use of funds in your MasterCard account. Credit cards allow you to pay for products and services at accepting locations (millions worldwide) and be billed later, usually once monthly. The Standard MasterCard, Gold MasterCard and Platinum MasterCard categories provide different limits and purchasing power enablement, allowing subscribers to choose. And for business, a range of commercial cards with diverse corporate apllications are provided. Well, all that is, talking globally. In Nigeria, you must make do with a debit, prepaid card, which is what the banks currently offer. You can only use money you have. So, you fund your MasterCard account and that get's you ready to put the card to work. But it's all good, because, this is clearly a big step forward. Getting to use the credit cards will only be in a matter of time.

Ensuring Safe Use
Safety of use is highly important in electronic payment systems and MasterCard seems not to take this lightly. Apart from its in-build control systems, user-end protective guideline are provided. Users are, for instance, required to observe some rules that can be summarised as follows:

  • Sign new cards as soon as received. Cards are signed in the space provided on the reverse of the card, using the cardholder's signature.
  • To keep the card number and PIN strictly private and confidential, inaccessible to other parties. A good way to help with this is by memorising the PIN, rather than carrying it with you in a record.
  • To destroy and properly dispose of receipts, air tickets and other such materials that get to display your card number or details. This should really apply to all your cards, including Naira ATM cards.
  • Verify companies you deal with whether online or offline and be sure they are geniune, reputable companies..
  • To be sure you feel comfortable with any party before a transaction with it using your card; your card information and financial details should only be used in the course of a real transaction, not to meet an enquiry.
  • To be careful to receive a card you requested for.
  • To watch out for any fraudulent transaction on your account through careful scrutiny and to report problems promptly.

Going for a Card?
If you think you have need for a global payment card that can be used online (internet transactions) and offline (in merchant outlets worldwide), a MasterCard is definitely a good option. MasterCard is a tested issuer and one that currently commands extensive acceptance. Besides, it's one of only two that are currently available in the Nigerian market. But how do you get a card in Nigeria and what are the requirements? The first part: the banks are the right source and a good number of them currently issue MasterCard. Find those that do. As to requirements, it's generally as simple as requesting a card. That's if you already have a domiciliary (foreign currency) account with the bank. Otherwise, they will require you to open one and fund it. Opening a dom account is as easy as opening a Naira current account, so don't panic over that. Required initial funding will vary between banks, some requiring US$100, others more. The money you lodge in your domiciliary account will be transferred to your card as and when you request. With that, you are set to operate.

So, be a global citizen, buy and pay anywhere in the world! Your MasterCard assures that.

<>PS. Our Product Highlights deal with products that provide good value to enhance good living.<>





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