Economy
Things You Need to Know Before Applying for your First Kredittkort (Credit Card)
Deciding to get a credit card or Kredittkort as it is called in Norwegian is a big financial decision. Hence, it isn’t something that you should do without having ample knowledge about these financial items.
Therefore, in this article, we will share with you some important things you need to know to enable you to get the beste kredittkort (best credit card) that is just right for you.
Let’s get started…
1. As a beginner you might not get the beste kredittkort
You shouldn’t expect to get the beste kredittkort that offers rich benefits, long periods of 0% interest, or great sign-up bonuses. Such products are only given to applicants who have acquired at least a credit score of 690 upward as well as those with a very long credit history with a certain required income level.
In most cases, when you go for your first card, what you will get is a low product that is designed for folks that have no or a low credit score. While this might sound disappointing, such products tend to provide great rewards, and annual fees aren’t charged.
2. You could build or ruin your credit with your first kredittkort
Apart from the fact that getting one of these products allows you to make everyday purchases, a not too well-known reason for getting one is that it is a great way to improve your credit. Interestingly, you could end up ruining it if you don’t exercise caution.
Once you pick up plastic money, your kredittkort activity will be reported to credit bureaus. In the report, it will be stated if you paid your money on time as well as the credit you made use of so far.
Therefore, to ensure that your activity keeps you in good graces, do not max out your plastic. Always ensure that you make full payments and make them on time. You should also keep below the limit of your credit; about less than 30% is the recommended percentage.
Monitoring your kreditt (credit) scores will help you know your standing. Hence, you can easily make adjustments if you discover that you are moving towards the wrong side of the credit line.
3. Making a security deposit helps in obtaining a kredittkort
Sometimes first-timers can find it difficult to get their credit cards because they don’t have any credit. To hack this problem, you can opt for a secured kredittkort. These plastics are specially made for folks who have no kreditt or have damaged their existing kreditt.
All you need to do is make a cash deposit, then your deposit becomes your credit limit. The deposit amount is dependent on the type of plastic you want to get. However, the minimum amount range that you can deposit is $200 to $500. You could choose to deposit above that range if you want your credit to be higher.
You still need to be careful though as you could lose your deposit if you fail on your payments. But if your payments are always on time and you don’t spend your entire card’s credit but remain the percentage we mentioned earlier, you will be able to build up your kreditt within some months.
When that happens, your issuer can choose to upgrade your account and issue you an unsecured card. Alternatively, when you notice that you’ve been able to build good credit, you can apply for one yourself. Then you can then have the secured card closed. Whichever happens, you will get your initial deposit back.
4. You can avoid kredittkort fees
This is something not many know about; however, you can avoid these fees if you don’t have existing credit. This is because a lot of beginner cards are free from annual charges. Hence, that is one fee you don’t have to worry about.
Furthermore, you don’t need to bother about late fees if you make your payments on time. If you won’t be using plastic in a foreign country, then foreign transaction fees wouldn’t be a bother either. Cash advances and balance transfers fees can be avoided if you don’t carry out these transactions.
Although over-limit fees are practically extinct, you shouldn’t go over your kreditt limit as a result. You can be protected from over-limit fees if you don’t choose the protection for over-limit. This protection allows your charges to be covered by your issuer when you are over your limit. Moreover, if you spend below your limit, you don’t have to worry about this fee even if you opt for the protection.
5. You can avoid interests
That sounds like the single most absurd statement as far as credit for most folks is concerned. However, it is entirely true. What is the trick? Well, all you need to do is make sure that the bill on your plastic for every month is paid in full. Once you do, you activate the grace period.
The grace period prevents the accruement of interests on new buys. This lasts until your next payment date. Once the next date is due again, simply pay the full bill again and keep the cycle flowing.
Interest is accrued on new buys immediately once you fail to complete full payment of your bill. This is apart from the interest you pay on the existing balance from the previous month.
6. The fees and rates can be known before you apply
Issuers are mandated by federal law to reveal some terms which include fees and rates to potential customers before they apply. You can find these fees and rates in a Schumer box on the issuer’s online application page or an enclosed slip in paper applications.
Some of the contents included in the Schumer box are the card’s annual fees, the APR, foreign transaction fees, late fees, etc. Visit https://bettermoneyhabits.bankofamerica.com/en/credit/what-is-apr to learn more about APRs
While these will be revealed to you before you apply, other information will be disclosed after you have applied and have been approved. One of such is your kreditt limit.
7. You are allowed to pay above the minimum
Many have fallen into this “trap” innocently because of the minimum payment due that is usually displayed on kredittkort statements. Hence, many have come to think that just paying less is something that can and should be done rather than paying more. Nevertheless, if you choose to pay less, then you will end up paying a lot more later.
Paying the minimum simply means that the interest, fees (if there’s any), and a bit of the balance of the last month are covered. Hence, making such a payment means you haven’t upset your credit. Therefore, if you continue in this pattern, it could indeed negatively affect your credit.
8. Handling kredittkort fraud is quite easy
Compared to debit cards, handling frauds on kredittkort is much easier thanks to the protection these plastics offer. Allow us to explain…
If your card gets used by crooks, you don’t have to worry much about it because it is not your money in the actual sense but that of the credit card company. Hence, you can resolve the issue almost immediately.
Also, thanks to federal law, the low liability policies of most issues protect you from having to pay for card purchases that weren’t done by you.
Furthermore, you can easily get a replacement plastic by simply informing your issuer about the fraud. When you do this, they are obligated to cancel that compromised card and send you another one that has a new number. Hence, the fraudsters will not be able to use the old one.
9. Paying late is costly
When you make late payments, it will affect you in the following ways:
- You will be charged late fees.
- You might be charged penalty APRs.
iii. Your kreditt will be affected especially if it is 30 days late or more.
Conclusion
In the article above, we’ve shared with you the important things you need to know before getting a credit card. With this information, you can walk to any issuer and get the very best.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, says Nigeria has continued to maintain crude oil production within its Organisation of the Petroleum Exporting Countries (OPEC) quota while simultaneously expanding its production capacity.
Mr Lokpobiri disclosed this after participating as head of the Nigerian delegation at the 41st OPEC and non-OPEC Ministerial Meeting, the 66th Joint Ministerial Monitoring Committee (JMMC) meeting, and the 193rd OPEC Conference.
According to the minister, participating countries reaffirmed existing crude oil production levels under the Declaration of Cooperation (DoC) framework, which will remain in force until December 31, 2026, as agreed at the 38th OPEC and non-OPEC Ministerial Meeting.
According to a statement on his official X handle, the meetings focused on sustaining market stability, transparency and long-term growth in the global energy industry.
“During these engagements, we reaffirmed the overall crude oil production levels for OPEC and non-OPEC Participating Countries under the Declaration of Cooperation (DoC), as agreed at the 38th OPEC and non-OPEC Ministerial Meeting, with the framework remaining in place until 31 December 2026,” Mr Lokpobiri stated.
The minister noted that member countries also reviewed progress on the Maximum Sustainable Capacity (MSC) assessment, which will serve as the benchmark for determining future production baselines from 2027.
“We also noted the importance of completing the Maximum Sustainable Capacity (MSC) assessment for all DoC countries, which will serve as the reference point for determining production baselines from 2027,” he said.
Mr Lokpobiri explained that the discussions underscored the collective commitment of oil-producing nations to maintaining a balanced market while ensuring sustainable long-term investments in the energy sector.
“These deliberations reflect our shared commitment to ensuring market stability, transparency, and long-term sustainability within the global energy sector,” he added.
For Nigeria, however, the minister said the more significant development was the country’s ability to comply with its OPEC obligations while strengthening production capabilities through ongoing reforms and investment inflows.
“For Nigeria, it is particularly noteworthy that we have consistently maintained production within our OPEC quota while simultaneously strengthening our capacity to produce more,” he stated.
He said the strategy places Nigeria in a stronger position to respond to future increases in demand without compromising market stability or national economic objectives.
“This balanced approach positions us to respond effectively to future opportunities while safeguarding the best economic interests of our people and supporting national development objectives,” Mr Lokpobiri said.
Nigeria’s crypto regulatory environment keeps shifting. Traders looking for the best crypto derivatives exchange in Nigeria are still figuring out how to navigate evolving frameworks while accessing global derivatives platforms — and the choice comes down to a handful of practical concerns: how painful is onboarding, what contracts are available, how high does leverage go, what do fees actually look like at your volume tier, and can you practice before putting real money at risk?
Choosing a Crypto Derivatives Exchange in Nigeria
A crypto derivatives exchange in Nigeria gives traders access to perpetual futures — instruments that let you speculate on price movements with leverage without holding the underlying asset. Perpetual futures don’t expire and rely on funding rate mechanisms to keep prices anchored to spot. Margin can be denominated in USDT, USDC, or the base coin.
Several factors carry extra weight for traders based in Nigeria. KYC processes can drag on or hit dead ends depending on your region, so low-barrier onboarding matters a lot. Fiat on-ramp variety, competitive fees, demo environments for learning leverage mechanics, and transparent reserve data — these are what separate serious platforms from thin wrappers. BYDFi Nigeria— the regional arm of a global exchange founded in 2020 that has been operating for over 6 years — addresses several of these needs in ways worth examining.
Six Years Running, Plus a Premier League Deal
The exchange launched in 2020 and now serves more than 1,000,000 registered users across 190+ countries and regions. Six years of continuous operation gives it a track record that newer platforms simply can’t replicate.
One credibility signal that lands particularly well in Nigeria: BYDFi became the Official Crypto Exchange Partner of Premier League club Newcastle United through a multi-year deal announced in August 2025. The Premier League has enormous Nigerian viewership, so the partnership signals brand visibility and commercial commitment. The platform is registered as a Money Services Business with FinCEN in the U.S. and holds membership in South Korea’s CODE VASP Alliance.
How Nigeria’s Regulatory Reality Shapes Platform Choice
Banking restrictions and verification bottlenecks have historically been the biggest headache for Nigerian crypto traders. For anyone evaluating a crypto derivatives exchange in Nigeria, the onboarding experience matters enormously. The exchange’s approach here is notable: users can sign up with just an email address and start trading without immediate identity verification, subject to tier-based limits.
That low-friction entry is a genuine practical edge. Optional KYC unlocks higher withdrawal limits and features like P2P trading, so anyone planning to move significant capital can verify at their own pace.
Perpetual Futures, Copy Trading, and Leverage Tools
Nigeria’s derivatives trading community has grown fast, fueled by traders who want leveraged exposure to BTC, ETH, and altcoins without the capital demands of spot accumulation. Contract infrastructure matters enormously here.
In December 2024, the platform upgraded its perpetuals system with three features experienced derivatives traders will recognise as significant: opening new positions without unrealized profits, bi-directional long/short hedging, and shared funds in full-margin mode to reduce liquidation risk. The hedging capability — holding simultaneous long and short positions on the same contract — is a tool commonly used during volatile sessions to manage directional exposure without closing positions.
Fees sit at maker 0.02% / taker 0.06% at the base VIP 0 tier. A 7-tier VIP program (VIP 0–6) offers up to 60% futures fee discount based on 30-day trading volume or asset balance.
| Feature | Details |
| Contract types | USDT-M, USDC-M, COIN-M perpetual futures |
| Leverage range | 1x – 200x |
| Base fees (VIP 0) | Maker 0.02% / Taker 0.06% |
| Max fee discount | Up to 60% (VIP 6) |
| Hedging | Bi-directional long/short on same contract |
| Copy Trading | Live since Jan 2025; starts at $10 |
Copy Trading went live in January 2025, followed by Perpetual Smart Copy Trading in August 2025. Users can automatically follow professional traders with proportional order sizing and isolated positions. Entry starts at just $10, with flexible margin options and multi-asset contract support. On the automation side, the platform offers four trading bots — Spot DCA, Spot Grid, Futures Grid, and Spot Martingale — plus a Bot Marketplace for community-created strategies.
Demo Trading: Learning Leverage at Zero Cost
Probably the most underappreciated feature for anyone entering the derivatives space. Setting up BYDFi’s demo trading account takes under two minutes. It comes preloaded with 50,000 USDT and mirrors real market conditions, supporting both USDT-M and COIN-M perpetual contracts.
For Nigerian traders new to futures, it’s a practical way to understand how margin calls and liquidation actually work before converting naira into risk capital. Not a luxury — a necessity. Any crypto derivatives exchange in Nigeria worth considering should offer this kind of risk-free practice environment.
What to Watch Going Forward
Nigeria’s crypto regulatory picture is still developing, and how global exchanges adapt to local compliance requirements will determine which platforms remain accessible. The tiered access model works today, but the broader industry trajectory points toward tighter verification standards.
The more concrete metric to track: whether the platform keeps expanding its contract types and risk-management tools.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
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