PayWithSpecta: Nigerians Can Now Get Digital Credit Card
PayWithSpecta, a digital credit card line for Nigerians, designed to ease pressure on individuals’ and households’ finances. Thanks to Sterling bank’s most beautiful innovative financial products –of course, one of its kinds around today.
Instead of carrying around microchips embedded cards that could get lost, your Specta-ID becomes your credit access alternative and this can be used anywhere for your credit purchases.
Imagine a bank offering not to charge you for credit purchases within the spending limit for 90 days? For unutilised spending limit, that’s what Sterling Bank is offering with PayWithSpecta!
Now, with this innovative financial product, you can access goods and services from online merchants or in-store using your Specta ID –the smartest, safest, and most convenient way to make purchases and pay in installments.
With this, Sterling Bank has created a unique approach to support the credit financing ecosystem, offering customers a digital spending limit that can be used to make purchases from merchants (in-store and online).
Invariably, with PayWithSpecta, you are allow to buy today and pay within specified period. Your ID is your digital cash.
Sterling Bank allows a portion of this digital credit to be converted to cash, allows you to make purchases from merchants yet to sign up for Pay with Specta or for your personal needs.
The good thing is, every customer could earn as independent marketers as you would also be rewarded for every merchant you refer to register.
How do you start using PayWithSpecta?
It is easy, first, you will have to sign up and get your spending limit. That limit is needed because human needs are numerous. You just have to have a scale of preference not to overspend your limit.
Don’t forget, it is credit card for Nigerians!
To get your spending limit, click “Sign Up” on the website where your basic information will be collected and send an OTP to the phone number attached to your BVN.
PayWithSpecta doesn’t stress customers, so there is no need to visit the banking hall for registration. Your smartphone or computer would do the magic.
After that, to complete the process, just login into your dashboard, click “Get your spending limit” and follow the 3 easy steps to get your limit instantly.
• Fill in your personal information
• Complete your bank information
• Provide your account information
Boom! You are done, just start spending but be prudent and understand there is limit to what you could buy – rank your needs, if necessary.
However, if you are new to Sterling, get your passport photograph, utility bill, signature, and valid means of identification ready as you will need to upload it to open an instant online account.
What Determines spending limit?
Everybody qualifies for PayWithSpecta but the spending limit differs from one person to the other. Things to be considered to determine customers’ spending limit is basically the size of income, the sources, and your credit history.
To get a spending limit, customers must have a good credit history as your outstanding obligations with financial institutions would be considered.
Sterling Bank would also want to see your bank statement for the last six months to determine your ability to repay. Successful customers would be awarded a #2 million digital credit balance in its PayWithSpecta account.
How to make Purchases with PayWithSpecta
Now, you are ready to buy those desirable things needs for your daily upkeeps. All you need is to log in to your dashboard to tokenize the debit card linked to the bank statement submitted for review.
At this point, if you are new to Sterling bank, Know-Your-Customers documents, for example, references, address, others need to be verified.
This usually takes 48 hours to complete. With your Specta ID, you can make purchases at any of Sterling Bank’s partner merchants (in-store or online).
Sometimes, you need cash in hands to feel go or there is a place that requires cash purchases, PayWithSpecta allows customers to withdraw 30% of the spending limit.
Individual customers spending limit is valid for 3 months and can be renewed instantly. Also, when limit is paid down, customers can renew instantly by clicking “Get spending limit” from your dashboard.
How to Get Cash
Customers that subscribe to PayWithSpecta can get 30% of the spending limit as cash just by a click on “Get Cash” on PayWithSpecta landing page or when you login to your dashboard.
Then, the next this is to enter your Specta ID and choose tenor for repayment to proceed. The tenor range is between 7 to 12 months.
Automatically, a one-time password (OTP) would be sent to the phone number attached to your BVN. Input the OTP to complete the transaction.
Your account with Sterling would be credited instantly and an offer letter would be sent to your email showing the terms and conditions of the loan. Then, you can access the loan using the Sterling Bank One Bank app for transfers.
How to Use PayWithSpecta to Shop Online
When you visit any of Sterling Bank PayWithSpecta partner online merchants/stores, customers can pick needed products and simply check out with Specta.
Then, enter your Specta ID and choose tenor for repayment to proceed. The tenor range is between 0 to 90 days interest free and 7 to 12 months with interest.
Sterling Bank would send an OTP to the phone number attached to your BVN, then just input the OTP to complete the transaction.
Your account with Sterling would be credited and the funds moved instantly to the merchant for the purchase you made. An offer letter would be sent to your email showing the terms and conditions of the loan.
How to Use PayWithSpecta at In-store
To use PayWithSpectaWhen you visit any of our partner in-store merchants, pick all your products and pay with Specta at the counter.
Provide your Specta ID to the agent and choose a tenor for repayment to proceed. The tenor range is between 0 to 90days interest-free and 7 to 12 months with interest.
An OTP would be sent to the phone number attached to your Biometric Verification Number. Provide the OTP to the agent to complete the transaction.
Your account with Sterling would be credited and the funds moved instantly to the merchant for the purchase you made. An offer letter would be sent to your email showing the terms and conditions of the loan.
PayWithSpecta: Nigerians Can Now Get Digital Credit Card
