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Tuesday, October 25, 2016

RECESSION: Airtel Increases Extra Credit Interest Rate To 15%

Quite recently, telecommunications company MTN increased their Xtratime (Borrow airtime) rates by 5% (from 10-15%), Etisalat subsequently followed suit.

Airtel has now sadly joined the league of recession-influenced-interest-increment gang, similarly increasing their interest rates on borrowed airtime by 5% (from 10-15%).

Image result for airtel borrow airtime image

There seem to be a join agreement between these telcos and it would not be surprising if
Globacom decides to follow the trend.

With the rate at which people make use of these telecom "borrow airtime" features, this move would really bring in massive revenue (essentially milking subscribers). Borrowing airtime - or borrowing data (in the case of MTN Xtrabytes) - is never advisable (in my opinion), but in some cases of emergency it becomes a necessary (and appreciable) evil.

However, I find it funny at how swiftly Airtel joined the 5% interest increase team, considering I (We) have been patiently waiting to see their own 4G LTE services launched and it does not look like its happening any time soon.

Anyways, it is what it is!

If you feel the need to borrow airtime from Airtel (despite the increase), simply follow the steps below:

  • First of, to be eligible for Airtel "borrow airtiime" feature, you must be a regular Airtel subscriber (for atleast 3 months) and must recharge at least N300 worth of airtime per month.
  • If you qualify (with the above condition), simply dial *500*amount# (e.g *500*100# to borrow N100) to borrow airtime from Airtel
  • Or dial *500# and follow the prompts

NB: Note that the 15% interest charge will be deducted instantly i.e if you borrow N100 you will be credited with N85, if you borrow N200 you will be credited with N170 and so on...

We remain hopeful for a positive development from Airtel soon, their 4G LTE service roll out specifically.

What do you think of this interest rate increment?

Would you still use Airtel's "borrow airtime" features?

Are you anticipating Airtel 4G LTE services soon?

Kindly let us know your thoughts using the comments box


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