Credit Cards are bank issued card that can be used in place of cash or debit cards. Credit Cards, as the name suggests, is Credit offered to you by a bank based on the bank’s assessment of your purchasing power.You can use your credit card instead of cash for eating out, paying bills, or buying groceries.Credit Cards are also a handy tool in case of immediate unforeseen financial needs.Credit Card limits can usually range from PKR 25,000 up to PKR 2,000,000 based on your income and financial standing. Bills for Credit Cards are paid monthly; you usually are given 20 – 25 days to pay your bill. This means that when you pay your bill in full& on time you are not charged anything extra. If you do not pay the entire bill by the due date the Bank will start charging you a Markup which in Pakistanranges from 37- 43 %.
There are various Credit Cards you can opt for depending on your life style and needs. Some cards offer you extra rewards on travel, some on shopping, some on international spending and some on fuel. You can pick the one that most suits your needs.
There are so many different Credit Cards that are being offered by banks that comparing them yourself will take tremendous effort and time. CompareBanks.com will provide you a quick, easy and convenient way to compare various cards offered in Pakistan. You’ll be able to quickly identify which Credit Card is the right one for you. Be sure to check out our pro tips before you sign up for a Credit Card.
Did you know that Credit Cards are one product banks can actually make a loss on if YOU use them correctly?! Here are a few tips to make sure you avoid any fees or services charges:
Eligibility for Credit Cards varies from one bank to the other. However a basic framework of eligibility is as follows:
Every bank has their own set of internal policies which govern what documentation is required for Credit Cards, below are a few items common to all banks:
The limit is decided by the bank after looking at you incomes and other credit card and loans it can range from 50000 up to 200,000 depending on your financial standing.
Generally your minimum payment is 5% of the total bill due.
You can make your monthly payments by paying cash over the counter at the bank, writing a cross cheque to your bank, or if you have a bank account in the same bank you can use internet banking or auto debit. Auto Debit automatically withdraws the total amount of your bill from your account.
If your Credit Card is lost, stolen or even misplaced, immediately call your bank and have the card blocked by calling the call centre
You should immediately call your bank and report the discrepancy. While you wait for the bank to resolve the error we will recommend you pay the bill anyway to avoid additional charges. The bank will credit the error in your favour in the next cycle.
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