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All you need to know about


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.

8 Things You Should Know About
  1. Card Limit: It is the total amount of purchases you can make on your card.
  2. Mark Up : Interest Rate: It is the interest the bank will charge you on the total amount of purchases you make in a month.
  3. Due Date: It is the last date you can pay your bill onwithout incurring any late fees.
  4. Cash Limit: It is the total amount of cash you can withdraw on your credit card.
  5. Annual Fee: It is a fee charged by your bank per year for your credit card.
  6. Cash Back: It is a percentage of your total spending given back to you on your Credit Card purchases. This is the marketing tool that banks use to encourage spending for example: if the Cash back percentage is 5% on fuel and you use the card for Rs.1000 you will get Rs 50 back.
  7. Reward Points: These are points earned on purchases made through your Credit Card.This is the marketing tool that banks use to encourage you to more frequently use your Credit Card. Reward points earned are accumulated and you can use them to purchase items from the bank reward program catalogue.
  8. Installment Plans: Banks offer various products that can be purchased on easy monthly installments; these are automatically charged to your credit card monthly.
Why Use CompareBanks

There are so many different Credit Cards that are being offered by banks that comparing them yourself will take tremendous effort and time. 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.

CompareBank Pro Tips

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:

  • Annual Fees: These can be waived by making purchases of a certain amount (varies bank to bank) on your Credit Card. You have to call the bank’s call center to request this waiver!
  • Monthly Bills: Always pay all your bills on time and in full.
  • Reward Points: Use your reward points for practical things like Fuel, or use them against your monthly bills / annual fees.
  • Mark Up: It is charged on the total amount outstanding on the card. In case of new purchases only, it is charged on the total amount of new purchases in a month.
  • Late Payment Charges: If you miss your monthly payment or pay your bill late, you will be charged a late payment fee.
  • Installment Plans: Products offered through installment plans are generally given a little over the market prices. Try to opt for the interest free options and avoid having the item cost you a lot more than it would have had your purchased it on cash.
  • Charges: Various bank have different charges for different transactions that you can make on your card some of the common ones are below. Be sure to go through the bank’s schedule of charges to be fully aware of what charges you may incur.
    • Cash withdrawal: in case you withdraw cash using your Credit Card the bank charges you a fee.
    • Over limit: in case you have exceeded your credit limit the bank charges you a fee.
    • International Transactions: when you use your card outside of Pakistan the bank charges you an international transaction fee
    • Card replacement: if you have lost your card or the card is damaged and you request a new one, the bank will charge you a fee for that.
Eligibility & Documentation

Eligibility for Credit Cards varies from one bank to the other. However a basic framework of eligibility is as follows:

  • Pakistani National Identity Card Holder
  • You should be aged  21 and 65 years of age
  • You should have income from any of the following sources:
    • Employment (Permanent/Contractual)
    • Business (Partnership/Proprietorship)

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:

  • Copy Of National Identity Card of Primary and Co borrowers
  • General income documents such as:
    • Income Statement
    • Salary slip
    • Bank statement
How much is my credit limit?

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.

What is the minimum amount I have to pay?

Generally your minimum payment is 5% of the total bill due.

How and where do I make my monthly payments?

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.

What should I do if my Card is lost?

If your Credit Card is lost, stolen or even misplaced, immediately call your bank and have the card blocked by calling the call centre

What if I have a discrepancy / error on my monthly statement?

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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