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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.

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