Credit card is a facility that helps in making payments on time, sometimes internationally as well, leaving the matter between you and the bank for method and duration of payment.
For salaried employees it is always a difficult decision to go for credit card or not. It’s a double edged sword, can be of great benefit as well as great trouble depending upon your payment history. Some credit cards though are not that big of a burden and if you have monthly salary around PKR 30,000 you can go for the basic ones that several banks offer.
For your convenience we have compared and compiled a list of credit cards from various banks in Pakistan that can be availed and be light on pocket.
*All information extracted from Schedule of Charges July-December 2015 documents of respective banks
**Where required information was not available, we have mentioned “Unknown” in the chart above
We had assumed the salaries since most credit card companies require minimum 25k salary and two references (ideally existing credit card holders). The card limit that is assigned to any customer is based on the salaries, net worth and other factors, usually this limit is multiple of 2.5 to 3 of individual’s salary. Since calculations of possible spending limits would be out of scope of this comparison, we decided to leave that part out.
It is difficult to declare one credit card as the best of the lot since each comes with its own benefits. The special features of each card is what matters, apart from the obvious financial factors, because your card use and relevant benefits make the card best for you.
For example, for those who shop a lot and eat out, Faysal Bank would be best option as they offer up to 15% discount on number of restaurants and easily redeemable reward points, while those preferring direct debit monthly payments and internet banking would likely go for Standard Chartered bank cards. For some the rate of foreign transactions would matter while for others the APR (Annual Percentage Rate) rate would be a major factor.
Ideally, whatever card you choose, make sure it is providing you the maximum benefits based on your needs and requirements.