Credit cards are not only an additional source of income in hard times but they also help you to build a strong financial profile, in case you may need some financial support for your business startup in future.

By not having a credit card, you can never own an appreciated credit card score on his/her name (the score is generally offered by the credit card authorities). But there are many reasons for suggesting not to use a credit card. Where there is almost an equal amount of people rejecting and appreciating the use of credit card, there is also a considerable amount of people who believe that it’s not the credit card, that is good or bad, it is the use of these facilities and about how we take the chances and utilize them in our daily life.

This article is written with an aim to review the two sides of the mirror and find what makes some people believe in the worse of having a credit card while others just focus on the goods of it.

The Pros of Credit Card:

If used properly, a credit card can bring the cardholders with a number of benefits. Some of these advantages are as follow:

• They are a great help in case of emergency
• They can help and appreciated in holding reservations
• As compare to other tools like debit cards etc. credit cards offer additional protection against any kind of fraud especially while doing online shopping
• If you choose the card wisely, you can get bonuses, flyer miles, cash rebates and others
• If used carefully, the credit card can earn you a positive credit history that can, later on, help you in a number of ways

The Cons of Credit Card:

If you are not using your credit card wisely, you will surely face a number of issues and financial imbalance. Some of the most devastating impacts of credit card can be as follow;

• An irresponsible use of credit card with earn you a negative credit history
• Negative credit history will earn your negative credit scores that will be a hurdle in a number of issues in future
• You will face a number of issues while applying for loans, or leasing a car etc.
• You may go overboard while using a credit card and most of such cases have been found in females as they tend to be an impulsive buyer. This means that they own a credit card and they out for shopping they generally end-up buying stuff that is out of their budget, or not in their need.

Credit cards are not a bad thing, until and unless they are handled by a person with wrong intentions or who is bad in dealing with his finances. If you own a credit card, important is to use it responsibly. If you do this job right, you will open up a door of amazing opportunities to you.

Related Read: Want your First Credit Card? These Requirements from Banks you Need to Know

The most important thing to do while dealing with a credit card is to pay your credit in time. If you fail in doing so you are likely to end up facing difficulties to get your loans approved, lease a car and get a business loan. If you are not paying your credit in time, you may face serious issues like becoming a defaulter of the bank. We won’t suggest you to not to use your credit card to pay your bills, but pay them wisely and do not become over debt.

There are a number of good and bad aspects of using and paying your bills with a credit card. If you are not sure about is the credit card is good or bad, look at the following aspects and decide on your own.

Superlative Aspects:

Immediate fulfillment: let’s say that you are willing to buy a mobile of the latest model which is about PKR 50,000, but you do not have that much cash in your pocket at the moment. Rather than taking months to save that much amount or asking your friends and family for a loan, you can use your credit card, pay the bill take your new mobile and leave. All that you have to do is to pay the bill at the time of few months. This way, the credit card becomes the most efficient and cost-effective way to pay your bills in tough times or when you lack money.

Convenience and Safety: Going for shopping of an expensive item with cash in your pocket is really very risky. You may get robbed by the corner of the street, but no one can harm your hard earn money if it is lying in your bank account and in the form of a credit card in your pocket. Thus, going for a credit card will keep you secure.

Reward Programs: The best credit cards in Pakistan are offering its customers with the jaw-dropping reward programs. Such programs offer you points that can help you in cash, travel or good services, each time you make a purchase with your credit card. If you keep your credit card charging nicely, you will end up with no debt to you.

Dreadful Aspects:

Overspending: The open line of the credit card is the most dangerous yet attractive thing. While you are in the store looking for a TV and you come up with the laptop that you are inspired with, and you end up buying both of them is dangerous for your bank account. People are seen spending more than they can afford, by using their credit cards. This is really dangerous for you. Thus to use a credit card, the control on your spending habits is a must.

Related Read: Visa Or Master? Which Credit Card you Should Go for?

Fees and Interest Rates: Despite you have planned to pay back your credit card for the TV, in three months but you end changing your priorities. Rather than paying it in the decided installments you start focusing on requesting to pay a minimum amount per month and skip one or two cycles. In such cases, the interest will shoot up. And you will have no idea when the bargain turned into a high debt. The only way you keep things align is to pay the balance in full or in minimum time.

Long Impact of Mistakes: Despite it is bad to be the charge for PKR 5000 for delaying or missing a single payment but, breaking the rule will also bring you some long-lasting negative impacts on your credit report. This flaw in your credit report will stay with you for a really very long time and will keep pinching you in a number of ways. If you own a card, you need to keep your credit report as clean as possible.

Identity Theft: What will you do if your card gets stolen and someone shops the TV instead of you. Although you can register a complaint about the card theft and misuse and you will not have pay for the TV. But the thieves these days are very smart they have got their hands on skills to apply for a credit card in your name and rob your identity. Thus, it is important for you to know where your credit card is and who is using it and for which purpose.

By reviewing all these goods and bad we can come to only one conclusion that it’s not the credit card itself that makes it good or bad, it the person who owns and use it. If used properly you can come up with a number of benefits from the credit card. However, if you are not careful and concerned about your spending and buying attitudes, you are not looking after your numbers on the credit report, you will have to face some long-lasting negative impacts.

Related Read: Top 5 Reasons your Credit Card Application can get Rejected

Thus, before heading to check the credit card requirements, check your own habits of spending and alter them before taking a credit card in your hands.

Khurram Zahid

The post Is Having a Credit Card in Pakistan Good or Bad? appeared first on Smartchoice.pk.

Nothing comes like a piece of cake; you need to put some efforts and attention to earn the benefits of anything. Likewise, you need to apply for the best credit card package and services that suit your earning capacity and expenses. A credit card is not just of one type. There are different types of credit cards with different packages. Every bank offers different kind of benefits or services to the credit card users at different stages.

To get a credit card for you, important is to learn what a credit card is? How it helps you? what must you know before applying for a credit card? The answer to all these questions will help you make a better decision for your expense management and thus, better future.

Related Read:  Top 5 Reasons your Credit Card Application can get Rejected

How to Choose a Credit Card

Among hundreds of credit cards, you must go for the one that suits you the best.
To choose the best credit card for you, first of all, you need to know that why you are looking to have a credit card? You can think of having a credit card for the following reasons:

• To buy stuff online or shop during holidays
• Pay your bills online
• To keep some backup amount for use at times when you run out of cash

No matter for what reasons you choose to use a credit card, the important thing is that if you will be paying off, the amount you owe each month or just spreading the repayment for a long period.

If you are able to pay the utilized amount, on the whole, each month, you will be able to earn advantage of the interest-free period. In such a case, the interest rate may not be that important for you but, you might have a look at the credit cards that come with random incentives. There are many cards that offer you discounted shopping on famous brands. Most appreciated and trusted credit cards also offer facilities to the customers on special occasions like Eid or new years to shop with discounted price.

Even if you are able to pay the full amount at one time, it is important to plan what you will do if you are not able to do so?

Related Read: Want your First Credit Card? These Requirements from Banks you Need to Know

What If You Will Not Pay Back the Amount Used?

If so, you will end up paying the interest on the amount spent. Every bank has different interest ratio on different cards and with different packages. The exact amount of interest depends on what package or card you are selecting.

Thus to take complete benefit of a credit card it is important to spend wisely. Do not go for a random shopping just because you have amount limit on your credit card. Do not forget to be sure that you are able to pay the used amount, tomorrow or the day after.

Following are some key terms you need to get hold of before applying for a Credit Card:

The Annual Percentage Rates

The cost of borrowing on your credit card, if you are not able to pay the used balance each month. Compare the percentage rate with different cards you are considering or are offered to you. Go for the one with the cheapest percentage. Also compare the points like charges, incentives and fees.

Minimal Repayment

When you are not able to pay off the used balance every month, the credit card supplying authorities will ask you to pay the minimum amount. Most commonly it is about 3% of the net amount that you need to pay. However, it can vary. So check and compare before making a final decision.

Annual Charges

It is also important as there are some credit cards that charge annual fees for using their services. This fee is added to the amount you need to pay back to the card. Important to note is that you will have to pay an interest on the fee as well. But if you are paying it fully, you won’t need to pay any interest.

Charges of the Credit Card

For this you need read the credit agreement in detail and check what are the other charges that you will have to pay? Usually, you will have to pay if you have gone above your credit limit, if you used the card abroad or if you made a late payment.

The Introductory Interest Rates

This is the point where you will pay low interest or not at all. After a certain time limit, this rate will increase. For example, it will increase after 6 months or a year staring form a certain date. If you are comparing different credit cards, check which introductory date rate will last the longest. Also, check the change in interest rate at the end of the introductory period.

The Rewards of Loyalty Points

These points end up depending on the amount you spend and then use them to buy things. This can be a particular shop or brand. Check how these rewards can be used and how they can give you benefits.

Getting the Cash Back

As you are paying some amount to use the facilities of a credit card, so it is your right to know how and when you will get money refunded to your card, depending on the amount you spend. For instance, in some cases, it implies only when if you are paying your balance in full, every month. Prefer to go for a lower interest rate. Choose a card that is offering you the lowest interest rate among all the shortlisted credit cards.

You Can Apply for Credit Card

• By online form filling at bank website of the service provider (available in some cases)
• By post
• By call
• By visiting the bank building/branch
• Or simply apply through Smartchoice.pk

Apply for Bank Alfalah Credit Card

You will fill the form and the service provider will check the record you have provided and will check if you are eligible to own the credit card or not. The services provider will check your bank records that are commonly known as the previous bank statement.

Your bank statement will tell the financial analyst if you are a good earner or how you spend your money, how much money do you normally borrow etc. it will also tell if you are good payers and follow laws and regulations or not.

Read the application form carefully before filling it and up and before signing it. Make sure that you are presenting all the information right. Any false information or misleading will lead to rejection of credit card services. If you are not sure how to fill the form you can ask the credit card service provider, or the bank representative to fill the form for you.

Khurram Zahid

The post Which Terms You Need to Learn before Applying for a Credit Card? appeared first on Smartchoice.pk.

1) Gloria Jeans Coffees
Faysal Bank:
15% Discount on Visa Gold, Visa Standard, Master Gold and Master Standard Credit Cards.
20% Discount on Visa Platinum, Visa Solitaire, Master Platinum and Master Solitaire Credit Cards.

HBL:
15% Discount on Visa Green, Visa Gold and Visa Platinum Credit Cards.

UBL:
20% Discount on Visa and Master Credit Cards.

2) Roasters Coffee House & Grill
Faysal Bank:
15% Discount on Visa Gold, Visa Standard, Master Gold and Master Standard Credit Cards.
20% Discount on Visa Platinum, Visa Solitaire, Master Platinum and Master Solitaire Credit Cards.

HBL:
10% Discount on Visa Green, Visa Gold and Visa Platinum Credit Cards.

Bank Alfalah:
10% Discount on Visa Classic, Gold, Platinum and Master Titanium Credit Cards.

3) KFC
Bank Alfalah:
15% Discount on Visa Classic, Gold, Platinum and Master Titanium Credit Cards.

4) Nandos
Faysal Bank:
Get Complimentary Starter OR Dessert on Visa Gold, Visa Standard, Master Gold, Master Standard, Visa Platinum, Visa Solitaire, Master Platinum and Master Solitaire Credit Cards.

5) Pizza Hut
HBL:
25% Discount on Visa Green, Visa Gold and Visa Platinum Credit Cards.

UBL:
25% Discount on Visa Platinum Credit Card.

Silk Bank:
Flat 30% Discount on Visa Gold and Platinum Credit Cards.

SCB:
25% Discount on Visa WorldMiles and Master Titanium Credit Cards.

6) FatBurger
Faysal Bank:
15% Discount on Visa Gold, Visa Standard, Master Gold and Master Standard Credit Cards.
20% Discount on Visa Platinum, Visa Solitaire, Master Platinum and Master Solitaire Credit Cards.

HBL:
15% Discount on Visa Green Credit Card.
20% Discount on Visa Gold Credit Card.
25% Discount on Visa Platinum Credit Card.

UBL:
20% Discount on Visa and Master Credit Cards.

SCB:
20% Discount on Visa and Master CashBack Credit Cards.

Askari Bank:
10% Discount on Master Credit Card.

7) Arizona Grill
Faysal Bank:
15% Discount on Visa Gold, Visa Standard, Master Gold and Master Standard Credit Cards.
20% Discount on Visa Platinum, Visa Solitaire, Master Platinum and Master Solitaire Credit Cards.

HBL:
10% Discount on Visa Green and Gold Credit Cards.

Bank Alfalah:
10% Discount on Visa Classic, Gold, Platinum and Master Titanium Credit Cards.

8) Burger King
HBL:
25% Discount Thursday till Monday on Visa Green, Gold and Platinum Credit Cards.
30% Discount on Tuesday and Wednesday on Visa Green, Gold and Platinum Credit Cards.

UBL:
15% Discount on Visa and Master Credit Cards.

SCB:
25% Discount on Visa WorldMiles and Master Titanium Credit Cards.

9) Johnny Rockets
Faysal Bank:
20% Discount on Visa Gold, Visa Standard, Master Gold and Master Standard Credit Cards.
25% Discount on Visa Platinum, Master Platinum and Master World Credit Cards.

Askari Bank:
25% Discount on Master Credit Card.

Silk Bank:
15% Discount on Visa Gold and Platinum Credit Cards.

HBL:
25% Discount on Visa Green, Gold and Platinum Credit Cards.

UBL:
20% Discount on Visa and Master Credit Cards.

SCB:
20% Discount on Visa and Master CashBack Credit Cards.

10) KababJees
HBL:
20% Discount on Visa Gold, Green and Platinum Credit Cards.

UBL:
30% Discount on Visa and Master Credit Cards.

11) Domino’s Pizza
Faysal Bank:
15% Discount on Visa Gold, Visa Platinum, Visa Solitaire, Visa Standard, Master Platinum, Master Titanium, Master Gold, Master Solitaire, Master World and Master Standard Credit Cards.

Askari Bank:
15% Discount on Master Credit Card

Bank Alfalah:
15% Discount on Visa Classic, Gold, Platinum and Master Titanium Credit Cards

SCB:
40% Discount on Visa and Master Credit Cards.

12) TGI Fridays
HBL:
25% Discount on Visa Green, Gold and Platinum Credit Cards.

SCB:
25% Discount on Visa WorldMiles, Visa Platinum and Master Titanium Credit Cards.

13) Butlers Chocolate Cafe:
UBL:
20% Discount on Visa and Master Credit Cards.

14) Bar B Q Tonight

Faysal Bank:
15% Discount on Visa Gold, Visa Standard, Master Gold and Master Standard Credit Cards.
20% Discount on Visa Platinum, Master Platinum, Visa Solitaire and Master Solitaire Credit Cards.

Bank Alfalah:
10% Discount on Visa Platinum and Classic Credit Cards.

HBL:
15% Discount on Visa Green and Gold Credit Cards.
20% Discount on Visa Platinum Credit Cards.

15) Pappa Roti

Silk Bank:
10% Discount on Visa Gold and Platinum Credit Cards.

So there you go folks, we’ve listed major cafes, restaurants and fast food outlets across Pakistan that offer discounts on various credit cards. While we think each bank is trying to give a decent catalogue of discounts to their patrons but HBL and Faysal Bank stand out with their discounts on majority of the eateries. SCB comes in at a close second for offering upto 40% discounts on various eateries. The next time you dine with your friends or family, make sure to pay via any of these credit cards to get fabulous discounts on your meals. If you wish to apply for a credit card please click here. Bon appetit!

Khurram Zahid

The post Best Credit Card In Pakistan Offering Discounts On Dining In 2016 appeared first on Smartchoice.pk.