Credit cards have become an essential financial tool in Pakistan. They offer a convenient way to make purchases, pay bills, and access credit when needed. With so many credit card options available, it can be difficult to determine which one is the best fit for your needs.
Graana.com has listed some of the best credit cards in Pakistan that you can apply for in 2023 below.
What Is a Credit Card?
A credit card is a way of paying without using your current cash. When you use a credit card, you borrow money from the bank or financial institution that issued the card. You can use a credit card to make purchases at stores, online, or any place that accepts cards for payment.
You are usually required to pay back the money you borrowed every month. If you don’t pay back the total amount within a specified period, you must pay extra fees called interest.
Interest is a percentage of the money you owe that adds up over time. Some credit cards also come with additional rewards or benefits, like cashback, discounts, or travel miles. Credit cards can be helpful and convenient, but they can also be risky and expensive if you don’t use them wisely.
Pros of Credit Cards in Pakistan
Credit cards in Pakistan, as in many other countries, provide numerous blessings to customers. Here are some advantages of using credit cards in Pakistan:
- Convenience: Credit cards offer convenience to users. They can be used for several transactions consisting of online purchases, billing and retail transactions.
- Emergency access to resources: Credit cards can act as a financial safety net in an emergency. They offer a short right of entry to funds and help customers cover sudden expenses or urgent wants.
- Cashless transactions: Credit cards enable cashless transactions, reducing the need to hold large amounts of money. This can ensure protection and reduce the threat of loss or theft.
- Rewards and Benefits: Many credit cards in Pakistan offer rewards, cashback or discounts on purchases. Users can earn income from these rewards or get discounts on their transactions.
- Interest-free period: Credit cards commonly offer interest-free periods and allow customers to shop without interest costs if the stability is paid off in full with the help of the maturity date.
- Fraud Protection: Credit card Pakistan often includes security features and fraud protection measures. In the event of unauthorized transactions, customers may experience difficulty and the card provider may investigate and resolve the issue.
Types of Credit Cards
The following are the different types of credit cards in Pakistan.
Balance Transfer Credit Cards
This allows you to transfer your existing credit card debt to another card with a lower or zero interest rate. This can help you save money on interest payments and pay off your debt faster.
However, balance transfer credit cards usually have a limited time period for the low or zero-interest rate offer, after which the normal interest rate applies. You may also have to pay a fee for transferring your balance.
Cashback Credit Cards
A cashback credit card gives you a percentage of your spending as cash or credit. This can help you save money on purchases and enjoy extra cash flow.
However, cashback credit cards may limit the amount or spending categories that qualify for cashback. You may also have to meet certain spending thresholds or pay an annual fee to earn cashback.
Rewards Credit Cards
A rewards credit card gives you points or miles for every rupee you spend on your card. You can redeem these for various rewards such as gift vouchers, merchandise, air tickets, hotel stays, etc.
It can help you get more value from your spending and enjoy some perks. However, it may restrict how and where to earn and redeem points or miles. You may also have to pay an annual fee or a high interest rate to enjoy these credit card benefits.
Discount Credit Cards
A discount credit card offers deals on specific products or services when you use your card at participating merchants or outlets. It can help you save money on shopping and dining expenses and enjoy exclusive offers.
However, discount credit cards may have limited availability or validity of discounts or deals. You may also have to pay an annual fee or a high interest rate to avail of these benefits.
Travel Credit Cards
A travel credit card offers you travel-related benefits such as free airport lounge access, travel insurance, air miles, hotel discounts, etc., when you use your card for travel-related expenses. It can help you make your travel experience more comfortable and rewarding.
Features of Best Credit Cards in Pakistan
The following are details of the best credit cards in Pakistan.
| Credit Card | Bank | Annual Fee | Rewards | Cashback | Interest Rate | Minimum Monthly Income |
| HBL Platinum Credit Card | HBL | PKR 5,000 | 1 reward point for every PKR 50 spent | 5% cashback on fuel, groceries, and dining | 3.25% per month | PKR 100,000 |
| SCB Platinum Credit Card | Standard Chartered Bank | PKR 15,000 | 1 reward point for every PKR 40 spent | 5% cashback on fuel, groceries, and dining | 3.5% per month | PKR 200,000 |
| UBL Gold Credit Card | United Bank Limited | PKR 3,000 | 1 reward point for every PKR 50 spent | 1% cashback on all purchases | 3.5% per month | PKR 50,000 |
| MCB Titanium Credit Card | MCB Bank | PKR 5,000 | 1 reward point for every PKR 50 spent | 5% cashback on fuel, groceries, and dining | 3.5% per month | PKR 50,000 |
| ABL Platinum Credit Card | Allied Bank | PKR 7,500 | 1 reward point for every PKR 50 spent | 5% cashback on fuel, groceries, and dining | 3.5% per month | PKR 100,000 |
List of Best Credit Cards in Pakistan
The following are some of the best credit cards in Pakistan.
Standard Chartered Platinum Credit Card
The Standard Chartered Platinum Credit Card is popular due to its generous rewards program. Cardholders can earn five reward points for every Rs. 100 spent, which can be redeemed for various items, including air tickets, hotel stays, and shopping vouchers. The card offers exclusive discounts at selected restaurants, hotels, and retailers.
One of the standout features of this credit card is the ability to withdraw up to 90% of your cash advance limit from ATMs worldwide. You can also obtain an Easy Credit Checkbook to pay anyone in Pakistan.
The Asaan/Easy installment option allows you to pay back your credit through monthly installments, and you can use your available credit limit to pay your monthly installment.
HBL Platinum Credit Card
HBL, one of the best investment banks in Pakistan, also provides credit cards. The HBL Platinum Credit Card is another excellent choice for users in Pakistan. The card offers many benefits, including free travel insurance, exclusive discounts on dining and shopping, and access to HBL’s extensive network of ATMs and branches.
Cardholders can also earn reward points for every purchase they make, which can be redeemed for cashback, travel rewards, or other perks.
Allied Visa Gold Credit Card
The Allied Visa Gold Credit Card is an excellent option for those who want to earn rewards without paying an annual fee. The card offers one reward point for every Rs. Fifty spent, and these points can be redeemed for cashback, shopping vouchers, or airline tickets.
The card also comes with various other benefits, including free travel insurance, exclusive discounts at selected retailers, etc.
MCB Lite Visa Debit Card
If you’re looking for a debit card with credit card-like features, the MCB Lite Visa Debit Card is a great choice. The card allows you to make online and offline purchases, and you can earn reward points for every transaction. In short, you can use your credit card on different online shopping websites in Pakistan.
You can also use the card to withdraw cash from ATMs and access a range of other services, including bill payment and mobile top-ups.
Faysal Bank Titanium Credit Card
The Faysal Bank Titanium Credit Card is a premium credit card that offers a range of benefits, including access to VIP lounges at selected airports, free travel insurance, and exclusive discounts at selected retailers.
Cardholders can also earn reward points for every purchase they make, which can be redeemed for cashback, travel rewards, or other perks. Hence, a credit card can be one of the best online payment methods in Pakistan.
Note that the rewards and cashback offered by these credit cards may vary depending on the promotions and offers available at the time of application. Additionally, the minimum monthly income required to be eligible for each credit card may also be subject to change.
It’s important to review the terms and conditions of each credit card before applying to ensure that it meets your needs and financial situation.
Worthy Mentions
| Credit Card Name | Interest Rate | Annual Fee |
|---|---|---|
| Faysal Islami noor Card – Velocity / Classic | 40% – 42% | Rs. 4000/- |
| Faysal Islami noor Card – Blaze / Gold | 40% – 42% | Rs. 6750/- |
| Faysal Islami noor Card – Titanium | 40% – 42% | Rs. 7750/- |
| Faysal Islami noor Card – Platinum | 40% – 42% | Rs. 10000/- |
| Faysal Islami noor Card – World | 40% – 42% | Rs. 16000/- |
| UBL Visa Gold PSO Auto Card | 40% | Rs. 4000/- |
| UBL Visa Platinum Credit Card | 40% | Rs. 6000/- |
| UBL Visa Gold Credit Card | 40% | Rs. 6500/- |
| UBL Visa Silver Credit Card | 40% | Rs. 2000/- |
| Bank Al-Habib Green Credit Card | 25% | Rs. 0/- |
| Bank Al-Habib Gold Credit Card | 25% | Rs. 0/- |
| Askari Gold MasterCard | 38.4% | Rs. 5000/- |
| Askari Classic MasterCard | 38.4% | Rs. 3000/- |
| Askari Platinum MasterCard | 38.4% | Rs. 6500/- |
| Askari World MasterCard | 36% | Rs. 8000/- |
| Alfalah VISA Platinum Credit Card | 40% | Rs. 0/- |
| MCB Platinum Credit Card | 39% | Rs. 0/- |
| MCB Gold Credit Card | 39% | Rs. 0/- |
| MCB Classic Credit Card | 39% | Rs. 0/- |
| HBL FuelSaver Green Credit Card | 39% | Rs. 3000/- |
| HBL FuelSaver Gold Credit Card | 39% | Rs. 6000/- |
| HBL Green Credit Card | 39% | Rs. 3000/- |
| HBL Gold Credit Card | 39% | Rs. 6000/- |
| HBL Platinum Credit Card | 39% | Rs. 10000/- |
| Standard Chartered WorldMiles Credit Card | 42% | Rs. 8000/- |
| Allied Visa Platinum Credit Card | 32% | Rs. 4000/- |
| Allied Visa Gold Credit Card | 32% | Rs. 2000/- |
| JS Platinum Credit Card | 40% | Rs. 0/- |
| JS Bank Gold Credit Card | 40% | Rs. 0/- |
| JS Bank Classic Credit Card | 40% | Rs. 0/- |
| Silk Bank Gold Visa Credit Card | 42% | Rs. 4000/- |
| Silk Bank Platinum Visa Credit Card | 42% | Rs. 8000/- |
| Standard Chartered MasterCard Easy Card | 36% | Rs. 3000/- |
| Standard Chartered MasterCard Cashback Card | 42% | Rs. 3000/- |
| Standard Chartered MasterCard Titanium Card | 42% | Rs. 6000/- |
| Standard Chartered Visa Platinum Card | 42% | Rs. 7000/- |
| Alfalah Ultra Cashback Credit Card | 40% | Rs. 4000/- |
| Alfalah VISA Classic Credit Card | 40% | Rs. 0/- |
| Alfalah VISA Gold Credit Card | 40% | Rs. 0/- |
| Alfalah Titanium MasterCard | 40% | Rs. 0/- |
The Bottom Line
In conclusion, credit cards offer a range of benefits to consumers in Pakistan, from earning rewards to accessing credit when needed. You can enjoy these benefits while keeping your finances in order by choosing the right credit card for your needs.
The best credit card in Pakistan depends on your needs and spending habits. Some top credit cards include Standard Chartered Visa Platinum, HBL Platinum CreditCard, MCB Platinum Credit Card, and Faysal Bank World Credit Card. Consider these options and do your own research to determine which card is right for you.
Frequently Asked Questions
Q: What are the benefits of using a credit card in Pakistan?
A: Credit cards in Pakistan offer a range of benefits, such as cashback rewards; discounts on dining, shopping, and travel; access to exclusive events and offers; insurance coverage; and loyalty programs.
Q: How can I apply for a credit card in Pakistan?
A: To apply for a credit card in Pakistan, you can visit the bank’s website or branch, fill out the application form, and submit the required documents. These typically include your national identity card, proof of income, and other supporting documents as required by the bank.
Q: What is the minimum income requirement for a credit card in Pakistan?
A: The minimum income requirement for a credit card in Pakistan varies by bank and card type. Generally, banks require a minimum monthly income of around PKR 30,000 to PKR 50,000 to be eligible for a credit card.
Q: What is the interest rate on credit cards in Pakistan?
A: The interest rate on credit cards in Pakistan ranges from around 20% to 45%, depending on the bank and card type. Some banks also offer promotional interest rates for a limited period.
Q: How can I avoid paying high interest rates on my credit card in Pakistan?
A: To avoid paying high-interest rates, you can pay your bill on time and in full monthly. You can limit your spending and use your credit card only for necessary expenses.
Q: How to get credit card in Pakistan?
A: Getting a credit card in Pakistan involves meeting a bank’s requirements and applying online or at a branch. Banks typically require a minimum age (often 21) and income (around PKR 50,000 monthly). Research banks and choose a card that suits your needs. Consider building a good credit history by paying bills on time before applying. Remember, use your card responsibly to avoid high interest charges.
Q: What should I consider before choosing a credit card in Pakistan?
A: You should consider factors such as the annual fee, interest rate, rewards program, cashback offers, discounts, and other perks that the card offers. You should also assess your spending habits and financial situation to find a card that suits your needs.
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