When used correctly, a credit card can be useful as a financial tool when spreading out payments for big expenses. However, you need to make sure that you pick the right credit card in Pakistan that will suit your needs. Banks in Pakistan offer a number of credit cards from their product portfolio, and by considering these tips, you should be able to pick the right one that can match your needs:
Reflect on your spending – Before you pick a credit card, take some time to sit down to think about your spending pattern. That way, you know exactly what you will use it for. Keep in mind that credit cards require monthly payments and some may come with annual fees, which can be waived by some banks at some point, especially if you can prove that you are a loyal customer who can pay back on time. Hence, if you are confident that you can keep up with the payments and you do not mind the interest rate, then you may proceed.
Check the interest rate or APR (annual percentage rate) – It is a must that you need to get a list of reputable banks in Pakistan to go over their credit card interest rates. However it is a time taking activity which needs lots of effort as well. Consider using an online comparison platform that is informative, up-to-date, and capable of providing impartial information that can help you make an informed decision. Some of the established and reputable banks you should look for are HBL, Standard Chartered, Bank Alfalah, Meezan Bank, Dubai Islamic Bank, Silk Bank, And JS Banks etc. Use the comparison platform to discover the different types of credit cards offered by these banks.
Credit cards in Pakistan can have a ‘variable’ or ‘fixed’ rate. Fixed rates remain the same per month, and variable rates can change from time to time based on KIBOR rates. However, a fixed rate credit card may change depending on factors like your ability to pay off and if you constantly have late payments.
Credit cards in Pakistan can have a ‘variable’ or ‘fixed’ rate. Fixed rates remain the same per month, and variable rates can change from time to time based on KIBOR rates. However, a fixed rate credit card may change depending on factors like your ability to pay off and if you constantly have late payments.
Think about the credit you will need – Credit pertains to the amount a lender can give to you. It will depend on your credit history and income level, and it can range from small to an enormous amount. Consider the things you intend to buy or pay for using the credit card and your monthly earnings when deciding on the right credit limit.
