A Guide to Choose the Best Credit Card in Pakistan

best credit card in pakistan

A credit card can be a very useful financial tool if used correctly but if used incorrectly it can cause serious problems. Through considering a number of key elements and guidelines, you will be able to pick the best credit card in Pakistan for you.

 

1- Understand Your Spending Pattern

Before you select a best credit card in Pakistan, it is important to understand what you plan to use it for. If you plan to pay the card off every month without failing then the interest rate is not a huge issue so look for a card that does not have an annual fee. If you do plan to carry the balance over then you want an interest rate that is extremely important. But if you need a card that is there for all of your purchases you will require a high credit limit and good rewards.

 

2- Interest Rate

The interest rate is also known as the APR or annual percentage rate. A credit card can have a fixed rate or a variable rate. A fixed rate will have a rate that is fixed every month while a variable rate can alter. However, a fixed rate card can change and this depends on things such as whether you pay the card off or if you make late payments. So consider what type or rate works best for you.

 

3- The Amount of Credit You Need

The credit is the amount that the lender is willing to give you. This will depend on your income levels and credit history but it can range from a small amount to a large amount. You credit history may be affected if you reach the limit of credit quite often. So you need to have an ample amount left on the card if you think you could get close to the limit.

 

Additional Reading: Key Tips to Choose a Best Credit Card offered by Pakistani Banks

 

4- Fees

Banks and Lenders are in this business for the money and so. Most of the banks and card issuers will charge you fees or penalties. There are often fees for balance transfers and cash advances or even if you would like to have the credit limit increased. Of course, if you miss a payment or make a late payment then you will be hit with a penalty. Therefore, it is important that you look for cards that have low fees. If you care considering a balance transfer then look for a card with no fee and no interest for a specific amount of time. If you like reward programs then you will find that many charge you an annual fee for it so look for a lender who does not charge. Mawazna.com credit card comparison tool has made this analysis very easy for you. In just a matter of few minutes, you can review all credit cards offered by Pakistani banks and can select a best credit card matching with your needs.

 

5- How Long Do You Need it For?

You may need to purchase something and pay it off over a long period or you may want to make a purchase and pay it off quickly. This is something you can consider. Because if you want to pay it off over a longer period then look for a card that has a low or zero percentage APR  fixed for the duration you need.

 

6- Reward Schemes

There are many Pakistani banks and card providers that offer rewards as a way of tempting individuals into applying for a card with them. If you know that you will use the card and there is no charge for the reward scheme then why not taking advantage of it? It is important that you choose a card that has rewards; you will benefit from. This could be a certain percentage back in cash or other kinds of rewards that you will actually use. Keep an eye out for some of the restrictions that come attached to these reward schemes because many rewards can expire or they may even be a limit on what you can earn.

 

Conclusion

So, when the time comes to choose a credit card, there are a number of things to think about. Finding the right credit card is all about finding one that meets your specific needs and yet offers you with savings. If you get it right, you will find that it really does work for you in the best way possible. Mawazna.com is a leading financial services comparison platform in Pakistan that enables consumers to make more informed decisions when choosing financial products and services including credit card comparison, selection and applying for a specific card product offered by leading card providers in Pakistan. Visit us online to compare banking, insurance (car insurance, travel insurance, and health insurance) and broadband products to make more informed decisions.

 

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Author: Team Mawazna

Team Mawazna

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