A credit card is a very useful tool when used in the correct way. However, if you are going to make purchases on your credit card on a regular basis then choosing a credit card that offers rewards is one way of getting something back on the money you spend, so what are the top five reward cards in Pakistan? The following is a summary of those rewards credit cards in Pakistan presented here in no particular order:
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1- HBL Credit Cards
Overview
HBL offers two credit cards that offer rewards known as the HBL Gold Credit Card and HBL Green Credit Card. This category of cards come with a wide range of features that are designed to enhance your lifestyle. It has dining offers, shopping offers and reward points. The Green Card has an annual fee of Rs 3,000 while the Gold Card has an annual fee of Rs 5,000.
Key Benefits
This is a card that can be used around the world in more than 22 million different outlets. Security is vital which means that the card is less susceptible to counterfeit and fraud. For every 25 Rupees spent you will receive a reward point. Your points can be converted so that you can exchange them for a whole range of goods such as electronics, appliances, watches, dining vouchers and more.
Downsides
There are annual charges to pay for using the cards and there are charges associated with losing your card and even retrieving vouchers.
Conclusion
This is a great reward card for every type of customer. However, you need to ensure the points your receive and the goods you exchange them for exceed the annual cost so that you are not losing out for choosing to have a reward card.
Additional Reading: A Quick Review of HBL Credit Cards in Pakistan
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2- Askari MasterCard Credit Card
Overview
This is a card that makes shopping a lot more fun! You can receive reward points as you shop and then redeem them at partner merchants. Askari Classic Credit Card and Askari Gold Credit Card are both good to earn rewards.
Benefits
For every Rs. 50 that you spend on the card, you will receive one reward point. This is a card that has been set up so that you can exchange the points against purchases with 50 brands and more than 200 retail outlets. You also receive a number of additional benefits in addition to rewards. In addition, up to Rs. 5,000 spending within two months of card issuance and renewal, annual fee can be waived.
Downsides
The card offers mark-up rates based on different customer categories such as Armed Forces, Salaried Individuals etc. are offered different mark-up rates. As this is a credit card you will need to make sure that you make payments on time so you do not get hit with a late payment fee. However, as the annual fee is high, you will have to ensure you spend a lot to get your money back in reward points and also using the credit of Rs. 5000 within initial two months of card issuance and renewals to receive annual fee waiver.
Conclusion
The annual fee for this card is high but the rewards are looking pretty good if you do make good use of the card. If you are into your shopping and spend a lot then this could be the card for you.
Additional Reading: Everything You Need to Know about Askari World Master CreditCard
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3- UBL Credit Card
Overview
The UBL Credit Card can be used in more than 22 million locations around the world. It is the first chip and pin credit card in Pakistan enhancing security while the rewards make this a very useful card for many.
Benefits
This is a card that comes with great benefits such as 24 hour customer service, free travel insurance, E-statements and Lounge access at many airports. There is also cash advance available and a low balance transfer rate. When it comes to rewards there is 5% cashback reward (through its UBL Visa Gold PSO Auto Credit Card and UBL Visa Silver PSO Auto Credit Card) available for swiping the card at PSO station (1% for other stations).
Downsides
The annual fee can range from Rs 2,000 to Rs 4,000 depending on the card that you have – Silver or Gold. There is also a fee for chip maintenance and a supplementary card. There does seem to be a charge for many different things which means research will have to be carried out before choosing this card.
Conclusion
There is a card for everyone who is regular traveller and use PSO stations on daily basis, which means they can choose the card that suits them the best. The specific cashback rewards and benefits are great while the security of the card is perfect for those who are security conscious. However, it is important to be aware of the extra charges because they can add up.
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4- MCB Visa Gold Credit Card
Overview
This is a card that is slightly different to others. It is accepted in 27 million locations around the world. It has a neat security feature where encrypted data can be stored while it offers extras such as Insurance, cash on call and rewards.
Benefits
The card offers a range of benefits such as alerts to your smartphone that tell you when transactions are made as well as provide you with a statement. There is insurance available such as travel insurance and life insurance while you can withdraw up to 75% of your credit allowance and even rewards that can be redeemed in the I-shop – for every Rs 50 that is spent, users will get 1 reward point. You will also be granted access to certain airport lounges which allows you to travel in style although the lack of annual fee may please many.
Downsides
There is a chip maintenance fee that costs PKR 1,500 or PKR 1,000 depending on whether you have the Gold or Classic card. There is no annual fee for the priority pass to airport lounges there is a fee of 35 USD that has to be paid each time. All of the extras such as cash on call and insurance does come at a cost so they are not included with the card.
Conclusion
The card can be used in so many places around the world and best for earning rewards and benefiting from various services underneath. While many will notice that there is no annual fee for the card, there is a high chip maintenance fee that does make up for this. The rewards are great but once again, the additional extras can add up so it is worth noting this.
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5- Bank Alfalah Credit Cards
Overview
The Alfalah Visa Classic credit card and Alfalah Visa Gold credit card offer an affordable and simple way of owning a credit card that is accepted in more than 30 million places worldwide and come with no annual fee. This is an adaptable card that can work for many different people while the benefits make it a great choice. However Alfalah also offers their Alfalah Ultra Cashback (a type of rewards) credit card as well which is not being covered here.
Benefits
First and foremost, there is no annual fee which is always a bonus. The rewards which are known as orbits (0.25 Orbits on PKR 50 Spend) are earned on every 50 PKR that is spent and these can be redeemed for gadgets and appliances as well as many other types of goods. The APR is relatively low at 3.33% per month which makes spending responsibly on the card extremely attractive. There are also exclusive discounts available on shopping, dining and travel. Alfalah also offering 100 bonus rewards for both of their Classic and Classic gold cards.
Downsides
Unlike other types of cards, there is no airport lounge access which is a downside for those who like to travel in style.
Conclusion
This seems to be one of the better cards. It has a great rewards scheme and it offers discount on many different things. There is no annual fee and the fact that it can be used in even more places around the world gives it that extra level of usability.
COMPARE ALL CREDIT CARDS OFFERED BY PAKISTANI BANKS
Finally, How You Should do Mawazna ?
All of these cards are designed to offer customers what they want. People have different needs when it comes to credit cards but a good reward scheme is what people want and what matches with their lifestyle. Of course there are many other things to consider with these cards and their provider banks but finding the right card is all about understanding what you need before you approach to compare a best reward credit card offered by Pakistani banks.
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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