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Credit Card Comparison Guide

A credit card is a payment card used by the customer or cardholder issued by the banks to pay the merchant for good and services. The money originates from the credit card is more like a small loan lends to the customer by the issuer bank. The cardholder promises to the bank that he/she will pay for the amount spend. Besides this, the customer also pays some additional charges as the service fee. The bank creates a “ Revolving Account” and issues a “ a line of credit/credit limit” to the cardholder.  

Why You Need a Credit Card ? 

The credit card is used for multiple purposes. Firstly, to pay for goods and services even if you don’t have cash in hand. Secondly, it is also used for online transactions. Thirdly, it ensures the safety of the money and saves the customer from the fraudulent transactions. In case your card was stolen or fraudulently used by someone, all you need to do is to notify the concerned bank. The bank makes sure that the money will stay in your account while tracking the suspicious/fraudulent transaction.  

Where a Credit Card is Used? 

Credit card can be used at a point of sale and credit card terminal for the transaction to occur. These mediums allow the customer to transfer funds, make payments to the merchants for the goods and service or any other usage of money in the safest mode possible.   

When it is Best to use Credit Card than Cash Payment?

As you are aware, keeping cash in hand is becoming very riskier in Pakistan these days whilst visiting shopping malls and stores. It is advised that you use a credit card than a cash payment at stores and restaurants (where possible). This will help you to maintain a clear record of your payments, and also being safe from the robbery and theft attempts. Use of credit card will also benefit you as you can redeem your rewards and discounts during shopping. A credit card can be used as a primary mode of payment for daily use or it can also be used as a backup plan for the unforeseen situations. In addition, credit card providers put very strong security checks on card payments ensuring it is always you (the authorized card holder) who is making a payment. 

So, if an emergency situation arises, the customer doesn’t need to rush towards the bank to meet the financials. Rather, he/she could use that credit card and save their selves from the hassle of the situation. Resultantly, a credit card will help the customer to tackle any situation with a pro-situation attitude.  

How You can Get a Credit Card?

When the individual applies for the credit card, he/she applies to the bank or the credit card issuing authority for a small loan. Upon receiving the request, the issuing authority looks into the credit history of the customer. The dismal credit history of the customer leads towards rejection of the application. Even if it approves, it comes up as a less attractive package with respect to the interest rate.

While, If the customer manages the good credit rating, then its request will be accepted. A credit limit is issued to the customer in consideration with the maximum spending pattern. The credit card issuing authority sends billings statement to the customer on monthly basis. Detailing all the transactions and the balance owing to the consumer. Besides this, it also provides the customer guidelines, regarding the minimum payment of the amount spend, to keep the card active. It also informed its customers about the due date of the settlement of the payment.

Mawazna.com is providing a digital comparison facility to Pakistani consumers enabling them to compare various credit cards matching with their needs offered by leading banks of Pakistan. Consumers can review a number of different categories of credit cards that are accessible through relevant product tabs provided in the above comparison table. For example, you can find cards that are good for the balance transfer, cashback rewards, discounts, travel and premium lifestyle (platinum) appearing in respective tabs.

Consumers can review the aforementioned and select a card product that compliments their needs and wants. A customer can contact our Team through ' Apply Now' button and then our team will get in touch with the customer to help him with his/her card product application and getting that issued through our partner institutions. We stay with our customers throughout the procedure and stand behind them in case of any complexity. You can trust our services and rely on the information that we have provided here for comparison purpose for making your life easier and happier.

Types of Credit Card:

There are different types of credit cards that can be used to address a number of specific needs as following:

1- For Balance Transfer
2- To earn Cash Back
3- To collect Rewards
4- To receive Discounts
5- To earn Travel related rewards
6- To enjoy complimentary Lifestyle

Balance Transfer Credit Card:

In balance transfer credit card you can transfer the credit balance to another card to pay off your balances and debts. For customer attraction, balance transfer can be done at 0% interest rate or the minimum interest rate as set by the bank as an introductory offer.

Cash Back Credit Card:

In cash back credit card you will gain the reward for using it, different banks designed that card in a way to give maximum to their consumers in terms of value-added services. The high percentage offered on multiple spending and low annual charges will make this card attractive to the customers.

Rewards Credit Card:

A reward credit card offers its customer to have something back in return. For those customers who shop on regular basis, a wise decision on the part of the credit card helps a lot in the saving domain. Different banks have different reward cards. It is advisable for customers to have a detailed insight on the rewards credit card and choose the best.  

Discounts Credit Card:

In discount credit card (a kind of reward), different banks offer huge discounts on certain items to make their cards attractive and consumer friendly. Customers must check different banks for the perfect discount on their daily purchases. Mawazna.com provides you the opportunity to compare different cards.

Travel Credit Cards: 

By using special credit cards that offer travel-related benefits, the customer can save a significant amount of money. These cards are designed to provide its customer tension free travel and convenience. With the pressure of financial obligations, you can enjoy your trip anywhere in the world. 

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