Best Credit Cards in Pakistan: 5 Major Types, Eligibility Criteria & Exclusive Benefits

Credit card is one of the best inventions of the modern world. You can use it for online payment purposes without having cash in your hands. Sometimes you go shopping and need more money to pay your required bill. In this situation, having a credit card is a blessing

Precisely speaking, they offer an easy way to pay bills and approach credit whenever needed. You can fill out an application form and provide the necessary documentation by going to the bank’s website or a local branch in Pakistan to apply for a credit card. These usually contain your national ID card, evidence of your salary, and any further supporting documents the bank requests.

However, before choosing a credit card in Pakistan, you should consider some factors such as; discounts, cash-back rewards, reward systems, rates of interest, and annual fees. This article will provide you with ample information about the best credit cards in Pakistan with their detailed eligibility criteria.

What is a Credit Card?

Before digging into the best credit card options available in Pakistan, let’s quickly explore the overview of credit cards.
A credit card is, generally, a plastic card that you can use to get money out of a cash machine. In addition, You can use this card to pay for goods and medicines by scanning this card.

Notably, there are several Banks that provide credit cards. Some clubs, stores, and finance offices also issue their exclusive credit cards. When you these cards, the bank or the organization that issued it is handing you money. You have to return the borrowed fee within one month.

Also, you will be required to pay additional fees if you don’t repay them within the allotted time frame. Interest is the name of the added charge.

Types of Credit Cards

With the advancement of technology, we are lucky enough to get several facilities in almost all walks of life. Like any other field, the finance industry has also evolved. With that evolution, we have been backed by more reliable and authentic solutions for money transactions, such as credit cards.

Credit cards have truly made payments and money transactions easier and more reliable. Currently, several types of credits cards are available, a few of them are outlined below;

Balance Transfer Credit Cards

Balance Transfer Credit Cards enable you to move your current credit card debt to a card with a lower or 0% APR. These cards can allow you to reduce your interest charges to accelerate your debt repayment. This credit card typically includes a time limit on the low or zero-interest rate offer.

After that, the standard interest rate takes effect. A fee for moving your balance is also possible. A balance transfer credit card can positively impact your credit scores. It can help you pay less interest. But opening new credit cards again and again, can damage your credit amount.

Cash-back Credit Cards

A Cash-back credit card pays you for a portion of your purchases in cash or credit. You may profit from some extra income flow and cost savings. The number of investments eligible for cash-back may be restricted by cash-back credit cards, though.

Reaching specified criteria or paying an annual fee to qualify for cash back would be best. Several kinds of cards offer money back. Their availability depends upon certain things, e.g., where you live, your income, etc.

Reward Credit Cards

Every rupee you spend on a rewards credit card earns you points or miles. These can be used for various benefits, including gift cards, products, airline tickets, hotel stays, and more.

Also, it can assist you in getting more value out of your money while providing specific benefits. On the other hand, there can be limitations on how and where you can use points or miles. You might also need to pay a yearly cost to receive these perks.

Discount Credit Cards

You can receive discounts on specific goods or services using a discount credit card at the participating shop. You can take advantage of typical special discounts while making savings on your food and retail expenses.

Discount credit cards, however, could contain restrictions on the quantity or duration of discounts or offers. You might also need to pay a yearly cost or borrow money at high interest to receive these benefits.

Travel Credit Cards

Credit cards for travel give you points. You can use these points for travel-related expenses like rooms and tickets. Travel credit cards operate in the same way as other reward credit cards work. Charges generate currency at various rates that can be exchanged for prizes.

You can get many benefits when you use your travel credit card to pay for travel-related expenses. These benefits include free airport lounges, travel insurance, air miles, hotel discounts, etc. You can use it to enhance the comfort and pleasure of your travels.

List of Best Credit Cards in Pakistan

Below is the list of the best credit cards in Pakistan that offer the best and most premium services.

Standard Chartered Platinum Credit Card

Below is the complete information about Standard Chartered Platinum Credit Card, including its benefits, features, and eligibility criteria for getting this credit card.

• Features – The Standard Chartered Platinum Credit Card is an appealing choice. It is a high-reward program. One of the best features of the standard chartered platinum credit card is the ability to take up to 85% of your advance cash from ATMs internationally. You can quickly get a checkbook to pay for anyone in Pakistan.
• Benefits – Every Rs. 100 spent by cardholders earns them 5 reward points. These reward points can be exchanged for airline tickets, hotel stays, and gift cards. Additionally, the card provides exclusive savings. You can save money at a few eating places and shops. It has an “Asian installment” option. This option allows you to pay back your cash monthly. For this purpose, you can use your already available credit limit to charge your monthly installment.
• Eligibility Criteria – The Eligibility criteria for the standard chartered credit card are as follows;

1. The majority of cardholders must be 20 to 60 years old.
2. The members must be at least 18 years old.
3. The candidate needs a reliable source of income.
4. The candidate must be a citizen of Pakistan.

HBL Platinum Credit Card

Below is detailed information about HBL Platinum Credit Card, featuring its features, benefits, and eligibility criterion.

• Features – The HBL Bank provides the HBL platinum credit card. HBL Bank is one of the best investment banks in Pakistan. They have started providing credit cards. HBL platinum credit card is one of the best credit cards. It is a good choice if you live in Pakistan. The reward that cash holders earn can also be redeemed. Every purchase you make will provide you with reward points. These points can be used for cash back, travel, and other purposes.
• Benefits – The HBL platinum credit card offers a variety of benefits for its users. Since a well-known bank provides it, it is precious. Some of its benefits include free travel insurance, good discounts on food, and shopping in stores. Its users also get access to its vast network of ATMs.
  No matter what airline class or ticket a customer has, the HBL Platinum Credit Card offers entrance to the airport lounges. It also provides complimentary refreshments and snacks to its users. The HBL Platinum Credit Card gives access to publications and magazines.
  Also, Wi-Fi, a laptop, and cellphone charging services are available with the HBL Platinum Credit Card. The HBL Platinum Credit Card offers meeting room services and leisure activities.
• Eligibility Criteria – To be eligible for an HBL Platinum Credit card, one should meet certain requirements. Suvch as, the age limit of the salaried applicants should be 20 to 60, and their salary should be PKR100,000. But for self-employed people in business, the age limit is 20 to 75, and the minimum salary is 300,000.

Allied Visa Gold Credit Card

Features, exclusive benefits, and Allied Visa Gold Credit Card eligibility criteria are mentioned below.

• Features – Allied Visa Gold Credit Card is one of the best credit cards used in Pakistan. It offers the lowest service charges, markup, and balance transfer rates.
  Also, it provides the lowest markup, service fees, and balance transfer rates. You can use it to gain access to over 27 million locations worldwide. You can withdraw advance cash up to 50% of your credit limit, which is one of its best benefits. With this card, you can pay off the balance on another credit card at the lowest possible rate.
  For your family, you will receive 2 supplemental cards. Instead of full payment, it offers simple monthly installments. It transfers balances at a rate of about 20%. The interest charge duration is 50 days.
• Benefits – Allied Visa Gold Credit Card has many benefits. It offers free credit for up to 50 days. You can transfer your debt at the lowest rate available. Despite its many advantages, using your credit card regularly could result in significant debt.
• Eligibility Criteria – For salaried persons, the age limit is 21 to 60 years. The required documents are; CNIC, Salary slips, Bank statement, and a letter from the employer. For Businessmen, the age limit is 2o to 65 years, and required documents include; CNIC, NTN, Proof of business, and Bank statement.

MCB Lite Visa Debit Card

Below is the detailed information about MCB Lite Visa Card;

• Features – The MCB Lite Visa Debit Card is an excellent option if you’re looking for a debit card with characteristics similar to a credit card. You can use your credit card to purchase in various online stores in Pakistan. MCB Banks provides this card. You can consider it among the best credit cards in Pakistan.
• Benefits – The card can help you to access various services, like bill payment, mobile recharges, and cash withdrawals from ATMs. You can achieve other benefits by securing reward points. These points can also offer discounts on several goods and food items.
• Eligibility Criteria – To be eligible for MCB Lite Visa debit card, the person must be 21 to 60 years, and the minimum salary is 100,000.

Faysal Bank Titanium credit card

Below is detailed information about Faysal Bank Titanium Credit Card.

• Features – The Faysal Bank Titanium Credit Card is advanced. It comes with many advantages. You can use the card to make online and off purchases, and each one will earn you reward points.
• Benefits – Its benefits include free travel insurance, luxurious airport lounges, and special discounts at particular stores. Every cardholder transaction accumulates reward points, which can be exchanged for cash-back, travel, or other benefits.
• Eligibility Criteria – It is eligible for a person aged between 20 to 60 years with a minimum salary of 100,000 PKR.

FAQs

The Final Take

To conclude, people use different credit cards to pay for goods and other services. It is a reliable payment method to pay through credit cards without having cash physically. The types of credit cards used in Pakistan are; Balance Transfer Credit cards, Cash-back Credit cards, Reward credit cards, Discount credit cards, and Travel credit cards.

However, the best credit cards used in Pakistan are standard chartered platinum, HBL, MCB, Allied Visa, and Faysal Bank credit cards. All of these have great features and consist of a lot of benefits for their users.

Therefore, a credit card is one of Pakistan’s finest online payment methods. If you choose the best credit card according to your needs, you can enjoy many benefits and keep your charges in order. Your unique needs and spending patterns will determine which credit card suits you in Pakistan.