Best Credit Card Pakistan
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Best Credit Card Pakistan: Tips for Choosing the Right Card
While finding the best credit card in Pakistan, one requires due diligence and assessment of one’s financial health and payback abilities. There is a wide variety of credit card options available in Pakistan, each with its own features and benefits. For instance, if you are regular traveler, using the right card makes your ticket reservations hassle free, besides earning you some reward points and additional benefits, such as cash back.[br]
Best Credit Card Pakistan: Tips for Choosing the Right Card
Here are some tips to help you find the right credit card for your needs:
· First, check “over the limit charges,” should you cross your credit limit. While some providers allow you to do so at a price, others do not. It is essential to check this proactively with the card company executives to spare yourself the embarrassment of having your card declined at a store.
· Check out charges in case of a missed or late payment. These charges, which vary with different banks, deter people from making a late payment. The trick is to pay on time; else the balance will snowball into a massive amount.
· Thirdly, check the annual charges on the card. In many cases, banks claim they do not charge any annual fees; this promise, however, is not reflected in the statements. So, always read the fine print before signing on the dotted line.
· Check the balance transfer charges applicable in case you plan to transfer outstanding balance onto a second card. Though many consumers prefer this method to bring down the rates of interest, it is a good idea to check the guidelines of the other party.[br]
· Fifth, check if the card has a fixed or variable rate of interest. A fixed rate may be somewhat higher than a variable rate, but is more secure. The fixed rate doesn’t get affected when the national interest rate increases, thereby resulting in savings. However, if the national rate or prime rate falls, you still end up paying the same rate as before. On the other hand, a variable interest rate has an element of risk involved and is tied with the prime rate. If the prime rate is on an increasing trend, your credit card interest rises correspondingly. The same thing occurs on a decreasing trend of prime rate. The mantra is to double check with bankers, and if possible, seek expert guidance from a financial consultant.
