Best Credit Card In Pakistan With No Annual Fee: Get credit cards offers, cashback & introductory offers from top banks in Pakistan. Apply online now!
Best Credit Card In Pakistan With No Annual Fee
How many credit cards are you currently carrying around in your wallet? If you’re like most people, the answer is probably more than three. Whether they’re rewards credit cards, travel credit cards, or cash-back credit cards, the reasons we carry so many around with us are obvious: convenience and flexibility.
When you’re shopping and find yourself needing to pay for something in more than one way, having multiple forms of payment can come in handy—especially if it helps save you money on interest payments over time. And what if there was one card that could do all of these things at once?
Top 5 Credit Cards in Pakistan
If you’re wondering where to start your search for a credit card, here are some of our favorites. Before looking at specific offers, consider what you might want to do with your new plastic. Do you need to earn rewards? Will you be traveling abroad? If so, how will that affect which cards fit your needs?
Below are our top picks, plus advice on choosing a replacement for an existing card (which may have a high balance and therefore an unfavorable interest rate) or opening a new account. (If neither option is available to you, don’t apply for any cards—you can always apply when those situations change.)
Our list includes cards from major issuers like American Express, Bank of America, Capital One and Chase as well as smaller ones like USAA, Discover and Barclaycard. Note: Many of these companies offer multiple products; we’ve included links below each one to find out more about each offer.
Also note that applications only remain open for limited times, so if you see something you like, act fast!
Featuring low rates and earning potentials comparable to many cash-back programs on things such as supermarket purchases, it’s among the easiest deals to understand.
A Beginner’s Guide to Credit Cards
The first thing to know is that there are basically two different types of cards: reward and cash back. Each has its own set of pros and cons, but for most people, cash-back cards tend to have a lot more going for them. The reason? They provide an immediate, measurable return on your purchases—you get your money back right away as opposed to having to wait until some future date when you might reach a spending threshold or redeem rewards points.
This can really help avoid overspending because it’s just too easy to say Oh, I’ll spend $5 today and get $10 back tomorrow so it’s like I only spent $5. Cash-back cards also have relatively low interest rates compared to other options such as balance transfer or zero percent introductory rates. And if you pay off your balance in full every month, they don’t charge any interest at all (though keep reading below!).
Of course one downside of cash-back cards is that they typically offer smaller signup bonuses than reward credit cards (see below). Bottom line: Stick with a straightforward, easy-to-understand cash-back card for now if possible.
What is a Credit Card?
A credit card is a financial tool that allows you to make purchases on credit. It’s important to understand how it works because most people are required to have one for basic adult functions. Credit cards are convenient, but if used recklessly, they can lead to thousands of dollars of debt and financial trouble. If you want to know more about how they work, read our introductory guide: What Is a Credit Card?
The first step in getting a great credit card is figuring out what kind of consumer you are and what your needs are. It’s easy to get wrapped up in thinking about travel rewards, but those might not matter as much as some other factors when picking an issuer.
What are the Benefits of Owning a Credit Card?
Many people don’t really know what to do with a credit card, but it’s actually a good idea to have one if you manage your payments and never go over your limit. A lot of people think that they need cash to be a real man, but there are actually tons of benefits of owning a credit card.
The first major benefit is convenience: it makes things easier because you don’t always have to take out cash when you want to make purchases—credit cards are also safer than carrying around large amounts of cash. Credit cards can help you build credit as well. They show creditors that you pay back money on time (even if it’s not yours).
And having a good history of paying back money can even allow for lower interest rates on car loans or mortgages. Lastly, owning a credit card can help protect against theft or loss because thieves prefer stealing physical objects instead of digital ones like information from your bank account or digital purchase history. Overall, it’s easy to see why so many people love their credit cards!
How to Choose the Right Credit Card?
If you’re new to credit, or just looking for a better deal, figuring out which cards are right for you can be confusing. There are a lot of factors to consider. For starters, you want to get something that gives rewards on your spending—you’re not going to care much about paying less interest if you don’t ever use your card!
You also want something that won’t charge you an arm and a leg in fees. Lastly, since there’s such an emphasis on rewards these days, it’s tempting to focus purely on those points when choosing a new card—but remember that having too many accounts (even good ones) will hurt your credit score.
Why Do People Have Credit Cards?
You don’t have to pay a thing for a first-rate, everyday rewards credit card. In fact, if you know where to look and have good to excellent credit, it’s possible to find one of these rare beauties for free . . . kind of. When you sign up for a free rewards card, you’ll be asked to make an initial deposit or spend a certain amount on purchases within a designated time period (usually six months) before earning any rewards.
After that requirement is met, points and cash back can flow freely into your bank account. One such example is Capital One Venture One Rewards Credit Card. It comes with 1% cash back on all purchases and pays double that at restaurants — 2%!
How Can I Pay Less Interest on My Credit Card Bill?
Before applying for a new credit card, make sure you can pay off your monthly balance—interest fees add up quickly. If you’re looking to build your credit score, opt for a low-interest or no-interest introductory period. And stick to one revolving account—multiple cards can decrease your overall score.
But if you do have multiple accounts, try dividing your balance among them to minimize interest fees and penalties. Credit cards also come with numerous benefits and rewards programs (cash back, miles earned toward free travel) which help offset any interest charges from purchases made on those cards.
Are There Any Hidden Charges When I Use My Credit Card?
Credit cards have so many different types of fees associated with them that it can be hard to keep track of all of them. One common question people ask is: do any banks charge a fee for using my credit card? For example, if I use my card to pay for groceries, does that come with an additional cost?
There are a number of costs you should be aware of when using your credit card, including: late payment fees, cash advance fees and balance transfer fees. Late payment charges are pretty standard. You may be charged by your bank if you miss one or more payments on your bill within one billing cycle; usually they’re between $25 and $35.
Does it Cost Money to Get a Credit Card?
One of the most common questions we get asked is if it costs money to get a credit card. The answer to that question is yes and no. While you can absolutely obtain a new Visa or MasterCard without paying any fees, there are some things you’ll want to consider before applying for a new line of credit.
For example, while there are plenty of no-fee cards on offer, they tend to come with restrictions attached. If you have bad or limited credit history and can’t secure an unsecured card right away, don’t worry—there are still options out there. Most banks will issue secured cards and charge an activation fee at time of application, but it may be worth paying something up front to build your credit history faster.
What if I can’t Meet my Monthly Payment Obligations?
If you can’t meet your monthly payment obligations and you miss two or more payments, your card issuer is required to report a severe derogatory item on your credit report. As mentioned above, depending on your payment history (or lack thereof), it may take up to six months for that item to be removed from your report.
If you’re facing trouble making payments now, there are a few steps you can take right away: try reaching out to customer service at 1-800-663-1219 (United States) or 0808 168 9052 (United Kingdom) and explain that you are trying but simply cannot afford payments right now. They may be able to change due dates or offer other relief.
What if I want to Cancel my Credit Card Plan?
Before you even begin to shop for a new credit card, it’s important to know what type of deal you have currently. While some issuers will let you downgrade your plan or cancel, others won’t. For example, if your company offers a 0% introductory APR on new purchases, many don’t offer that same deal once it expires—even if you ask nicely.
If there are other perks attached to your card (like car rental coverage or concierge service), they may also be stripped once your account is canceled. So before canceling your account completely, consider whether another option might be more worth it—especially if you plan on opening another account elsewhere. Here are some things to keep in mind when thinking about canceling a credit card
How do Merchants Protect Themselves from Fraudulent Credit Cards Charges?
Merchants must ask for, and verify, a variety of information from customers using their credit cards. The customer’s name, address, phone number and driver’s license (or other form of identification) all help prove that your identity is genuine.
Beyond that, merchants are also required to check names against fraud databases. If they suspect something is off they may call or send you a letter requesting more information or to verify purchases made with your card. You’ll generally get one shot at proving yourself to be a legitimate customer after which point future purchases will be denied until you can clear up any remaining red flags.
Also Read: Best Credit Card Discounts In Pakistan (2022)
Conclusion
It’s easy to find out if a credit card has an annual fee. Just ask! If you’re calling a customer service rep to talk about your options, ask them straight up: Does it have an annual fee? Then, feel free to say, Thank you, and click off. The worst that can happen is they’ll try to pressure you into applying for another card (and won’t mention that there are plenty of great cards without annual fees).
It also doesn’t hurt to do some research on your own; if you think a credit card looks promising from what you’ve read online or friends’ reviews, don’t hesitate to call up customer service and ask about any fees before signing up.
