Learn how to get a credit card in Pakistan. This article will guide you through the process and help you get a credit card.
How To Get A Credit Card In Pakistan
There are two main ways to get credit cards in Pakistan; you can either apply through banks or directly through the bank’s credit card partners. The advantage of applying directly with the bank’s partner is that the entire process takes place online.
But you will be paying higher interest rates than if you were to apply directly with the bank itself. Applying with the bank’s partner also limits your choices to just one or two banks, which may mean less flexibility as far as payment plans and spending caps go.
Step 1: Choose the best credit card
To start, you’ll need to decide which credit card company you want to go with. If your business is based in Pakistan and you’ll be using your credit card there, it’s probably best to go with either Faysal Bank or MCB Bank. Even if you’re not based in Pakistan, most major banks will still give you cards. If that doesn’t sound like an option for you, there are also options like Upstart and Earnest Capital.
Don’t know where to begin? Check out these 5 tips for choosing a new credit card . As long as you do some research, look at interest rates and rewards programs, etc., then any credit card should do just fine. Think of all those gas stations begging you to sign up! Who cares about all that stuff when there’s FREE GAS?!?! Right? Well…yeah.
Step 2: Apply online
Getting credit is about more than just having a good credit score. You’ll need to sign several documents, including: an application; a credit agreement; an authorization for release of information form; and (if you’re applying for one) your marriage certificate. If any of these forms needs translation, make sure that gets done before you send them back, or your application may be delayed.
Once everything is signed and sent, it can take 1-2 weeks for your account to be approved. If you don’t hear from them within 4 weeks, call and follow up with customer service. Once your account has been approved, they will provide instructions on how to activate your credit card through their secure website. Every bank has its own activation process, so follow their instructions exactly so as not to confuse things further.
There are no physical credit cards available in Pakistan—everything is completely digital—so there’s nothing else left to do but wait! Your new credit line should appear online after a few days, at which point all that’s left to do is start shopping!
Now’s also a great time to apply for store credit cards if there are any businesses nearby where you shop frequently—you’ll have better chances at being accepted due to your new Pakistani bank account history.
Step 3: Sign all Documents
There are two documents you’ll need to sign. First, you must read and agree with your credit card issuer’s terms and conditions of its credit cards. Second, you must read and agree with your credit limit (the maximum amount of money your bank will lend you).
While signing both documents, make sure that everything on them is true, accurate and complete. It’s best not to sign if there is anything unclear or incorrect on either document. When signing these documents, it’s important that all parties involved understand what each other is agreeing to. That includes understanding credit cards interest rates and being able to pay off your balance every month.
If you have any questions, don’t be afraid to ask. By signing both forms, you’re committing yourself to paying back your debt on time every month until they’re paid off completely. Credit Card Companies can report their balances at any time and look at their history so they know who can handle credit responsibly.
Who gets invited back for another credit card – and who should never even think about applying for a loan again! Step 4: Use credit responsibly: Just because you have a new line of credit doesn’t mean you should go out and buy an expensive sports car!
Step 4: Update your bank details
Once you’ve applied for your credit card, most banks will send you an email with instructions on how to add their bank details. If your application is approved (congratulations!), it’s good practice to add these details immediately, or you risk having your identity stolen.
You can also call your bank and ask them for their account number, which is always required when making purchases online. While some services still accept credit cards without a CVC code (such as Amazon), most others do not, so be sure you have one before getting started.
It should take no more than five minutes at most, so don’t procrastinate! It doesn’t matter if you don’t understand what they’re saying on those websites either – they are specifically designed to confuse people like yourself and make money out of nothing by scamming credit card information from newbies like yourself.
Step 5: Spend wisely
It’s one thing to have a credit card. It’s another thing entirely to make sure you use it wisely. Set up automatic payments for all recurring bills and if your current job doesn’t offer credit, consider transferring some of your debt over from another card at a higher interest rate; that way.
When you do qualify for cards with lower interest rates or rewards programs, you won’t be paying off that high-interest debt on top of everything else. Once you’ve got your spending under control, reward yourself by managing an Amex account.
Also Read: Islamic Credit Card In Pakistan (2022)
The credit score rating is also very important because it helps you to obtain loan and credit card easier. The higher credit score you have, greater is your chance of getting better financing terms when applying for loans and credit cards. Therefore, build good credit history by making timely payments on all your bills, including utilities and other monthly expenses.
It can take some time before you see results on your credit score report but if you use these simple tips consistently, then it will be easy for you to start having great scores on all 3 bureaus. Your FICO score will be better than ever before!