Credit cards are becoming an essential tool for managing finances in Pakistan. From the convenience of cashless transactions to exclusive benefits such as discounts and reward points, they offer consumers flexibility and added convenience. However, applying for a credit card can be confusing if you are not aware of the requirements, the best options available, and the associated costs.
This guide will provide you with all the necessary information on applying for a credit card in Pakistan, including eligibility criteria, required documents, a comparison of the best credit cards, and tips for using them responsibly.
Criteria for Eligibility to Apply for a Credit Card in Pakistan
Before applying for a credit card, it is important to ensure that you meet the basic eligibility requirements set by banks in Pakistan. Generally, these criteria are as follows:
Age
- The applicant must be at least 21 years old.
- Supplementary cardholders (e.g., family members) must often be 18 years or older.
Income
- To be eligible for a credit card, applicants must meet minimum monthly income requirements, which may vary from bank to bank.
- The general minimum income for Salaried individuals should be PKR 30,000 – 50,000 /month (depending on the bank and the nature of the card).
- Independent entrepreneurs and freelancers may need to demonstrate an income or business turnover of at least PKR 50,000 – 100,000 /month.
Employment Status
- Salaried individuals must provide proof of steady employment (usually proof of at least 6 months of working with the same employer is required).
- Independent entrepreneurs and freelancers must provide proof of their steady income or bank statements.
Credit History
- Banks may review your credit history and check your credit score to see if your previous loans or bills have been paid on time.
Bank Account
- Many banks require that the applicant have an active bank account with them in order to process a credit card application.
Documents Required to Apply for a Credit Card
Once you meet the eligibility criteria, the next step is to prepare the necessary documents for your application. Most banks in Pakistan ask for the following documents:
- National Identity Card (CNIC) or Smart CNIC – A valid government-issued identity document.
- Income Proof – Recent salary slips (for salaried individuals) or audited financial statements (for business owners).
- Bank Statement – Bank statement of the last 6 months to verify salary inflow or source of income.
- Employment Letter – A confirmation letter from the employer containing details of employment and salary (for salaried applicants).
- Utility Bills – Some banks may ask for your recent electricity or gas bill to verify current address.
Make sure to provide photocopies and certified copies of all documents to avoid delay in processing the application.
Also read: How to Turn OFF E-Commerce Transaction in HBL
Best Credit Cards in Pakistan
Not all credit cards are created equal. Some cards may be more beneficial depending on your spending habits and needs. Here are some of the best credit cards in Pakistan and their prominent features:
1. Standard Chartered Visa Platinum
- Best option: For frequent travelers
- Rewards: Discounts on travel insurance and international bookings
- Low international transaction fees
- Annual fee: PKR 8,000
2. UBL Signature Credit Card
- Best option: For high-income professionals
- High credit limit with Cashback offers on fuel and dining
- Exclusive access to UBL Airport Lounge
- Annual fee: PKR 10,000
3. HBL Gold Credit Card
- Best option: For general everyday expenses
- Reward points on retail purchases that can be redeemed later
- Free supplementary Cards and Balance Transfer Options
- Annual Fee: PKR 5,500
4. Faysal Bank Titanium Card
- Best option: For shopping enthusiasts
- Special discounts at partner retail outlets and restaurants
- Installment payment facility for large expenses (Buy Now, Pay Later)
- Annual Fee: PKR 7,500
Fees and Charges Associated with Credit Cards
There are also some costs associated with using a credit card, which are important to know to avoid unexpected charges. The details of the fees that are generally applicable in Pakistan are as follows:
Annual Fee – A fixed annual charge depending on the nature of the card.
Late Payment Fee – A penalty of up to PKR 500 – 2,500 for not paying a bill on time.
Over-Limit Fee – Additional fees may apply for spending above the card limit.
Cash Advance Fee – 2.5 – 3% additional charge on cash withdrawals from a credit card.
Service Charges and GST – Some banks may also impose Government Sales Tax and Service Charges on certain transactions
How to Apply for a Credit Card in Pakistan
- Do Research – Compare cards from different banks.
- Check Eligibility – Review your income and other requirements.
- Prepare Documents – Have CNIC, salary slips and bank statements ready.
- Visit the bank or apply online.
- Fill the application form – Provide complete and accurate information.
- Wait for approval – The bank will review your application.
- Receive your credit card – The card will reach your address in 7-10 business days.
A credit card is a financial facility, which can be made profitable if used wisely. If you want to apply, explore your options at your nearest bank or online portal today!