A Credit Card is a rectangular metal or a plastic card that lets you make as many purchases as you want. You can borrow funds in order to make purchases with the promise to deliver the amount in a specified time period. The time would be decided by the bank or institution that has issued you the card. One of the main purposes of using a credit card is to get your required things on the spot when you are out of money.
In 1950, Frank McNamara and Ralph Schneider got an idea to issue this card since then; it is widely used across the globe. In the start, this card worked like a coin or a medal, but with time, many changes were made, and each bank came with a better idea. This article summarizes all the information about the card, including Credit Card History.
|Founded By:||Frank McNamara and Ralph Schneider|
|Issued By:||Credit Card Companies|
|Payment Method:||IMPS, Internet banking, Auto Debit, etc|
|Card Networks:||Discover, American Express, Visa, and Master Card|
Credit Card History
The trend of using credit cards is not new as it came into being in the 1920s in the United States for the first time. In the start, many individual companies used to give this card to their customers to make purchases. However, in 1950, the first universal card came into emergence by Frank McNamara and Ralph Schneider.
Like this card, another card came into being with the name ‘Entertainment and travel card’ that brought various changes in the card system. After this card emergence, the card company started charging fees on an annual basis from the cardholders. Each bank has specified its own card fees that every cardholder has to pay on time; otherwise, additional charges are charged.
Furthermore, a credit card number is given to you that is usually displayed on the front side of your card and it is usually 15 or 16 digits long. Let’s have a look at the procedure of every bank’s credit card.
HBL Credit Card
HBL that stands for Habib Bank Limited, is one of the largest banks in Pakistan. They provide a lot of credit card facilities to its members, including shopping, dinners, rewards, etc. Furthermore, you can take benefit from this card in various outlets. Hence, it brings peace of mind and a level of excitement and lets you go shopping to the fullest.
They have 2 cards to offer, including Gold and Green. The Gold card comes with unlimited features and benefits. If you want to get facilitated with the card features right now, you can call at 111-111-425. If we talk about the installment procedure, you can easily make it every month with a 36 month duration time. You can also get the products with 0% markup. However, the markup depends on the product that you are purchasing.
Alfalah Credit Card
Alfalah bank is another significant bank of Pakistan that also provides you with credit card facilities. They offer you complete financial freedom and let you enjoy shopping from unlimited outlets. Furthermore, they provide you various discounts on shopping, dinners, traveling, etc. However, in order to get the card, there are specific criteria that need to be fulfilled.
If you are a salaried applicant, then your minimum Gross income should be 30,000 Rs while your age should be from 21 to 60 years. On the other hand, if you are a professional applicant, your minimum Gross income should be 50,000 Rs, and your age should be from 21 to 70 years. Furthermore, if you are a Businessman applicant, your Minimum Gross income should be 100,000 while age should be 21 to 70 years.
In order to get the card, call on 111-225-111 and visit your near branch with all the important papers that are required during this procedure, including NIC card, Salary slip, etc.
UBL Credit Card
If you want the number 1 credit card in order to enjoy the utmost benefits, you should have a UBL card that gives you unlimited services and benefits. It has many cards to endeavor, including UBL Credit card, UBL PSO Auto Card, and Visa Platinum Card. Each one comes with various services that you surely can’t stand to miss.
These cards let you have peace and give you complete financial security. It is acceptable in 20 Million above establishments. You can call 111-825-888 to apply for your card, or you can also visit any of the UBL’s branches. If you go for a platinum card, there is no particular limit. You can take as many gains as you want.
Faysal Bank Credit Card
Here comes another convenient and flexible credit card that you should avail of. Like every other credit card, it also has a complete range of perks and services that gives you ease and leisure in infinite ways. To commemorate your lavish lifestyle, you can get an absolute opportunity from a Faysal bank credit card. You can apply for the card online too, or you can visit the nearest branch of Faysal Bank.
If you want to make the payment of your card after the specified time, you can choose various options. Simply use Funds transfer or go for the Auto Debit option. Furthermore, you can get your hands on Faysal Bank MOBIT in case you have an account in this bank.
Meezan Bank Credit Card
Meezan Bank is inevitably one of the worth using banks in Pakistan in many ways. Among these, their credit card facility tops the chart. The Visa Platinum credit card allows you to withdraw the amount of 200,000 every day, while for shopping, you can easily use 500,000 each day without any issue. It gives various other treasures to the cardholders that one can’t afford to lose.
Allied Bank Credit Card
Allied bank is also offering different credit cards, among which you can go for a Visa Credit card. It gives you the chance to spend more than 49,000 merchants all over Pakistan. Abroad, you can spend in 27 million outlets that is huge.
It comes with many other attributes, including safe and secure transactions, Free chips, free conversions, Minimum markup rates, and much more. To pay the bill of your card, you can call 111-225-225, and all your payments will be done.
Bank Al Habib Credit Card
If you have an account in Bank Al Habib, then you can avail yourself of 2 types of credit cards, including Gold and Classic cards. Now, you can get free from every financial tension when you have a Bank Al Habib credit card. You can get 51 days of free card facilities so that you can enjoy to the fullest. The other facilities that you can get include 3 supplementary cards and an easy payment mode.
Credit Card and Debit Card
There is a clear difference between both terms. A debit card is a small plastic chip that lets you withdraw the money that is present in your account. On the other hand, a credit card is a small plastic chip that allows you to make purchases with a promise to send them back within the specified time. You can keep only 1 credit and debit card at a time.
Credit Card Types
It is classified into various classes, however, a few of them are mentioned below. The types include:
1- Cash Back Credit
It is one of the many types of credit cards that bless you with different bonus points including Traveling, dining, etc. However, it also depends on the card that you have purchased. On the other hand, in most cases, you don’t need to pay a yearly fee while on a few cards you have to give 100$ every year. A few best cashback cards include:
- Citi® Double Cash Card Review
- Blue Cash Preferred® Card
- Discover it® Cash Back review
2- Rewards Credit Card
These are the points that you get after making purchases from your credit card. Furthermore, you get various bonus points that depend on which item you have made purchases. If you have done groceries or other essential household items from this card then you can get cashback and many other rewards.
3- Travel Credit Card
As the name defines, it is a card that provides you with different travel opportunities. After making purchases from this card, you can earn various traveling points or you can get points that you can directly transfer to the traveling airlines. If you keep on traveling now and then in a business class then you should also avail luxury cards that give you a chance to travel in a business class.
4- Balance Transfer Card
If you are using a high-level credit card then you surely need to give a lot of debt for which a Balance transfer card would be a better choice. It makes it easy for you to cover all your debt. It gives you maximum time to cover all your debt so that it becomes easy for you without any pressure. On the other hand, you can get a 0% introductory Annual Percentage Rate (APR) in between 15 to 21 months.
5- Business Credit Card
If you have a business card and you are spending all your money on business then it lets you keep your personal and business spending discrete and unrelated. An ideal business card should make your purchases and business easy and straightforward.
Credit Card Terms and Conditions
It is a set of agreements that are signed between the card owner and the cardholder that you have to follow onwards. If you are planning to be a credit cardholder then you have to follow the terms and conditions applied by each bank. A few of them incorporates:
- It includes the interest rate, fees, and annual percentage rate (APR) that is common everywhere.
- In case, there is any reward for the cardholder, it should be well-explained to them.
- If there is any bonus offer then the documents should have a clear portion where everything is well-explained that how to get this offer.
- Each bank has its own terms and conditions that you should agree to before purchasing the card.