Popular Credit Card Options for Salaried Employees

No doubt, credit cards have become an essential tool for managing day-to-day expenses, building credit, and enjoying exclusive perks. With an abundance of credit card options at hand, it can be overwhelming to pick the suitable one that lives up to your needs.

Well, in this guide, I’ll explore a range of credit card options specifically picked for salaried employees. In addition, I’ll unravel the best credit cards on the market, helping you make an informed decision and maximise your financial potential.

Types of Credit Cards in Pakistan

Types of Credit Cards in Pakistan

Rewards Credit Cards

Rewards credit cards offer points or miles for every rupee spent, which can be redeemed for various rewards like gift vouchers, merchandise, air tickets, and hotel stays.

They provide added value to your spending, but there may be restrictions on earning and redeeming points or miles, along with possible annual fees or high-interest rates.

Balance Transfer Credit Cards

These credit cards enable you to transfer your current credit card debt to another card offering a lower or zero interest rate.

This helps you save on interest payments and pay off your debt faster, although there may be a limited time period for the low or zero-interest rate offer, and a balance transfer fee may apply.

Travel Credit Cards

Travel credit cards provide a range of travel-related benefits, including travel insurance coverage, complimentary airport lounge access, discounts on hotel bookings, and air miles accumulation.

They enhance your travel experience by providing comfort and rewards when used for travel-related expenses.

Cashback Credit Cards

Cashback credit cards offer a cash or credit reward based on a percentage of your spending, allowing you to save money and increase your cash flow.

Keep in mind that there could be limitations on spending categories or amounts, and meeting certain spending thresholds or paying an annual fee might be required to earn cashback.

Discount Credit Cards

Discount credit cards provide deals on specific products or services when used at participating merchants or outlets.

They enable savings on shopping and dining expenses and offer exclusive offers. However, the availability and validity of discounts may be limited, and an annual fee or high-interest rate may be applicable.

Popular Credit Card Options for Salaried Employees

There are many credit card options you can go for. However, due to many reasons, these are options that I think will suit you the best.

Credit Card Annual Fee(PKR) Cashback (On Fuel, Groceries, and Dining? Rewards Point for PKR Spent Minimum Monthly Income(PKR) Interest Rate(Per Month)
HBL Platinum Credit Card 5,000 5% 1 reward point for PKR 50 spent 100,000 3.25%
MCB Titanium Credit Card 5,000 5% 1 reward point for PKR 50 50,000 3.5%
SCB Platinum Credit Card 15,000 5% 1 reward point for PKR 40 spent 200,000 3.5%
ABL Platinum Credit Card 7,500 5% 1 reward point for PKR 50 spent 100,0 3.5%

HBL presents the Platinum Credit Card, offering a wide array of benefits such as complimentary travel insurance, exclusive discounts on dining and shopping, and convenient access to its extensive network of ATMs and branches. Cardholders can earn reward points for every purchase and enjoy cash back or travel rewards.

MCB Lite Visa Debit Card

MCB Lite Visa Debit Card

If you’re looking for a debit card that offers credit card-like features, the MCB Lite Visa Debit Card is an excellent option to consider. It enables online and offline purchases, along with the opportunity to earn reward points for every transaction.

The card also allows cash withdrawals from ATMs and offers additional services like bill payment and mobile top-ups.

Standard Chartered Platinum Credit Card

This credit card is highly favoured by salaried employees for its exceptional rewards program. Cardholders earn 5 reward points for every Rs 100 spent, allowing them to redeem points for air tickets, hotel stays, and shopping vouchers.

Additionally, the card provides exclusive discounts at handpicked restaurants, hotels, and retailers. With features like cash advance withdrawals and Easy Credit Cheque Book, it provides convenience and flexibility in managing finances.

Allied Visa Gold Credit Card

The Allied Visa Gold Credit Card is an excellent option for earning rewards without an annual fee. By making purchases with this card, cardholders earn 1 reward point for every Rs. 50 spent, which can be later redeemed for enticing options like cash back, shopping vouchers, or airline tickets.

Moreover, the card provides complimentary travel insurance coverage and grants access to exclusive discounts at chosen retailers.

Factors to Consider When Choosing a Credit Card

Factors to Consider When Choosing a Credit Card

When choosing a credit card, it is essential to carefully consider several factors to make an informed decision. Here are key aspects to bear in mind:

Your Credit Score

Your credit score plays a significant role in determining your eligibility for different credit cards and the interest rates offered. A higher credit score expands your options and increases your chances of obtaining a card with a lower interest rate.

Your Spending Habits

Evaluate how you intend to use your credit card. If it’s for everyday purchases, prioritise finding a card with a low-interest rate. For travel-related expenses, focus on cards that give travel benefits and rewards.

The Fees Associated with the Card

Take note of the fees associated with each card. Certain credit cards come with annual fees, while others do not. Furthermore, it is important to be mindful of possible foreign transaction fees if you intend to use the card internationally. Comparing fees will help you choose a card that aligns with your financial goals.

The Rewards Program

Numerous credit cards offer rewards programs that allow you to accumulate points, miles, or cash back as a result of your purchases. If you are interested in maximising rewards, compare the programs offered by different cards to find one that aligns with your preferences and spending habits.

The Credit Limit

The credit limit represents the highest borrowing capacity available on your credit card. It’s essential to select a card with a credit limit that adequately covers your expected expenses without tempting you to overspend beyond your means.