Pakistani Banks and Credit Companies

[Hyde]

If you don't have any credit history and new in job/business even then you can apply for credit card, but that will be secured credit card. You have to deposit funds with bank and credit limit is normally set by the amount you deposit. Bank keep holding this money, you can develop your credit history and apply for ordinary credit card.

oh yeah that does happen in some cases... I had forgotten about it... lets get back to topic now. A1Kaid must be very angry with me

 

[Jango]

 

[Hyde]

Unsecured credit limit.

What do you think the credit limit would be for someone of that profile? As you may know in US a student may start out at $300-$500.

well I was browsing Pakistani banks's websites and learned they do not write the credit limit on their website. HSBC Pakistan did not write anything at all. Standard Charter does mention a sample amount of 100,000 rupees (30% could be withdrawn in cash) just like in UK where the typical amount written for every bank is 1200 pounds but then when you apply some people get a limit of 1000 pounds, some people get a limit of 7500 pounds depending upon their circumstances and credit profile.

For your knowledge Standard charter write minimum requirement as follows

Eligibility
- Age should be 21-60 years for salaried and 25-65 years for self employed customers
- Customers from Karachi, Lahore, Islamabad and Rawalpindi can apply for Credit Cards.
- Minimum Monthly income required; for salaried PKR 60,000 & for self employed PKR 70,000

Proof of Income
- For Salaried customers latest salary slips are required
- For self-employed customers bank statements are required

Source: https://forms.online.standardchartered.com/public_website/pakistan/cc_application/index.html

So I guess university students or anybody under the age of 21 is not accepted by Standard Charter. Let me see if I could find some info on other banks website

 

[A1Kaid]

Well most banks don't mention credit limit on their website as credit limit will be different for everybody. You would have to know this by life experience or if have actual idea or hearsay of what credit limit banks typically start out new users with.

This is why I was asking its not like you can find it on a bank website, no bank website states what credit limit you will receive you find out only after applying as they have their own calculation to do to determine your credit limit.

 

[Hyde]

Allied Bank of Pakistan offers two credit cards...

Allied Visa Gold Credit Card

Your Allied Visa Credit Card helps you save money where it counts. Your Allied Visa Credit Card currently carries the most attractive Annual Percentage Rate in the market, i.e. 28%*. So use your Allied Visa Credit Card at your favorite places and enjoy savings like never before.

*Any change in APR will be intimated accordingly.

Allied Visa Platinum Credit Card

Your Allied Visa Credit Card helps you save money where it counts. Your Allied Visa Credit Card currently carries the most attractive Annual Percentage Rate in the market, i.e. 28%*. So use your Allied Visa Credit Card at your favorite places and enjoy savings like never before.

Source: Allied Bank Limited :: Consumer :: Allied Cash Shop

You can visit their website for more information

 

[Hyde]

Well most banks don't mention credit limit on their website as credit limit will be different for everybody. You would have to know this by life experience or if have actual idea or hearsay of what credit limit banks typically start out new users with.

This is why I was asking its not like you can find it on a bank website, no bank website states what credit limit you will receive you find out only after applying as they have their own calculation to do to determine your credit limit.

You are right, yeah I guess somebody else will answer your query then

 

[VCheng]

.............. but did not know you can apply for secured credit cards. Never heard about such credit cards in my life.

..................

Secured credit cards are for those who do not have a credit history and generally have a limit up to the amount kept as security with the issuing bank if approved. After a set time period, often one or two years, of timely payments, customers may qualify for a regular unsecured credit card. Sometimes having another condition such as direct deposit of regular pay, even though it is less than regular limits, can help.

There, now you know!

Unsecured credit limit.

What do you think the credit limit would be for someone of that profile? As you may know in US a student may start out at $300-$500 on their first card.

If I guess, you may not qualify for an unsecured card, and thus would have to negotiate with the issuer for a secured card if offered.