Faysal Bank has aggressively captured the Pakistani market with the Faysal mc2 credit card. The bank has been one of the first few institutions to restart consumer lending in Pakistan. Their credit cards are increasingly becoming popular amongst the salaried and self-employed segment. MyBankersOnline analysis of Faysal mc2 credit card is as follows:
- The markup rate on outstanding balance is 42% on a Faysal mc2 credit card. This is considerably higher than the industry average of 39%. This makes it expensive for consumers to revolve on their Faysal mc2 credit card.
- The annual fee on Faysal mc2 credit card varies with the limit allotted to each individual. However, the bank is offering an annual fee waiver promotion based on the usage of the credit card. This allows individuals to avail the Faysal mc2 credit card without any fixed charges.
- SMS and Phone banking facilities are offered free of charge on Faysal mc2 credit card. However, the bank does not offer facilities to view statements online.
- Repayment modes include direct debit facilities and payment through cash and cheques deposited in branches. The Faysal mc2 credit card does not provide services for online repayments.
Additionally, the Faysal mc2 credit card has a rewards scheme for consumers. Based on their spending, individuals can redeem their points at Caltex oil stations and various retail outlets. Discounts and special offers are also available for card users at several restaurants and on AirBlue travel services.
We, at MyBankersOnline, feel that the Faysal mc2 credit card is a strong product for the consumers in Pakistan. However, the markup rate needs to be reduced to gain a competitive edge in the credit card market. If the rate is brought down to the industry average of 39%, we will strongly recommend the Faysal mc2 credit card to all consumers looking to avail lending products.