Bank Alfalah, initially being one of the market leaders in credit cards in Pakistan, has successfully re-launched its lending products in the market. In their premium credit card category, Bank Alfalah Platinum VISA card tops the table. We, at MyBankersOnline, are presenting our analysis of the Bank Alfalah Platinum VISA card.
- Bank Alfalah charges 40% as the markup rate on Platinum VISA card for all customers who revolve on their credit cards. This markup rate is higher than the industry average of 39%.
- The annual fee on the Bank Alfalah Platinum VISA card is fixed at Rs. 2,000 for every individual. This fee is considerably lower than the market average for Platinum cards in Pakistan.
- SMS Banking is charged at Rs. 50 per month on Bank Alfalah Platinum VISA card. Currently, there is no internet banking service available against the credit card.
- Direct Debit facility is charged at Rs. 200 per enrollment on Bank Alfalah Platinum VISA card and is recommended by the bank itself. Most customers, if maintaining an account with the bank, have the option to apply for direct debit facility of their outstanding credit card bills.
Other than the standard facilities available on Platinum cards, such as access to CIP lounges in Pakistan, and concierge services in different countries, Bank Alfalah Platinum VISA card is currently the only option in Pakistan to enroll for a globally acceptable Priority Pass. Although charged an annual fee of $10, and $31.80 per airport visit, the Priority Pass membership allows an individual access to all Priority Centers across the world. Bank Alfalah Platinum VISA card also offers discount services at various restaurants across Pakistan and offers the facility of retail purchases through equal monthly installments (SBS facility).
We, at MyBankersOnline feel that amongst the premium credit card options available in Pakistan, Bank Alfalah Platinum VISA card presently tops the list. Although their markup charges and subscription charges for SMS alerts and Direct Debit are higher than some of the competitors, the reduced annual fee and priority pass facility creates the main difference. For high end customers, nominal charges are outweighed by services such as business lounges, facilitation during travel and access to virtual offices around the globe. Additionally, the option of equal monthly installments on retail purchases through the Bank Alfalah Platinum VISA card, serves as the icing on the cake. We strongly recommend this product to all users seeking the true experience of a Platinum credit card!