Habib Bank is currently one of the major players in the credit card sector in Pakistan. Their product HBL VISA credit card is widely used by HBL consumers. MyBankersOnline has analyzed the HBL VISA credit card and presents its evaluation below.
- The markup rate on HBL VISA credit card is 39%. Additionally, it offers a markup rate as low as 33% to its premium customers as well. This creates a competitive edge for HBL in the consumer lending segment, as their rates are currently one of the lowest.
- The annual fee varies with the type of card availed by the consumer. HBL VISA credit card charges one of the lowest annual fees for both gold and classic card categories.
- HBL VISA credit card offers SMS Banking and Online Banking services to its users as well. However there is a monthly charge of Rs. 50 for SMS alerts.
- Repayment modes include direct debit facilities and payment through cash and cheques deposited in branches. Additionally, HBL VISA credit card allows users to make online payments for their outstanding balances. This is a service offered by only a few banks in Pakistan.
As additional benefits, HBL VISA credit card users can avail discounts at various restaurants and retail outlets across Pakistan. HBL is also the only bank to offer credit card services to consumers in 13 major cities of Pakistan. This creates opportunities for a large number of consumers to avail HBL VISA credit card services.
MyBankersOnline strongly recommends HBL VISA credit card as one of the most economical options available for credit card users. The reduced markup rate and annual fee, bundled with the ease of online repayments, creates a solid competitive edge for the HBL VISA credit card in the consumer lending industry in Pakistan.