Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
Tourism has been growing across Pakistan in the last few years, with more people being attracted to beautiful mountain scenery, historical heritage and fantastic culture.
The growth in tourism has been mirrored by the growing acceptance of credit cards, although not nearly as much as in Europe and across more developed countries.
Visa cards are the most likely to be accepted, although you may find joy using a Mastercard and American Express in more high-end establishments.
You’ll find ATMs linked to the Plus or Cirrus systems in all urban areas of Pakistan, allowing you to withdraw cash using your Visa or Mastercard card. You may find them harder to come by in the more run-down rural areas of the country. ATMs are in all Pakistani cities and towns, at train and bus stations, petrol stations, shopping centres and popular tourist destinations. Bank-affiliated ATMs don’t usually impose additional fees to those your bank may levy.
Pakistan remains a cash-based society, so it’s recommended to have enough rupees on you to cover your back at all times. This might be especially necessary within smaller establishments, or in lesser-known towns across the country. You may also still need to pay in cash for smaller purchases, as many shops, restaurants and other businesses are keen to avoid the processing fees charged to vendors who accept credit card payments.
Find a great deal on your travel money for Pakistan
Pakistan has moved from magnetic-stripe to chip cards, and all banks in Pakistan now issue the latter. You’ll still be able to use your magnetic-stripe card in Pakistan, although you can expect some confusion. In the switching of technology, some retailers falsely believe that they can no longer accept magnetic-stripe cards while some others will not let you use them, to do their bit in reducing credit card fraud. All they basically need you to do is swipe your card instead of inserting it into the machine, and then get you to sign for the purchase.
If you use a chip-and-signature card, you can use it in Pakistan just about everywhere you find a manned credit card machine. However, some businesses are hesitant in accepting them because they are not sure if it’s allowed and some others don’t accept them to cut down on credit card fraud. If you’re getting tickets from a machine, you will need to enter a PIN, in which case your chip-and-signature card won’t work.
By exercising some caution when using your credit card in Pakistan, you’ll have a relatively trouble-free experience.
Remain alert to street crime, especially where two or more people work in distracting victims before decamping with their valuables. Instances of theft at airports are not uncommon, so stay vigilant while arriving and departing. There have been numerous instances of thefts from hired cars so don’t leave your wallet or purse in a parked car.
Credit card fees can leave a noticeable dent in your pocket when you’re travelling overseas, so know what you’re up against well in advance and choose a card with no or low fees.
British credit card issuers typically charge a fee equivalent to 1% to 3% of your transaction, so carefully review your card’s fine print to avoid statement surprises. Some cards designed for travel come with no foreign transaction fees, so this could be a good time to switch.
Learn more about cards designed for overseas spending
If a retailer offers to bill your credit card in sterling, dynamic currency conversion comes into play. While this might sound like a good deal, you’ll actually end up getting a worse exchange rate, and you might also end up paying currency conversion fees. Whenever you’re presented with an option, choose to pay in the local currency.
Using your credit card to withdraw money from an ATM may not make sense unless it’s a bona fide emergency. Each time you withdraw funds from an ATM, you’re likely to pay a cash advance fee. Your APR for cash advances is normally higher than your purchase APR, and you’ll typically get no grace period on interest – instead, you start paying interest immediately. Again, some cards designed for overseas spending will waive this fee.
The table below serves as an example of how much extra you may pay to use your credit card in Pakistan.
Additionally, you can get an idea of costs by using these online currency conversion tools from Mastercard and Visa.
Ask yourself these simple questions before you leave so your spending in Pakistan does not hit any roadblocks.
When you’re in Pakistan, you don’t have to worry about where and when you can use your credit card. Just keep some cash handy to pay for small purchases.
This guide provides step-by-step instructions on how to buy Arbitrum, lists some exchanges where you can get it and provides daily price data on (ARB).
Now in their third year, these awards recognise the credit, loans, mortgage and BNPL providers displaying the best innovations in their field.
The winners of the Finder Lending Innovation Awards 2023 have been announced, find out who won across seven categories here.
Find out the winners and highly commended brands in the Finder Lending Innovation Awards 2023. The best lending innovation in the UK!
This guide provides step-by-step instructions on how to buy Sui, lists some exchanges where you can get it and provides daily price data on (SUI).
This guide provides step-by-step instructions on how to buy Pepe, lists some exchanges where you can get it and provides daily price data on (PEPE).
This guide provides step-by-step instructions on how to buy SSV Network, lists some exchanges where you can get it and provides daily price data on (SSV).
This guide provides step-by-step instructions on how to buy USDD, lists some exchanges where you can get it and provides daily price data on (USDD).
This guide provides step-by-step instructions on how to buy Blur, lists some exchanges where you can get it and provides daily price data on (BLUR).