Prepaid credit card


#1

Is any bank offering prepaid credit cards in Pakistan?


#2

Simply, NO. :)


#3

All right, since I don't want to start another thread, here's another banking related question: Which bank offers best interest rates for a savings account?


#4

[quote=", post:, topic:"]

All right, since I don’t want to start another thread, here’s another banking related question: Which bank offers best interest rates for a savings account?
[/quote]

Depends on how much you’re saving. Most of the banks usually offer competitive rates but UBL and MCB’s are the most similar. Long term deposits will usually yield the highest income.


#5

How much, say a 100K, will yield in a year in UBL, for example?


#6

[quote=", post:, topic:"]

Is any bank offering prepaid credit cards in Pakistan?
[/quote]

Hullo. thats called a debit card and every bank issues it. generally visa debit card is more widely acceptable then the older Orix


#7

A debit card uses money directly from ur bank account, so thats the "prepaid" part for it


#8

[quote=", post:, topic:"]

How much, say a 100K, will yield in a year in UBL, for example?
[/quote]

On 100k you must get at least 6000 per year. Not sure of the current interest rates but i expect them to be anywhere between 6-8 % on a savings account. You should expect more on a fixed deposit scheme

*edit Currently the best interest rates anyone offering anyone in pakistan is National savings, a scheme only for retired people where they give 10.5% interest per year.


#9

[quote=", post:, topic:"]

Hullo. thats called a debit card and every bank issues it. generally visa debit card is more widely acceptable then the older Orix

[/quote]

Perhaps not. What specter was referring to is a prepaid visa card and it’s available even at grocery stores in the US.

[quote=", post:, topic:"]
On 100k you must get at least 6000 per year. Not sure of the current interest rates but i expect them to be anywhere between 6-8 % on a savings account. You should expect more on a fixed deposit scheme
[/quote]

In theory, yes. But practically, that’s difficult if you are only saving for short-term and expect monthly (or quarterly) interest imbursement. Note that I didn’t say impossible because few banks often setup few special type of accounts which suit your requirements and offer a high ROI.

Most of the saving accounts of UBL and MCB hardly go above 1% yearly (hardly 100 in a month). Situation improves when you decide to invest for long-term or you find a suitable special saving account like that of UBL’s, called “UBL UNIFLEX” (7.25% / year – max 2 withdrawals in a month). Here are the projected rates for April, of UBL: (pdf file)

https://www.ubl.com.pk/commercial/deposits/projected_rates/pdf/Projected%20Rates%20April%202008.pdf

Details of UBL Uniflex:

https://www.ubl.com.pk/commercial/deposits/ubl_uniflex/

By the way, the monetary policies are being used to raise the interest rates by 1.5% so you should see higher interest rates offered by banks in months to come.

Check it here: http://www.forbes.com/feeds/ap/2008/05/22/ap5039934.html


#10

[quote=", post:, topic:"]

Hullo. thats called a debit card and every bank issues it. generally visa debit card is more widely acceptable then the older Orix

[/quote]

A debit card is different.

There are prepaid credit cards available in different countries.

A prepaid credit card is exactly what it sounds like. Say you want to give some one Rs 20,000 for a birthday gift / wedding gift, so the simplest way is to apply for a prepaid card (apart from giving cash to that person), which would have a Rs 20,000 limit and that’s it (no bank account to be opened or created in such a scenario and unlike a credit card, you do not need to apply for it and wait for the bank to approve or decline you). I dunno what happenes to the card after the limit is used up, whether you can top up or refill the card.

A debit card would require you to open a checking or current account, and it is a totally different thing.

After some googling…

http://www.credit.com/products/credit_cards/debit.jsp


#11

[quote=", post:, topic:"]

Is any bank offering prepaid credit cards in Pakistan?
[/quote]

i think ASKRI is offering but not sure.


#12

No such credit card like prepaid. But debit card is prepaid as it deducted amount directory from your account.

Regarding best interest rate provide, that depend on amount you invest and for what period you keep amount in bank. Best invest in some islamic banking.


#13

India is offering prepaid credit cards. But most of them have issues regarding International online usage. i don't know why?


#14

[quote=", post:, topic:"]

India is offering prepaid credit cards. But most of them have issues regarding International online usage. i don’t know why?
[/quote]

Oh nice idea of prepaid credit cards for use international online only. So, no one can hack those credit cards and use it upto limit of credit. Prepaid would be very limited or upto the user’s requirment for the time being.


#15

if something is prepaid, why is it called "credit" card


#16

[quote=", post:, topic:"]

if something is prepaid, why is it called “credit” card
[/quote]

OHH good point than why CREDIT CARD.


#17

#18

Does this prepaid creadi card avilable in Pakistan?


#19

[quote=", post:, topic:"]

Does this prepaid creadi card avilable in Pakistan?
[/quote]

Excuse me? :lol: Read the first post and the discussion that follows it.


#20

[quote=", post:, topic:"]

Excuse me? :lol: Read the first post and the discussion that follows it.

[/quote]

I already read the first post. And this also my question to all member. I think, I also can ask same question in this thread and it is not against any rule or ethics. Right?