Product Review – Faysal Bank Platinum Credit Card

Product Review – Faysal Bank Platinum Credit Card
May 25, 2016 Mrs. K Compare

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Faysal Bank Platinum Credit Card is designed for the discerning cardholder. Faysal Bank Platinum Credit Card offers you privileges such as complimentary golf green fees, complimentary valet parking at popular malls in Pakistan and dining discounts at some of the most popular restaurants in Karachi, Lahore, and Islamabad. If you are a salaried individual,  to apply for this card you require a minimum monthly income in the range of PKR 90,000 to PKR 110,000. If you are a self-employed professional or businessman then you will be required to show earnings of at least PKR 120,000 per month, supported by a 6-month bank statement.

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APR & BTF Rate:
Though this card offers a few lifestyle benefits it does so at a cost. Faysal Bank Platinum Credit Card has an APR of 39% per annum which comes out to 3.25% per month. If you are thinking of doing a balance transfer onto the card you will be charged an APR of 32.40% per annum which comes out to 2.7% per month on the open tenor balance transfer. The regular APR offered by Faysal is within the range of what other card providers are charging. However, the open tenor balance transfer is significantly higher by what is charged across pier cards.  Due to the significantly higher charge on BTF the KarloCompare team has rated Faysal Bank Platinum Credit Card as WEAK under the APR & BTF category.

Fees and Waiver:
Faysal Bank Platinum Credit Card has annual charges of PKR 8,000 and PKR 2,000 annually for primary and supplementary cards respectively. You can qualify for an annual fee reduction by spending PKR 300,000 in a year, by spending this amount your annual fee is reduced to PKR 500.   Furthermore, PKR 600/- is charged annually for chip maintenance. The Faysal Bank Platinum Credit Card has been rated, POOR. The annual fees are 33% more than the median annual fees charged by similar Platinum cards. Additionally, the condition for a fee waiver is quite high.

Salient Discounts:
Faysal Bank Platinum Credit Card  offers a host of competitive discounts at popular dining options across the country. If you are a Karachite, you will find the likes of Okra on the panel. The card also gives its members’ discounts at a variety of retail outlets. The discounts range from anywhere from 10%- 25%, with a total of 100 discounts offers on various dining and shopping options. Faysal Bank Platinum Credit Card has an EXCEPTIONAL discount alliance program for its customers. Faysal Bank Platinum card offers 25% more discount deals than its piers.

Travel Benefits:
Faysal Bank Platinum Credit Card offers lounge access at Karachi, Lahore, and Islamabad airport. This card also offers access to approximately 7 lounges across various international destinations in the Middle East. Furthermore, you get a three-year complimentary membership to Priority Pass which gives you access to 600+ airport lounges across 100 or more countries. Please bear in mind that using the Priority Pass comes with a USD 27 charge per visit. The positive is that Faysal Bank is not charging a premium on this fee, whereas other banks usually charge USD 35 per visit. However, if you have a guest visiting a Priority Pass lounge with you, they will be charged separately at actual rates charged directly by Priority Pass. Lastly, Faysal Bank Platinum card offers its members’ complimentary meet and greet at immigration desks in Karachi, Lahore, and Islamabad. Based on all the privileges the card offers we have rated it GOOD.

Loyalty Program and Benefits:
Faysal Bank Platinum Credit Card has a GOOD reward program for its customers. Cardholders can collect reward points that can be converted to air miles on Airblue domestic and international tickets. Furthermore, cardholders can qualify for 2 x more reward points on international spends. Faysal also offers 1.5 x more points on the purchase of fuel at PSO stations for transactions up to PKR 4,000. Please bear in mind that reward points are awarded on each billing cycle and each reward point is worth 40 paisa’s.

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About Faysal Bank Limited

Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. The PACRA and JCR-VIS Credit Rating Company Limited have determined the Bank’s long-term rating as AA and short-term rating as A1+. Faysal Bank’s footprint now spreads over more than 85 cities with over 280 branches.


Disclaimer: The above this web review is non-sponsored. The views expressed in this article is of the Karlocompare.com.pk content team and does not represent the bank and/or its employees. Application requirements, features, fees, may be subject to change depending on the bank’s policy and regulatory requirements from time to time.

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