Alfalah Ultra Cashback Credit Card Overview

Table of Contents

• Introduction to Alfalah Ultra Cashback Credit Card
• Pros and Cons
• Exclusive Features
• Eligibility and Required Documentation
• Financial Terms and Conditions

Benefits

• Complimentary credit access for up to 51 days
• Earn 7% cashback on expenditures
• First and second-year annual fee waiver conditions apply
• Over 100 discounts available on a wide range of products
• Balance transfer facility from other credit cards
• Flexible minimum payment options

Drawbacks

• Not suitable for obtaining travel discounts
• Potential late fee charges
• Risk of accruing significant debt through misuse

Characteristics

• Obtain a loan up to 80% of your credit limit
• Nominal fee for SMS alerts service
• Automatic debit payment option from a Bank Alfalah account
• Option to request up to six supplementary cards
• Accepted at over 2.3 million ATMs worldwide
• Convert transactions of PKR 3,000 or more into easy installments
• Withdraw up to 50% of your credit limit in cash
• Flexible minimum payment facility

Qualification Criteria

For Salaried Employees:

• Minimum monthly salary: PKR 20,000
• Age range: 21 to 60 years
• Required documentation: National ID, salary evidence, bank records, employer's letter
• For Self-Employed or Business Owners:
• Minimum monthly income: PKR 50,000
• Age range: 21 to 70 years
• Necessary documents: National ID, National Tax Number, business proof, bank statements

Financial Information

• Annual Percentage Rate (APR): 40%
• Annual Membership Fee: PKR 4,999

Frequently Asked Questions

Q1: Can I use the Alfalah Ultra Cashback Credit Card internationally?

A1: Yes, the card is globally accepted, allowing you to use it at over 2.3 million ATMs around the world. This wide accessibility ensures you can manage your finances smoothly while traveling abroad.

Q2: How does the cashback mechanism work with this card?

A2: The cashback feature enables you to earn a 7% return on certain categories of spend. This reward is calculated on your transactions and credited back to your account, providing tangible savings on your expenditures.

Q3: What are the requirements for the annual fee waiver?

A3: The annual fee is waived for the first year automatically. For the second year, the reversal of the fee is conditional upon meeting specific spending targets set by the bank. These criteria are designed to encourage card usage while offering significant savings on annual fees.