Personal finance credit card and checking acct comparision

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Personal Finance Credit Card and Checking Account Comparision
Banks offer a wide variety of services such as saving facilities, cash withdrawals, credit card services and debit card services among others. These banks in the process of providing the said services, they include features other than the most basic ones. The table above represents a comparison of two of the services offered by banks, comparing the features associated with credit cards as stipulated by the two banks and those features that are attached to the checking account service offered by the same banks. The two banks included in the table above are two companies that are listed on the Qatar Stock Exchange. The banks are the Qatar National Bank (QNB) and the Qatar Islamic Bank (QIB). This paper analyses the information in the table above on a personal level regarding the aspects I have learnt and the reasons I would prefer a service from one bank to the other.
From the comparison of the two services from both banks and the features attached to them, I have learnt a couple of things. Firstly, banks have differences and similarities in their operations. These similarities and differences feature in the additional services that they offer. Different services take place in different locations. That is, for instance, for one to access the contents of their checking accounts, they have to avail themselves to the very banks they opened their account with.

On the other hand, for one to access the services of a credit card, they do not have to go to the bank since they are used to make payments for goods and services in outlets that accept credit cards. Notwithstanding, a credit card cannot be used in commercial outlets that do not receive payments through credit cards and thus cash payment is used. In my opinion, credit cards are more convenient owing to the fact that most outlets accept payments via credit cards.
Additionally, the two services also have similarities, for instance, they are both handy when a subscriber needs access to quick finances. It is, however, more cumbersome for the checking accounts since the bank has to be involved directly for the cash to be dispensed. As stated earlier about the difference in features of the services offered, some credit cards cannot serve as they are supposed to when the funds loaded are exhausted. Such instances render the customer free of overdraft fees.
I also got to learn that customers that use credit cards incur account charges, according to the time of usage, monthly or annually. Also, banks offer different credit card services to their customers each loaded with distinct features which differentiate them from others. These different features are designed to suit different portions of the market population. As such, customers get to choose the credit card that suits their needs and preferences as well as their situations. Banks also charge differently for the same services, for example, the overdraft fees and transaction charges or even the withdrawal charges of one bank are different from those from the other bank.
As a student, I would choose the service with the feature that suit my financial position. As such, for credit card services I would prefer the services from the Qatar National Bank to those of the Qatar Islamic Bank. The reasons for this choice are that the bank offers free deposits and withdrawals with no charges as well as free balance transfers, unlike the Islamic bank that charges for most of these services. That would help me save on my finances. One other reason for the QNB credit cards is that they offer features such as the Short Message Service (SMS) alerts for account activity and information. The service also does not have a minimum balance policy, and thus one is not subjected to penalties.
For the checking account service, I would choose those by the Qatar Islamic Bank. One reason for my choice is that the service is that since the APR is fixed, I would have a better chance in budgeting my finances. Secondly, the bank has additional features such as free e-statements upon request, either weekly, monthly or quarterly as such one can easily follow up the progress and activity of their account. Thirdly the bank has reinforced phone banking capabilities, other than the integration of SMSs in the service, the bank has had an application developed for a better and advanced phone banking where a customer monitors the activity of their account.
In conclusion, in the long run, the choice of the customer is what matters. It is possible to enjoy services from different banks concerning the choices and preferences that one makes. It is advisable that before one subscribes to a service provided by a bank, they inquire about the advantages of each service and compare them with others from other banks.
Financial Services FeaturesCredit Card Checking account QNBQIBQNBQIBAPR (annual percentage rate): Is it fixed or variable?12%
(Fixed)VariableVariable. (Rates are subject to change at any time)Fixed
Monthly feeFreeFreeOverdraft feeQR 100QR 100Transaction fees (balance transfers, deposits, withdrawal etc.)Free deposits, withdrawals and balance transfers. 3%FreeWithdrawal: QR 15 for amounts less than QR 1000.
Free deposits.
Balance transfer: QR 0-25, varying depending on the destinationMinimum BalancenoneNonenone3500Penalty if money drops below the minimum balancenonenonenoneQR 50Other featuresFree internet banking.
Phone banking
SMS Alerts on informationPhone banking
Internet banking
100% cash withdeFree e-statement upon request.
Free mobile banking.(QIB Apps)
Internet Banking
Free phone banking services.
SMS Banking

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