CREDIT CARD

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Credit cards are a great way to build credit, and credit cards in UAE provide expanded buying power. Familiarize yourself with what a credit card is, so you can benefit from using one. Credit cards let you borrow money from a bank under the agreement that you’ll repay it by your bill’s due date or incur interest charges

It is important to compare credit cards UAE before applying for one. Different kinds of credit cards may have different features. Some of the cards are free, whereas some of them charge an annual fee. Each available credit card option comes with its own set of advantages.  In this digital world, an applicant can compare different cards online without any hassle. Therefore, making a comparison between the available options becomes essential. Here are some of the primary factors for making the comparison.  

• Interest Rate: To attract more customers, the card providers promise to charge low rates of interest. However, the applicant must compare interest rates on different cards and find out the lowest possible option. 

• Other Fee and Charges: Every credit card involves a few compulsory charges that the cardholder has to bear. The applicant must read the fine print thoroughly to know the fee and charges applicable on the concerned card. 

• Minimum Income: To be eligible to apply for a credit card in the UAE, the applicant must be earning a certain amount of monthly income. They must make at least 5,000 dirhams to be eligible to apply for the card. 

• Rewards and Benefits: Before applying for credit cards in Dubai, the applicant must check the rewards and benefits offered on different cards. They must choose the card that provides the set of benefits that are the most suitable for them.

There are different types of plastic money in the UAE, each appealing to various kinds of users. In order to find the most suitable one and accordingly pick the best credit card offers, it is essential to familiarize themselves with different categories.  

Here are the different features of credit cards offered in UAE:  

• Air Miles Credit Cards 

• Airport Lounge Access 

• Credit Cards Balance Transfer 

• Credit Cards Cash Back 

• Credit Cards Travel 

• Credit Cards Cinema Offers 

• Credit Cards Golf 

• Credit Cards Free For Life 

• Credit Cards Rewards & Offers 

• Credit Cards Shariah Compliant Credit Cards

Rewards & offers credit cards are one step ahead of the basic credit cards since they offer extraordinary benefits to its cardholders. Such types of credit cards usually provide rewards in terms of cashback, air miles, discounts, and other privileges for the amount that the card members spend with their credit card.

A balance transfer credit card helps the cardholder transfer the high-interest debt from one credit card to another with a low-interest rate. Credit cards that offer a balance transfer facility can help the cardholder save a lot on the high rate of interest by paying off the outstanding debt.

Who does not love watching a movie in the theatre after a long working week? What better way to enjoy this if one can avail free movie tickets or discounts on booking cinema tickets? To reward its customers, some of the credit card lenders or banks in the UAE have tied up with cinemas such as VOX cinema and Reel Cinema, enabling the cardholder to avail great discounts and offers on movie tickets such as complimentary movie tickets, discounts on tickets as well as refreshments. Getting cinema offers credit cards, especially for a movie lover, is not less than a treat since it is a smart way to save money on movie tickets.  

The Following Factors Could Affect The Chances Of An Applicant Of Qualifying For A Credit Card In UAE:

• Age: When it comes to being eligible for a credit card, age is an important factor. Most banks offer plastic cards to applicants between the age of 21 years to 60 years. But it is still possible to get a card as early as 18 if the applicant can show a source of independent income. Applicants under the age of 18 years require a legal guardian to co-sign their application. 

• Income: The applicant cannot obtain a credit card without showing a source of income. Monthly income also determines the type of card one can qualify for. 

• Credit History: While it is possible for applicants with low credit scores to obtain a credit card, they will be given very limited options, such as fee-free cards. In order to qualify for the best credit cards in UAE, it is a must to have an impeccable credit history which should ideally be between 300-900 score. Simply put, the applicant with the best credit history will get the best card with extensive offers. 

• ID Proof: A valid ID proof is an essential requirement for availing of this card. UAE Nationals must show their Emirates ID, while expatriates must show relevant documents such as their passport and visa. 

• Address Proof: When it comes to applying for plastic money, address proof is a must. Some banks may even reject the application of those living in isolated places with little connectivity. 

• Nationality: Certain credit cards in UAE are offered exclusively for UAE nationals. In such cases, nationality also becomes a criterion for eligibility. Moreover, even the Emirate an applicant, resides in can make an impact on the application. For example, for a credit card in Dubai, online applications may be favored more as compared to those in the other Emirates.

Documents Required To Apply For A Credit Card In The UAE  

The applicant will require the following documents to apply for a credit card::

• Application Form: A duly filled and signed application form is necessary. Most online credit card applications accept a digital signature.  

• ID Proof – For Emiratis, this would be the Emirates ID. Expats will need to present their original passports with visas and Emirates ID.  

• Address Proof – The banks ask for proof of address from both expats as well as Emiratis.  

• Proof of Income – As mentioned earlier, credit card eligibility in UAE depends on the minimum monthly income. The bank statement or salary slip can be used as proof of income. Certain banks may also ask for an entire year’s statement to determine whether the applicant has a stable source of income or not. The applicant applying for the best credit cards will also be required to maintain a minimum balance in their account.