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.
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:
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.
Air miles, also known as travel points and frequent flyer miles, are a part of a loyalty program offered by the air miles credit cards. Ideally, the cardholder accumulates a set amount of air miles based on how much they spend on the credit card, which can be further redeemed for booking flight tickets for free. There are two types of air miles credit cards are available in the UAE. Airline Miles, which are airline-specific reward miles, and the other one is Airline ME, which are not linked with any specific airline and can be redeemed in many ways
Regardless of the purpose of travel, airport lounge access credit cards can always come in handy. Several credit cards are available in the UAE that offers complimentary airport lounge access to its cardholder, where they can relax and unwind before taking off.
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.
Cashback credit cards pay their cardholder back some percentage of their purchases or transactions in cash. However, the cashback amount differs from one credit card to another depending on the type of purchases & monthly caps, plus factoring in minimum spends requirements.
Frequent travelers would already know how expensive it is to bear all the travel expenditures. From flight tickets to hotel bookings, travel expenses can be very high at times. Keeping travel needs in mind, some banks and financial institutions offer travel credit cards exclusively designed for avid travelers.
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.
UAE is home to some of the finest golf courses globally, and golf has become more than a sport in the country. It is no wonder that most banks and financial institutions offer golf credit cards that offer benefits to customers who are either part-time or full-time golfers.
While plenty of luxury credit cards in the UAE come with an annual membership fee, a wide range of top tier credit cards offer ample benefits and rewards without charging a yearly membership fee for a lifetime. Such types of credit cards are known as free-for-life credit cards or lifetime free credit cards.
Rewards & offers credit cards are one step ahead of the basic credit cards since they offer extraordinary benefits to its cardholders. Such 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.
According to shariah law, Muslim people are not permitted to do business with any organization or take part in any sort of financial practice that levies interest i.e., Riba.
Based on Shariah law, few banks and financial institutions in the UAE offer Shariah Compliant Credit Cards. This type of Islamic credit card strictly follows shariah principles that charge profit rate instead of interest rate since Riba is strictly prohibited as per the shariah-Islamic law. However, Shariah Islamic credit card functions similarly to a traditional credit card but with slight differences in the offered benefits and features
The Following Factors Could Affect The Chances Of An Applicant Of Qualifying For A Credit Card In UAE:
Documents Required To Apply For A Credit Card In The UAE
The applicant will require the following documents to apply for a credit card::