Best Credit Cards in UAE
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A Guide to Credit Cards in the UAE
In the ever-evolving financial landscape of the United Arab Emirates (UAE), credit cards have become indispensable tools for individuals seeking financial convenience, flexibility, and rewards. Numerous benefits, such as those related to travel, entertainment, lifestyle, and shopping, are associated with credit cards. The banks also provide credit cards tailored to the requirements and spending of their customers. While some credit cards come with travel privileges like free access to airport lounges, others give rewards and cash back. With the help of My Banker, you can compare credit card offers in the United Arab Emirates, apply online, and select the best card for your needs based on factors like annual fees and eligibility. Let's navigate through the world of credit cards in the UAE to uncover the top choices and the streamlined application process.
Understanding Credit Cards in the UAE
A credit card can be used as a payment card to borrow money from the credit card issuer for purchases or cash advances up to the credit limit that has been pre-established.
Advantages & Features of Credit Cards in the UAE
Credit cards can indeed be powerful financial tools when used wisely. They offer unparalleled benefits, rewards, and convenience, making them an essential part of the modern financial landscape in the UAE. Some of the benefits are mentioned below:
Loyalty Benefits
Credit cards in the UAE have enticing loyalty programs. With each transaction, you can accrue reward points that can be redeemed for special discounts. To receive savings on plane tickets with all your partner airlines, you can convert your loyalty award points into air miles.
Airport Lounge Entry
You can get free entry to airport lounges worldwide with several credit cards in the UAE. The premium cards can also grant unrestricted free admission for you and an additional visitor. To utilize these services, you must first register once with the service providers, such as Volace, LoungeKey, and others.
Travel Accidents and Medical Protection
You will receive free international travel medical and personal accident insurance when you book a ticket with your card. It is sometimes referred to as multi-trip travel insurance, allowing you to insure each trip for a maximum of one day.
Security and Life Insurance
A few credit cards in the UAE provide unique advantages for safeguarding your life and your outstanding debts. You can insure your outstanding amounts in the event of an untimely termination of work, the death of the cardholder, serious diseases, permanent impairments, etc., with services like credit shield insurance. You also receive extended warranty and purchasing protections for your purchased goods.
Qualifications for Credit Cards
Each bank has different requirements for credit card eligibility. The following are the standard requirements for UAE credit card eligibility.
The applicant must be 21 years of age or older.
AED 5,000 is the minimum salary that is needed.
Residents of the UAE are qualified.
How Should You Select a Credit Card?
When properly selected and utilized, credit cards can provide significant financial support. A credit card can be used for several things, such as rewards, cashback, travel, Easy Payment Plans, and much more. If your needs are unclear, selecting a credit card may be difficult.
Minimum expenditures
The majority of UAE credit cards come with a plethora of features. However, you can only take advantage of these deals and bonuses if you've spent a certain amount on the card.
Lending Limit
The banks determine the maximum credit limit based on the individual's liability. Banks impose over-limit fees on credit limit overages. Therefore, be sure to choose a credit limit that fits your spending.
Fees and Costs
A card may have several connected costs, including interest rates, annual fees, and membership costs. The majority of the cards come with minimal or no upfront costs. Obtain a thorough understanding of all fees.
Spending Pattern
Recognize the areas in which you spend the most and your spending patterns. Certain credit cards offer substantial payback at hypermarkets, while others provide benefits on travel websites. Get a card that allows you to accrue travel points if you travel frequently. Get a cashback card instead if you make a lot of transactions.
What Makes a Credit Card Stand Out?
Rewards and Benefits: Top credit cards in the UAE offer rewards like cashback, airline miles, or loyalty points on every transaction.
Interest Rates: Understanding annual percentage rates (APRs) and interest-free periods is crucial to managing expenses efficiently.
Fees: Consider annual fees, late payment charges, foreign transaction fees, and other associated costs.
Applying for a Credit Card in the UAE
The Online Application Process for Applying for a Credit Card in the UAE includes:
Research: Explore various credit cards available in the UAE and compare their features, rewards, fees, and eligibility criteria.
Choose the card that aligns with your spending habits and financial goals.
Preparation: Ensure you meet the eligibility requirements (minimum income, residency status, etc.) and gather the necessary documents (Emirates ID, passport, salary certificates, etc.).
Online Application: Visit the bank's website, navigate to the credit cards section, and complete the online application form accurately.
Document Submission: Upload the required documents and apply.
Approval and Card Activation: Upon approval, you'll receive a notification. Activate your card as per the bank's instructions.
How can you get your Credit Card Application Approved?
The following are some typical explanations for credit card application rejections:
Bad financial history
Your creditworthiness may be impacted, and your credit card application may be denied if you have a history of bankruptcy, loan defaults, or other unfavourable financial events.
Too many recent credit applications
If you have applied for many loans or credit cards in a short time, credit card issuers may reject your application if they have reason to believe that you are engaging in credit-seeking activity.
Bad credit score
Your credit score, which is a numerical assessment of your creditworthiness based on your credit history, is usually checked by credit card providers. Your credit card application may be denied if your credit score is poor since it could be a sign of past late payments, heavy credit utilization, or other issues that paint you as a high-risk borrower.
Inadequate income or work history
In order to be eligible for a credit card, applicants may need to meet specific income requirements set by credit card issuers. Your credit card application can be denied if your income is insufficient or you don't have a long work history.
Excessive debt-to-income ratio
Credit card issuers may reject your application if they see that you are financially squeezed and don't want to add to your already overwhelming debt load.
It's crucial to remember that credit card issuers evaluate credit card applications based on their unique standards, and the specific reason your application was denied may differ based on the issuer and the examination procedure. In the event that your credit card application is turned down, it's a good idea to get in touch with the credit card issuer to find out why the application was turned down and to start working on enhancing your creditworthiness before reapplying later. Get in touch with My Banker to streamline and simplify the procedure.
Credit Card Offers in the Dubai
UAE financial institutions often roll out attractive offers to attract potential cardholders. These offers span various categories:
Welcome Bonuses: Enjoy bonus points, vouchers, or cash rewards upon successful card activation.
Cashback and Discounts: Avail cashback on specific spending categories like dining, entertainment, shopping, or enjoy discounts at partner merchants.
Travel Benefits: Access airport lounges, complimentary travel insurance, and discounted airfare for cardholders.
Reward Points: Earn and redeem reward points for purchases, hotel stays, flights, or charity donations.
Islamic Credit Card: These cards don't have any Gharar (uncertainty) or Riba (interest) and comply with Shariah laws.
Dining Credit Card: A treasure for gourmets. These cards provide savings at selected eateries, so you may go to supper without breaking the bank.
Understanding the terms and conditions, including minimum spending, validity periods, and exclusions, is essential to maximize these offers.
Quick Tips for Credit Cards in the UAE
Before obtaining a credit card, familiarize yourself with its operation.
Obtain the ideal credit card based on your spending patterns.
Utilize the prizes you have earned before they expire.
When making purchases, make use of your card's perks and discounts.
Pay your credit card bill in full to prevent more interest and costs.
If you suspect any kind of misuse or if you believe your card has been stolen, get in touch with your bank right away. You can save thousands of dirhams by acting quickly.
Final Thoughts
Credit cards in the UAE present a door to financial convenience and rewards. Paying bills on time, staying within credit limits, and monitoring expenses are key practices to harness the benefits without falling into debt traps. Choosing the best credit card in the UAE requires careful consideration of personal financial goals and spending habits. With an array of options available, conducting thorough research and understanding the terms and conditions will help you make an informed decision. My Banker gives you all the info you need to check and apply for a credit card in the UAE. You can compare different cards online and pick the one that suits you best, considering who can get it, yearly fees, and other details.
