Dubai Credit cards
Credit cards in Dubai are the most sought after as the society is fast evolving and an individual’s standard of living is improving at a tremendous pace. Most banks come up with the best credit card offers in Dubai which attract the common man and make them want to utilize the facility to the maximum extent possible so as to improve their lifestyle.
In the present day world, credit card is one of the most popular banking products that is most commonly used by people belonging to all strata of society. Credit cards in Dubai are advantageous in the following ways:
- You need not carry around a lot of cash on your shopping trips. You can make any purchase of your choice without having to worry about keeping track of a huge amount of cash with you which involves risk. The only constraint in using your credit card would be to keep your purchases within the stipulated credit limit.
- The time gap you get to pay your credit card bill is beneficial and gives you some breathing time. With your credit card, you can make any offline or online purchase without having a single cent in your bank account. You only need to provide funds in your account at the time of paying your bill.
- The purchases that you make using your credit card are reimbursed for by your bank that issues the credit card which is similar to having access to an interest-free loan for a short term, say about 50 days or so.
- These credit cards often offer several rewards and privileges, so the more you use your credit card, the more rewards you earn
- Even if you don’t like to use the credit facility, you cannot deny the fact that it comes in handy during emergencies
- Credit shield insurance takes care of your outstanding card dues and also your personal expenses to a certain extent in the event of unfortunate circumstances
- Credit card offers in Dubai are very attractive and lure many a prospective customer into signing up for cards. Most banks offer special deals and discounts, cash back options and loyalty points. The rewards and privileges offered include dining, entertainment and movie ticket discounts and many more
How it works
When you use your credit card at the local supermarket or at your favourite apparel shop online, the bank that issued the card tracks all your purchases made in a calendar month and ensures that all your purchases are within your approved limit. At the end of the month, the bank sends you a bill and instructs you to pay the dues within a certain period.
Eligibility criteria for getting credit cards
There are different types of credit cards offered by different banks and credit card companies but the basic rule is that your credit limit is fixed based on your salary. As per the latest circular of the Dubai central Bank, only those with a minimum annual salary of AED 60,000 are eligible for a credit card. You also need to have the following documents to apply for one:
- National ID
- Latest statement of account from your bank
- Salary certificate
- Latest utility bill
In exceptional cases, the bank may ask for additional documents. If you are found to have a permanent fixed income and have no outstanding dues against earlier loans, the bank will be quick to approve your credit card.
The rates of interest charged on your credit card may vary depending on the issuer. Some banks offer credit cards with no annual fee for the first year and thereafter charge a minimum annual fee if the minimum annual card usage is not achieved. Some others offer this facility only on premium cards. The annual fee is normally about $15 but can be higher for cards with a higher credit limit.
It is always better to compare credit cards in Dubai and choose the best one that suits your lifestyle and preferences.
Platinum credit card in Dubai
Platinum credit card is a privilege offered exclusively to a select few who enjoy a finer lifestyle and who appreciate the niceties in life. These people belong to the elite class and receive loads of privileges and incentives for being part of this group. The special offers include discounts at health clubs, entertainment and dining concessions and valet parking facilities in Dubai and Abu Dhabi to name a few.
Fees charged on all credit cards in Dubai
The following are the fees that are chargeable on all kinds of credit cards in Dubai:
- Joining fee
- Cash withdrawal fee
- Over-limit fee
- Late payment fee
Credit Cards in Dubai – Boon or Bane?
Having a credit card in Dubai is very useful especially when you want to shop till you drop without cash on hand. The greatest advantage in having a credit card is that you get a decent time gap before you pay your bill.
At the same time, if you are not careful in paying your credit card bill in time, you would have to pay a penalty on the total amount of credit, the rate of interest being as high as 36%. Nevertheless, benefits of having Dubai credit cards are certainly more once you know how to handle your monthly bill payments.
How to manage your credit card effectively
- Know your card limit and make purchases within the specified limit
- Track your credit card transactions online
- Check the individual transactions on your monthly credit card statement when you receive it by preserving your receipts. Notify the company of any discrepancies you find. If you have linked your credit card to your net banking account, check your current credit card statement weekly or fortnightly or within a day or two after you have made huge purchases
- Pay your card bill on the due date in full so that you get to save a considerable amount that you would otherwise be paying the bank as interest the rates of which are very high
- Delayed payments and non-payments of your credit card would affect your credibility particularly when you apply for a new credit card elsewhere
- Never use the ‘minimum payment due’ option unless otherwise extremely necessary because you will find yourself entangled in a financial trap when you start paying exorbitant rates of interest (20 to 45%) on the entire bill amount
- Make use of the SMS and email alerts from the bank and keep yourself updated with your card transactions. You even receive due date reminders via SMS or email once you sign up for them
- Be alert and cautious when someone asks for your credit card number via email or telephone. Never trust anyone with these details as credit card issuing banks do not ask you for such information
- Once you follow these rules religiously, you will be able to enjoy all the benefits of using your credit card for a long time to come.
Banks offer a balance transfer service by which your outstanding balance on your credit card or cards got from other banks can be transferred to your balance transfer credit card with your new bank. Some banks offer an introductory 0% interest on balance transfers. This facility is helpful when your credit card debt becomes heavy and unmanageable.
Airline credit cards
If you are a frequent traveler, airline credit cards are very useful, for, every time you use your credit card to purchase your air ticket or book hotel accommodation, you gain air miles or reward points. You can later redeem these to purchase your air tickets or make hotel reservations. In addition to air miles, the card companies offer many perks and options, so you should choose your airline credit card wisely based on your choice of airline and your traveling frequency.
Role of Quickloans
We, at Quickloans, provide you with complete information regarding the various credit cards, their features and benefits, the rates of interest charged by the companies and the process you need to go through to apply and get your credit card sanctioned quickly. In short, the application process will be simple and hassle-free as we take care of all your requirements by interacting with you and fully understanding them. Go ahead and Apply for your credit card today!