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When and How to dispute a Credit Card transaction ?

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Credit Card transactions may be disputed due to reasons such as inaccurate or excessive charge, billing error, fraudulent transaction or even a quality complaint on goods purchased. Banks allow customers to dispute credit card transactions either by a click of a button online or by filling up a form post speaking with a customer service officer.

It is important to note that the process of dispute normally involves a detailed investigation from the bank. One must make sure there is a valid reason before a transaction is disputed.

There are quite a few parties involved in a credit card transaction. Customer, Card Issuer ( Bank which issues the card), Merchant ( Establishment where the goods or service was purchased), Merchant bank ( the bank which the merchant uses to process these transactions), Association ( Mastercard, Visa etc., who are payment networks) and finally the Law.

In general credit card disputes fall under one of the below categories:

  1. Fraudulent transaction
  2. Inaccurate transaction amount
  3. Customer Complaint pertaining to the goods or service.

The later two categories may require a dispute to be raised within 60 days of the transaction.

Let us look at what you need to do in case of any of the above scenarios.

Fraudulent Transaction

Credit card fraud is unfortunately a reality. Banks spend millions of dollars in strengthening anti-fraud mechanisms and systems, however fraud still happens. There are several types of credit card fraud and these can be disputed by directly contacting the banks. Few things to do when you realize that there are credit card transactions on your statement or your alerts which you are unable to verify:

  1. Do not panic.
  2. Check with your family members or your supplementary credit card holders if anyone made these transactions.
  3. Try calling the merchant to check if the transaction is genuine. Do discuss with the merchant and ensure that the transaction does not pertain to you before you move further.
  4. Once you are sure that these transactions are not made by you, contact your card issuer / bank’s customer service team and report the issue and block the card. Note- most of the banks have a direct channel on the IVR (Interactive Voice Recognition) to report your card lost. You will be directed to a customer service officer instantly.
  5. Banks generally block the suspected compromised cards to ensure that there are no fraudulent transactions.
  6. You might be transferred to a specific trained Anti-Fraud management unit who will gather specifics from you and advice on the course of action.

 

Billing Error or Inaccurate Transaction

Charges which are inaccurate (excessive or incorrect) can be disputed by directly calling your credit card issuer. There are dispute forms which are required to be filled in on such scenarios. Banks are liable to keep the customer posted periodically on the status of the dispute investigation till closure.

Based on the type of transaction banks may offer temporary credit back to your credit card and once the dispute is resolved, the credit would be adjusted accordingly. In most of the scenarios, the card issuer is liable to resolve the issue within two billing cycles. However, note that the banks may take up to 180 days for a resolution.

Irrespective of the dispute being active or closed, one should continue making payment dues on your credit card during this period in order to avoid any negative credit bureau reporting. If the dispute is in your favour, banks will credit back the disputed amount.

Dissatisfied service or a related customer complaint

There are instances when a specific service or product that you purchased is not as per the sale commitment causing dissatisfaction to the consumer. These transactions can be disputed with the issuer. Below are the steps to follow on such instances:

  1. Always ensure that the first step is to reach out to the merchant and ask for a refund based on the dissonance caused. In quite a few situations, merchants do provide a refund or would be able to clarify the purchase clauses etc., You may want to document an email or a letter to the merchant on the dissatisfaction documenting the actual concern.
  2. If step one is failed and you failed to receive assistance from the merchant, contact your card issuer and request for a dispute to be raised for the transaction. Please ensure you have the following documentation handy: Original Invoice copies; Charge slips and the complaint letter.
  3. You may be required to fill in dispute forms as per the banks policies. Most of the banks have the forms available online which you can download and send to them.
  4. Do not delay any payments on your credit card while the dispute is in process. This will ensure that your credit bureau history is not affected adversely.

 

Soulwallet is a personal finance aggregator in the UAE. Soulwallet has analysed various credit card features and rated them based on an apple to apple comparison. For more details visit us on www.Soulwallet.com.

 

1 Simple Way to Relax in Luxury and Style Before You Board Your Next Flight

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UAE airports are always buzzing with traffic. The very make of the country’s population mix drives travel and in many cases frequent travel. So, let it be travel to home country, leisure tours or even business travel, there is a significant amount of travel residents undertake.

Gone are the days where one must wait near the crowded gates with limited access to essentials such as internet access or even a seat. Lounges are a boon to travelers, a place where they can relax with their families and have a nice meal or even work without any hassles.

Access to most of these lounges is free through business class tickets or memberships. Having said that there are options available for folks who travel in lesser space as well. After spending hours on saving money on the best possible rates for your flights and bookings, it does not really make sense to spend the saves on lounge. But wait! What if it is free? All the luxury and bliss at no cost.

Most of us carry credit cards and these cards in UAE offer airport lounge access free of cost. This is seen as a favourite and useful feature which gives absolute value to customers. It does not matter which airline one flies or even which class, the free lounge access feature is available on most of the credit cards.

This article elaborates on the Airport lounge feature and the different bands and respective benefits UAE credit cards offer.

What exactly do I get free with my credit card when it comes to Airport lounge access?

Free Access to Airport Lounge

Depending on the specific credit type that one may have, free access can be availed at Airport lounges. Airport lounge offers complimentary snacks, drinks, wi-fi and glossy magazines along with a peaceful place to relax before you board.

 Supplementary Card holders

If your family has supplementary cards, they can also avail the facility free of cost. It is important to note that not all card types allow supplementary cards holders. Do refer to the table below to identify which card allows supplementary card holders

 Guests

In addition to supplementary card holders, some of the credit cards allow guests accompanying primary card holders as well.

Number of visits

Some of these card types have a limitation on number of visits in a calendar year, post which the bank will apply a charge in case of any usage.

It is always wise to find out which airport lounge allows free access to the credit card you hold prior to your trip. This can save a lot of unnecessary walking within the terminals and most importantly disappointment at the lounge check in counters which sometimes can have a lengthy wait line.

 

Note: While the above is a standard offering from the associations (Visa and Mastercard), some banks might have customized the lounge offer on their respective cards. Hence it is advisable to refer to their product features section for more details click here.

 

Takeaway

Travel can be more enjoyable if planned well. While complimentary Airport lounge access offered by a credit card is a no-brainer one must be aware of all the other travel related benefits credit card offers. After all, why would one say no to a free feature which could be worth thousands of dirhams otherwise.

As a personal finance aggregator Soulwallet has analysed various credit card features and rated them based on an apple to apple comparison. Let it be Golf, Airport Transfers, Valet or even Cinema offers, one can easily refer to the ratings. For more details visit us on www.soulwallet.com.

Leave your worry behind and enjoy every bit of your travel. Bon voyage!

 

5 Smart ways to make your credit card work for you

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UAE certainly has the highest credit card, internet and e-commerce penetration in the MENA region. However, a significant percentage of transactions are still made through cash. Visa and Mastercards are popular and are widely accepted by merchants in the region.

There have been several changes in recent years, which are moving the needle on credit card usage in the market. Some customers would have witnessed their credit cards being reissued by the issuers with a chip around 2016/17. This was due to a mandate from the Central bank of UAE for the issuers to comply with EMV (Europay, Mastercard and Visa global standard for chip-secured credit cards) standards a few years ago.

Credit cards are extremely convenient, secure and what’s more also reward cardholders on usage as well. There are more than 200 credit cards issued by banks and financial institutions in the UAE. While the number of banks is shrinking with the recent M&A announcements, there are several new credit cards which keep popping up with innovative and irresistible offers to the customer.

Many of us would have had a difficult experience with our first credit card. Not understanding differences between a credit or debit card, we would likely have dashed to the nearest ATM to withdraw some cash and spend on stuff which we really did not have any plans of buying. A scenario which would most likely have ended finally with some sort of settlement with the bank after weeks and perhaps months of painful collections calls and negotiations.

As we got a little more aware of how credit cards work, we generally end up with one or two cards (ideally issued to us by the banks where our salary gets credited) and have built some sort of loyalty to these cards over the years.

This article gives a credit card user 5 useful tips on how to use a credit card and maximize savings. These are simple and proven steps which can help one save thousands of dirhams:

  1. No one Credit Card is best suited for everyone

Credit cards are diverse in their offerings. One must understand that 200+ credit cards in the market come with several differences. Some of them being:

Fees and Charges: Annual Fees, Interest rates, International transaction charges, cash advance charges and so on.

Reward Features: Cashback, Airmiles, Reward Points, No Rewards no fee, Reward earn rates, Redemption or burn rate etc., Note- The value of the rewards might vary based on spend amounts, type, location etc.,

Features: Airport Lounge, Free Cinema, Complimentary Golf, Valet Offers etc.,

 

Apart from the above there are also credit limits, co brands (Skywards, Etihad and so on) etc., which differentiate cards.

With so many differences among them it is important to spend a few minutes to compare the features and identify the most suitable credit card for your specific needs.

Soulwallet’s  “Best Fit”  comparison tool uses smart algorithms that can match one’s individual spend pattern and feature preferences with the most suitable credit cards among all options available.

One will also get a good indication of annual saves in dirhams earned through credit card rewards. Do check how your current credit cards stack up against the ones which are best for you. Click here to find out.

Also, do look at the feature wise rankings to find out which is the best card for your favourite credit card feature (Cinema, Golf etc.,)

 

  1. No one Credit Card can give you the best value

Why do banks have multiple credit cards under their offering? These are typically to cater to different segments of customers who are keen on a specific feature or a reward program. Cashback and Airmiles are couple of popular reward categories.

After evaluating credit cards in the UAE and the reward offering across their products, it is quite evident that there is no one card which may fit in the best for you. In order to optimize your savings (reward value for the transactions you make on the credit card), you probably might have to keep 2 or 3 credit cards in your wallet which satisfy all your requirements with a high rating.

For example, John travels frequently. He spends his weekends generally watching movies with his wife and two school going children. The best option for John is to look at the below combinations:

Credit cards that:

  • Reward him with maximum reward rates for a) School Fees b) Grocery expenses c) Travel spends
  • Includes complimentary features such as a) Cinema Offer b) Airport Lounge c) Airport Transfer
  • Has low international (foreign currency) transaction charges.

The answer might be more than 1 card and if the saves are significant, why not?

 

  1. Pay on time and if possible, in full

Making payments on time is probably the most important criteria which helps build one’s credit score. Having a healthy credit score means keeping your credit options available. There is always going to be a need for some sort of credit requirement, for example a home loan, salary transfer loan and so on. Find out more on Credit scores in the UAE.

Making your credit card payments on time is extremely critical and if possible, try to make them in full. This means one would save money on interest which can be in thousands of dirhams.

Most banks have options such as Standing Instructions (from your bank account to your credit card if both are with the same bank), Direct Debit (a standard transfer instruction on your bank account), exchange house payments etc. One has an option of setting this up for a minimum payment or full and sometimes a fixed recurring amount as well. Enquire with your bank and set up a payment instruction which will ensure you don’t miss a payment date.

Regular payments build one’s credit history well and allows banks to re-underwrite your credit lines periodically and automatically.

 

  1. Balance Transfer – If you are incurring interest by not paying your credit card dues in full each month

Balance transfer in simple terms is moving debt from one credit card to another. If you are not paying the total outstanding and incurring interest on your statement balance, a balance transfer is a smart and easy method to save money on interest.

Balance transfers normally come with an interest free offer period. This is a no brainer – it can help you save interest that you would otherwise end up paying on your current card for 3 to 12 months (and more in most cases), depending on the balance transfer offer period.

Example: If a cardholder has an AED 5,000 balance on a credit card with a 20% interest rate. Such a balance would incur an interest of approximately AED 1,000 in a year. By transferring his credit card balance the card holder can save on the AED1,000 of interest with only a small balance transfer fee instead.

Note:

  • Balance transfer does not earn you rewards on transferred debt.
  • Once you have transferred your balance to a low interest card, do review the need of continuing to keep the high interest credit card active. Any unnecessary spend on this open credit card can delay your payoff on the new card.
  • Defaulting on the new credit card might trigger standard or higher interest rate as per banks policies.
  • Before you make the balance transfer move, do the math to ensure that you end up saving. Points to consider are Annual fees, Interest rates etc.,

 

  1. Change with the industry- Adapt to smarter payment methods

In recent years, banks have evolved and are continuously evolving in the digital space to stay updated and relevant to the future customers. Smart payment methods have gained a lot of momentum and acceptance among UAE consumers.  Apple pay, Samsung pay are already common names and are quite popular.

These smart payments make the process seamless and are focused primarily on convenience and security.  While Apple and Samsung are already building the culture of adapting and shifting to newer technologies in the mobile space, one must be more adaptive and embrace future technologies to leverage upon the benefits available.

 

Takeaway

Credit cards are convenient and a popular payment method for purchasing products or services. While it is quite a privilege to flash a prestigious credit card from your wallet for a purchase, it is important to make sure that the credit card works best for you..

As a personal finance aggregator Soulwallet has analysed various credit card features and rated them to identify the best credit cards for each feature.. Be it golf offers, complimentary airport transfers, valet services or even cinema offers, one can easily find the best credit cards with the ratings provided. For more details visit us www.Soulwallet.com.

 

Travel Credit Cards – What are They and What Makes Them Unique?

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UAE residents are among the top 5 spenders on travel as mentioned in a recent study conducted by Visa. There are several reasons why travel expenses form a significant part of a UAE resident’s spend –  an expat population of over 80%, tax free salaries, attractive holiday packages, proximity to several international tourist destinations, kids studying abroad are a few.

Travel credit cards are normally associated with those that earn airmiles on spends. Emirates Skywards and Etihad Guest miles are the most popular airmiles programs in the UAE and are offered as rewards on several credit cards issued by UAE banks. “Travel” credit cards have evolved over the years from a simple airmiles offering to a multitude of benefits bundled together. Today, any cards that offer the below travel related features can be classified as travel credit cards:

Rewards: Cards that earn rewards in the form of airmiles or any other type of rewards which which can be redeemed against free flight tickets & upgrades, hotel bookings and upgrades, car rentals and so on.

Convenience: Cards that offer complimentary access to airport lounges, complimentary airport drops or pickups (some of the cards offer these in other countries as well), free “Meet and Greet” facilities and so on. These features can potentially save the cardholder over a thousand dirhams if used wisely.

Leisure benefits: Hotel discounts, international golf memberships, shopping offers in international locations (outlet village shopping in Europe for example) and so on.

Travel related co-branding: These are travel cards associated with popular travel partners such as booking.com cards, Marriott Bonvoy programs and so on.

A few important tips in choosing and using travel credit cards-

  1. Non-AED transaction rates: This is an important aspect one need to be aware of. Banks charge a fee for transactions incurred on credit cards in non-AED currencies and these charges typically vary anywhere between 2% to 3.9%. In many cases these charges alone would reduce the potential benefits that can be earned from using the card. It is recommended that one reads the fine print on fees and charges to ensure that the rates are clear and understood. The ADCB Traveller credit card is an example of one that does not have a charge for non-AED transactions which is a unique benefit offered to cardholders.
  2. Understand the finer details of the features and benefits offered:
    • Complimentary airport drop and pick up is a useful travel feature offered by many banks. This feature alone has the potential to save you hundreds of dirhams each year depending on how often you travel. However, there are differences in various aspects such as a) the number of transfers in a year b) whether intercity transfers are offered c) if there is a minimum spend requirement to avail the offer d) if the airline ticket needs to be booked on the same credit card and so on.
    • Complimentary Airport Lounge Access: While most of the credit cards in UAE limit the number of free visits in a year, there are a few credit cards which have unlimited access for the primary as well as the supplementary card holders. Some credit cards (Visa Infinite for example) offer free access not only for the card holder but also for a guest. There are also differences in the specific airports and lounges where the offer is applicable so it is advisable to check these details before your trip.

You can find a detailed rating of features such as airport transfers, valet service, cinema offers,  golf benefits etc. on Soulwallet. Click here  to find out more.

Takeaway

Whether you are travelling to exotic locations (the fjords in Norway or Mount Fuji in Japan anyone?) or even just back home to your family, an ideal travel credit card can not only make your trip more pleasant and seamless but also save you valuable dirhams at the same time.

Take advantage of Soulwallet’s credit card comparison platform to make sure you make an informed decision and – safe travels!

 

Good Credit Score Means Good Financial Health – Understanding How Credit Score Works can Help You Save Thousands of Dirhams

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Credit reports and scores are essential to financial health of any economy. Its primary use is to help financial institutions use the information provided in the report to assess the credit standing of an individual prior to issuing individuals any credit products (credit cards, personal loans and so on).

Al Etihad Credit Bureau is the entity which provides credit reports to consumers and financial institutions in the UAE.

As an individual it is beneficial to have a good credit score as this will not only ensure that your chances of getting a credit card or loan (personal loan, auto loan, home loan) etc. are increased but, almost more importantly can help you save money as banks frequently give better terms (lower interest rates, higher loan amounts etc.) to individuals with better credit scores.

In this article we will help you better understand credit reports.

Components of a Credit Report

Financial Liabilities – Financial institutions are required to provide details of credit facilities such as credit cards, personal loans, mortgage loans etc., to the UAE Credit Bureau. Details such as assigned credit limits, utilized limits on credit cards, payments made, delayed payments, returned/bounced checks, loan amounts issued, outstanding balances, age of the loan/credit card, active status, police case history and so on are some of the key data points shared. In addition, the below details are also shared with the credit bureau:

Employment Details: Employer Name, Income, Date of Employment are a few details pertaining to employment

Addresses: Residence address, emirate, contact details including mobile numbers and email ids.

Personal Identification – Emirates Id number, Passport Number, Date of Birth etc.,

The Al Etihad Credit Bureau (AECB) manages the process of collating the information received from all financial institutions (as well as some other non-financial entities such as telecom and utilities providers) and summarizing this at an individual customer level.

These details are structured in a systematic and easily readable format which the financial institutions can access in assessing the credit worthiness of potential customers.

What is a credit score and why is it important?

Credit score is a three- digit number which is assigned by the credit bureau based on various variables such as number of loans, repayments, delayed payments, credit utilization and so on. Credit scores range from 300 to 900, higher the better from a financial health perspective.

The credit score is an indicator of a customer’s financial profile and it is important to note that quite a few banks have moved to offer credit score-based features (interest rate, loan amounts etc.) to their customers. This means you will get more beneficial terms the higher your credit score .

So, what is the mantra to maintain a healthy credit score?

Below are some simple disciplined practices one needs to follow:

  • Do not hold too many credit cards. Find out the best credit cards for “You” and stick with it. Close the ones which are not suitable for you or you carry but don’t use too often. Use Soulwallet’s “Best Fit Credit Cards Tool” to find out how good your credit card isyou’re your individual spend patterns and other requirements.
  • Ensure payments are made on time. And whenever possible, in full. This is the most important aspect and has a significant weightage in one’s score. Missing payments is a huge no-no and will definitely adversely impact your credit score. Remember the golden rule – “only borrow what you can afford to repay”!
  • Avoid going over the credit limiton your credit card.
  • Try and stay below 40% of your credit utilization. If you have a credit limit of AED 10,000 and your current credit card balance outstanding is AED 4,000, your utilization rate is 40%. The lower the better.
  • Keep copies of your bank clearance letters for records, there are possibilities that one might have to provide them to have the details amended (if they still show up on the credit report).

Please note – credit scores are not carved in stone, it is a dynamic and ever-changing variable, updated periodically when inputs are received from banks and financial institutions.

Credit scores take a significant time and effort to improve and, in this case, we would clearly recommend that prevention is better than cure.

How and where can I get my credit report?

For individuals the best recommended option is to download the AECB (Al Etihad credit bureau) app on the mobile phone via Google play or the IOS App store and download the report or score. Note, the charges are much lower to download the report online rather than by visiting an AECB branch. Click here  to find more details.

Takeaway

Soulwallet strongly recommends you to compare products through a neutral and unbiased comparison site before you make a financial decision which can be as simple as signing up for a credit card in UAE.

Most UAE residents at some point or the other will need to explore options to avail credit facilities from a financial institution. The reasons could be as simple as managing to pay an annual school fee or to cover an unexpected medical expense. Having a good credit score can not only make the process of getting a loan much simpler but can also potentially help one save thousands of dirhams (a simple example is the money saved through a lower interest rate offered on your personal loan in UAE based on a good credit score).

possible reasons why your credit card application has been rejected

Top 3 possible reasons why your credit card application has been rejected

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Credit cards are popular and convenient payment tools. It is a well-known fact that banks offer several attractive features on their best credit cards such as Cinema offers, Airport lounge access, Valet service, Golf offers and many more.

Banks are constantly looking to acquire customers who have a good track record of payments and credit history. In a country like UAE,  where in 80% of the bankable population is made up of expats, it is important that banks do their due diligence prior to approving any credit facility such as credit cards or personal loans. 

Banks have different under writing policies which decides the fate of one’s application? Now, Let me try and simplify the top three reasons why credit card applications get rejected. 

1. Income Criteria Not Met

This is generally the first eligibility criteria that is checked. It is important to note that UAE’s central bank circular 28/2010 “Regulations for Classification of Loans and their Provisions” dictates that banks must ensure that personal loans must be given to people who earn a minimum of AED 60,000 annual income. Note, credit cards in UAE are considered as a form of personal loans and hence this applies to both credit cards and personal loans.

While the interpretation of this regulation might differ bank to bank from an implementation perspective, this criterion ensures that banks do not lend to those who earn less than AED 5000 per month considering living expenses, affordability etc.,

Over the last couple of years, banks have built a system to verify income information from each other in an automated way. This is done by reading Salary credits from your bank statements through a central system. This has relaxed banks policies on documentation requirement in the recent years. 

So, in short it is important to know that one must be earning a minimum income of AED 5000 per month to avail a credit cards or personal loans in UAE. 

Banks also offer cards for customers based on their income . For e.g., a Prime Infinite Credit Card from Dubai Islamic Bank is offered to a customer who has a minimum income of AED 50,000 per month.

2. Weak or Poor Credit History 

In UAE, Al Etihad Credit Bureau receives financial information from all providers and provides credit reports to residents and financial institutions. The report contains records of an individual’s liabilities such as credit cards, loans etc., Banks evaluate the credit report for repayment history prior to approving applications.  It is imperative that one maintains a clean credit history in order to avail any loan/credit card facility in UAE. Level of debt, payment history, credit history age has an impact on your credit score.

Below needs to be taken care to ensure a clean history.

  • Always pay dues on time.
  • On cards better to pay the entire outstanding. If not, minimum due to be met. Note, full payments may result in a higher credit score.
  • Avoid going over limit on your cards.
  • It may take more than 5 years for a credit record to be cleared hence utmost care to be taken to ensure all the above points.
  • One can avail their credit report online from AECB for a fee. Visit the Al Etihad Credit Bureau (AECB) for more information. 

3.Debt Burden Exceeded 

In UAE, banks have been regulated to ensure that financial liabilities of an individual do not exceed 50% of the monthly income. While Banks follow different processes to ascertain debt burden the general logic is explained below for simple understanding

Monthly Income: AED 10,000

Monthly financial payments (Credit card minimum dues, Loan EMIs): AED3000

Debt burden:30%

Ensure all unused credit cards are closed. Receive and maintain closure or clearance certificates from respective banks for documentation purposes. Consolidate debt as a loan so that the instalment is affordable and within the debt burden. Stay financially fit!

Takeaway

While the above 3 are the top reasons for rejections. There are 90% chances one can get their card or loan approved if the above 3 conditions are met.  Roughly 10% of applications stay rejected for reasons such as verifications and other policies.

Picking the perfect credit cards in UAE for your specific needs should always be based on how you plan to spend and what your current lifestyle is like. Traditionally one signs up for a card based on sales pitch by a bank’s sales executive.  Take advantage of Soulwallet’s credit card comparison platform to make sure you make an informed decision. 

 

How to Maximize Your Credit Card Rewards Earnings?

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Today’s consumers are inundated with a wide array of options for rewards credit cards. While this (almost) guarantees that you can find the perfect one for you, it also requires some research on your part to ensure that you are applying for a good fit.

One of the most significant reasons why people use credit cards is because of the potential rewards that they can earn. Most of the time, these rewards can be obtained through the same day-to-day purchases that you would already be making.

Read on to learn how you can maximize your credit card rewards earnings.

1. Compare credit cards

Before you decide on a credit card, make sure to utilize a credit card comparison site to ensure that you are selecting the right one for your needs and lifestyle. Different credit cards are created for different people, so if you want to maximize your credit card rewards earnings, it is essential that you find a card that is suited for you. If you are a frequent traveler, then you probably want to find a credit card that offers cash back or travel rewards as these are features that you will most likely be able to maximize.

When you utilize a credit card comparison site, you will be able to instantly discern the similarities and differences between the features and benefits of potential credit cards for which you qualify. For example, in the UAE, credit cards have a range of monthly salary requirements from AED 5,000 to premium  cards that necessitate a higher salary range.

2. Avoid high credit card fees

In order to maximize your credit card rewards earnings, you want to make sure you are avoiding high credit card fees. To do this, you need to make sure that you are prepared to use your credit card responsibly and pay off the bill each month – in full. If you pay your bill in full, on time, then you can avoid having to pay interest on each billing cycle.

If you are unable to pay off the bill in full one month, you still need to pay more than the minimum recommended amount. Otherwise, the credit card interest rates are going to increase significantly, and you are going to have to pay a lot more for your purchases. Keep in mind that late or missing payments can incur extra fees, such as penalties and late fees.

Also, take into account any annual fees, interest rates, balance transfer fees, and potential charges. All of these add up and need to be financed if you are going to receive any of the potential credit card rewards.

3. Consider flexible cards

Generally, travel and entertainment rewards cards are some of the most popular options (for obvious reasons). However, for some people, these cards can actually limit how rewards can be earned. What’s more, many of these credit cards place a cap on the number of rewards that you can collect. Therefore, it is highly recommended that you consider a flexible credit card.

Look for a credit card that permits you to earn cashback across a variety of categories that align with your purchasing habits. For example, the Citibank Cashback credit card includes all categories for earning cashback and offers excellent cashback on international purchases. Plus, unlike many other cards, this one has unlimited and automatic cashback. Other benefits include global airport lounge access, dining privileges and exclusive offers, travel inconvenience insurance, and supplementary cards.

4. Utilize digital tools

In this day and age, more and more banks offer digital tools that can significantly help you track your financial rewards, deals, and benefits. By opting for a credit card from a bank that provides online dashboards, you can efficiently see ways to maximize your rewards and the options for redeeming them. If you opt for a cash rewards card that has digital tools, then you can determine where you want to use your rewards.

What is more, if you are part of multiple rewards programs, then utilizing these digital tools can help you stay on top of it all. These digital tools grant you greater control over your finances. For example, you could choose an automatic redemption feature to make recurring contributions into your savings and investment accounts. This strategy helps you turn everyday spending into long-term financial success.

Final Thoughts

As there are so many credit cards available on the market, you must choose one that not only has the best offer, but also maximizes your credit card rewards earnings.

At SoulWallet, we pride ourselves in helping you find the best credit card for you. All that we require from you is that you tell us what you want, and then we will give you the options that you need. Together we make finding the right credit card easier, more convenient, and more rewarding.

How to get the best dining deals out of cashback credit cards?

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The more you spend, the more you save! Unbelievable yet holds true and here is how you do that if you are smart enough. Enter Cashback.

Cashback is an offering from Credit Card companies that rewards you instantly for making purchases.

How does it work?

Cashback credit cards benefit the user by paying a percentage of the purchase you make. Not just purchases, using them in your favorite hotels, restaurants or any other experience centers in UAE can also save you some dirhams. So, the next time, you are swiping your card in a restaurant or purchasing the latest mobile phone, look out for the exciting cashback offers and maximize it.

Lookout before you Swipe!

Though it is exciting and absolutely fantastic to get some hard earned money back do note a few pointers that needs a closer look before you swipe.

Like any credit card, these credit cards are entitled with pre-determined limits which many people fail to notice. It is for the simple fact that these are in fine print and easy to ignore or miss out.

If you are a frequent visitor to restaurants, here are some credit cards that offer the best dining deals which could save you from spending more.

Citi Cashback Card:

With a minimum salary of AED 8000, you can avail this card which can provide a lot of cashback benefits while dining at your favorite restaurants. You can enjoy up to 20% discount at over 400+ dining outlets in the UAE. The redemption is automatic as well. No calls, no emails!

Dunia Finance Platinum Credit Card:

The minimum salary requirement is the same as that of the Citi Cashback Card. But Dunia finance offers free Zomato Gold Annual Membership when you opt for this credit card. It also offers hundreds of Buy 1 Get 1 (BOGO) offers from MasterCard throughout the Middle East and Africa.

Najm One Cashback Card:

This cash back credit card from Majid Al Futtaim Finance offers a lot of discounts on dining and entertainment. With this card, you can avail up to 30% discount at selected restaurants. They also make payments easy by providing card-less solutions i.e., Samsung pay.

CBD Visa Infinity Card:

The Commercial Bank of Dubai offers great deals on dining with this visa card. It has great dining privileges which include Dragon Pass, the World’s 1st all-in-one Digital Airport platform which lets people enjoy food at restaurants within the Airport. In addition to this, dining discounts in Premium Hotels in UAE can also be availed with this card.

Standard Chartered Platinum Credit Card:

The Platinum credit card from Standard Chartered lets people enjoy a wide variety of offers that includes offers up to 50% in popular cafes and restaurants. To be even more specific, it offers a Buy 1 Get 1 offer (BOGO) at all outlets of Costa Coffee.

 

 

Personal Loans without Salary transfer & Easy documentation

A Dream Come True: Personal Loans without Salary transfer & Easy documentation

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The growing trend in today’s lifestyle is opting for a loan that is readily available especially for the salaried class as it is seen as one of the easier targets to win over by banks. And how?

Enter Personal Loans with easy documentation, minimal fuss, and practically the money is in your hands within a day of application.

It is a fact that Personal loans are today available for every purpose heard and unheard of. Apart from meeting marriage expenses, emergency medical situations and tiding over the odd credit card overdue, you can opt for a loan to go on an overseas vacation, purchase one of the most expensive headphones and even take your valentine for a boat ride around the Dubai Marina.

Easy documentation and process

While banks in UAE demand other documents such as a valid passport or a UAE National ID, for an Expat, a valid residency visa is mandatory. The salaried or self-employed people have the option of showing their salary slips as it is one of the major proofs the banks seek in order to sanction a personal loan.

No more Salary transfers

Initially, some banks in the country had demanded people to create a salary account in their bank and transfer the salary to it. By doing so, the customer is benefited with exclusive offers, faster processing of loans and even a free credit card. But many do find the process tedious or some may prefer not to change their existing salary account.

Nowadays, UAE banks are offering personal loans to customers without mandating them to transfer their salary. This is commonly called as a Non-salary transfer loan. This is a hassle-free process and it doesn’t consume much time for banks to process since there is no salary transfer involved. But the income proofs need to be provided. Furthermore, these don’t require any collateral or guarantors.

Though banks do not mandate customers to give any collateral, do keep in mind the interest rates are mostly high when compared to other loans such as home, car or gold loans. The loan amount is purely dependent on the salary and the interest rates which vary from bank to bank.

Let’s look at various banks which offer personal loans without salary transfer:

Emirates NBD:

It is a National Bank in Dubai and the United Arab Emirates. It is one of the oldest and largest banking groups in the region. They offer loan amounts up to AED 500,000 for both UAE Nationals and Expats who have a minimum salary of AED 10,000. The repayment period offered is up to 48 months and the interest rates start from 14.99%.

Dubai Islamic Bank:

It is the largest Islamic bank in terms of assets and is the first bank to incorporate principles of Islam in all practices. People are considered eligible if they earn a minimum salary of AED 3000 which would get them loans up to AED 400,000. The repayment period extends up to 48 months.

Union National Bank:

One of the leading domestic banks in the UAE region which offers personal loans up to AED 200,000 for UAE Nationals and Residents. For this amount, the bank expects the applicant to have a minimum salary of AED 10,000. The repayment period offered is up to 12 months.

Citibank:

A subsidiary of the multinational company, Citigroup and is one of the famous banks in the UAE region. Possessing a Minimum salary of about AED 8,000 per month would get you a maximum finance amount up to AED 175,000. This bank is known for its fast approvals on personal loans.

Conclusion:

While there are several options for one to avail a personal loan in UAE. It is important to note that a clean credit history is essential for availing credit in the country. Hence, borrow if its required and ensure you make payments on time.

Credit Cards in UAE

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Around 71 percent of affluent residents in the United Arab Emirates own more than one credit card as per the statement of a weekly report. The majority of the residents access credit cards while 64 percent of the public use them for a day- to -day purchases. Another 63 percent admitted using credit cards when traveling abroad.

When you pay with a credit card, you are effectively borrowing money from your bank or lender. Every month you receive a statement that lists all the transactions you have made, along with place, price and sometimes even details of the item.

When it comes to credit card balance transfers and savings in Dubai, it is always advisable to pay the full outstanding on your credit card each month to avoid unnecessary fees. Most banks offer a minimum promotion rate of 2.5 percent and up to 10 percent cash back on spends. The minimum salary requirement to apply for credit cards in the UAE is 5000 AED as per the rules and specification of the banks which may vary with higher or lesser salary rates depending on the lender. The facility of balance transfer is freely available for the first 6 months with a minimum of 2 percent processing fee. Banks offer foreign currency rates with a minimum of 2 percent based on the expenditure or purchases made. If you are a frequent traveller, you might want to make sure you apply for credit cards offering lower foreign currency rates. The annual fee on a credit card will be applicable on a yearly basis as a part of your statement. Some UAE banks advertise and state that they do not charge annually, but it is preferable to opt to pay the annual fees as it has many benefits to offer.

The Soul Wallet Savings Simulator is a financial tool developed to help customers understand which credit cards offer them the best opportunity to maximize their savings. This is done based on an analysis of the customer’s unique expenditure pattern both across the type of monthly and annual expenditure and also the amount spent on each category. The unique algorithms help you ascertain which credit cards offer you the maximum savings potential for your specific spend. This varies from individual to individual.

A frequent traveler will probably consider taking a credit card that offers air miles. However, if you don’t travel a lot but like to save on your transactions, you might prefer a credit card that gives you cash back. Also, cash back amounts could vary based on the total amount you spend in a month. Visa International, MasterCard and the different banks in the UAE offer additional benefits on premium cards, such as access to airport lounges globally, discounts on dining, valet parking, free golf, cinema discounts and other transport facility benefits. You can compare all the benefits on Classic, Silver, Gold, Platinum, Titanium, Infinite and World credit card benefits or choose to search for premium cards directly. Premium cards generally require a higher income or have a higher annual fee.