Category: Popular

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.

 

World Expo 2020: The impact it will make in the lives of an ordinary citizen

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The Burj Khalifa in 2013 wanted to celebrate Dubai’s Victory to host the 2020 World Expo and this small but highly enterprising country did it in style and How!, by making a ginormous crowd of well wishers witness the fireworks from their tallest building that was telecast the world over!

It is a widely accepted and expected too that Dubai does everything in style and gigantic proportions. Dubai is leaving no stone unturned as this World Expo 2020 will be the first large-scale international event that is about to take place in the Middle East. An event with such magnitude will bring a lot of advantages for Dubai and UAE in general, especially for its real estate sector which has been pretty sluggish the past 2 years. 

Quick facts about the World Expo:

  • A once in 5 years mega event that is spread over a six-month period.

  • Almost 130 countries participate in this expo to showcase their inventions, according to the motto set for every expo.

What’s New and Trending:

5G network makes its debut:

Dubai will be pronounced as the first nation amongst the Middle East, South Asia, and Africa to unveil the future cellular technology – the much awaited 5G at this event. The technological aspects are said to run on this fast-paced network, as the event is set to attract around 25 million visitors. The people visiting the event will also be thrilled to view a 65m tall digital sphere wrapped around them that can display videos and pictures all around, which can also be enjoyed by the people outside the sphere.

Soon, 5G will be made available across the Middle East and every Smartphone user gains the advantage of it. 5G helps users with faster transactions, unlock new features and much more.

Enhancing Infrastructure:

For the mega event, the UAE Government started funding new road and rail links to manage the influx of tourists and the locals. The Dubai International Airport is about to have a 60 percent rise in the number of stands, as the number sums up to 230 from 144 which is currently present. In addition to this, floor space is said to increase to a whopping 675,000 square meters in the terminals. As estimated, this would accommodate the millions that are about to land here in 2020.

Many new hotel projects are in full swing to provide proper hospitality to every visitor. Dubai’s roads and transport authority announced that there will be an expansion of metro lines from Dubai Metro’s Red line to Dubai World Central. This is estimated to be worth of 1.36 billion USD.

These improvements will be of huge benefit to the citizens as these will be considered as enhancements around them which will ultimately profit them.

Positive effects on the property market:

According to a report in 2018 [Source: JLL Real Views], the real estate market in Dubai witnessed slow growth with global currency and oil prices also taking a beating which further contributed to the fall in the real estate market.

But this could drastically change, as the event will rope in a lot of supplies to the market which would be a long-term investment for the country.

Life after the Expo:

Unlike other countries, Dubai has a Vision to use the Infrastructure of the Expo as a home to millions of people in the UAE. It aims at giving well established, affordable homes with family-friendly amenities that can enhance the quality of life.

Around 120,000 new homes are about to be built by 2020, with new developments around the site. As the site is positioned as a residential community with three economic sites – Dubai World Central, Kizad and Jebel Ali Port, it is expected to bring in a residential investments as all the necessary facilities and infrastructure would already be available.

This will be home to 1 million residents and 500,000 jobs with Developers already initiating to transform certain important tourist sites that include the Dubai Water Canal, Museum of the Future, Deira Islands, Dubai Theme Parks, Jewel of the Creek and other projects.

Are you too young for life insurance?

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Are you too young for taking an insurance policy? It’s a good question that was posed to many a teenager and most of them responded with, “I am healthy. I am alive.” Unfortunately, they do not realize life is uncertain. A 2017 survey conducted by Insurance quotes.com has proved this statement and it was found that 65 percent of the young adults do not own life insurance and almost 71 percent of them said it wasn’t necessary for them because they are healthy. 

Awareness is key

Many parents in the UAE are not aware of the fact that they can enrol their toddlers for life insurance, which is the best way to safeguard their children. There are a lot of protection plans for children. Right from the age of 1, they are eligible for children protection plans which cover their education as well as their health. They are designed in such a way to help a child’s future education needs at a minimal premium.

In the past decade or more, many insurers have devised policies that offer insurance right from the tender age of 1 till the age of 75. It is heartening to notice that families are opting for this.

Many may ask why a one-year-old child needs life insurance. An insurance policy taken by the head of the family for his children is definitely not for the money that he can bag if some untoward incident happens to the child but, for the simple fact that premiums are far lower at that age compared to anyone taking a fresh insurance policy at the age of 30 or 40 with ailments or diseases always around.

The other reason that insurance is recommended to be taken at a young age is, there are many benefits that come with that. It could be a free health check-up, scholarships or even can stand as collateral or a good credit score.

Pay the premiums on time every time

You can consider taking a whole life insurance policy, which can back you up as long as you pay the premiums. You can select the mode of premiums which can be paid either monthly, quarterly or even annually depending on the monthly earnings of yours.

The basic Whole Life Insurance policy can be considered though other options are available. As you get older, you will have a lot of other requirements that need to be protected. Anything as such can be covered by adding riders to your existing policy.

To summarize, life insurance policies are a must for every individual and nobody is considered too young for a life insurance policy as there is one for everyone. By obtaining more knowledge about the policies, you can be able to narrow down on the list of policies according to your requirements and for your family.