Tag: ADIB Credit Cad

How to Effectively Manage Credit Card Transactions during COVID-19

How to Effectively Manage Credit Card Transactions during COVID-19

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The impact of the COVID-19 pandemic is devastating, and it has made keeping up with monthly bills and payments a huge challenge. To ease the tension, banks and credit card companies have come up with offers & policies to provide financial relief to their customers.

If you have credit card debt and are finding it difficult to manage the payments during the coronavirus pandemic, this article will guide you on how you can manage your credit card bill payments. These Credit card companies in UAE are offering the following relief measures:

Most banks, financial institutions, and credit card companies are offering help during these uncertain times, but it can vary depending on the credit card issuer.

Here are some offers by UAE banks, you can check with your card issuer for offers other than these:

HSBC Bank: Customers who are stressed about making their credit card payments during COVID-19 pandemic can have a payment holiday for up to 3 months. HSBC credit card holders can delay their bill payments including the minimum payment for up to 3 months, but during this time interest will be incurred as usual on the outstanding balance and to all the new transactions made during the payment holiday period. However, the credit card limit will be reduced to AED 5,000. Once the payment holiday is over, the card holders will be expected to resume the payments.

Contact information to get help:

  • Write an email at contactus.me@hsbc.com
  • Call their help centre at 800 5233/ 800 4320/ 800 4420

Abu Dhabi Islamic Bank: ADIB has increased the temporary limit o ADIB cards and, they have also introduced 5% cashback on utility & grocery bills for 3 months. ADIB has been active & responsive to the needs of their customers. They have also come up with no cost instalments schemes for card expenditures for a period of 6 months.

Contact information to get help:

  • Contact their help centre at 600503033

First Abu Dhabi Bank (FAB): FAB is one of the largest banks in the UAE and has declared some COVID relief measures for its customers. FAB has decided to cover the interest charges of all the customers along with relief on fees as well as repayments since April 2021. The bank has also waived off FX fees on cancel hotels and airline bookings along with temporary 50 percent reduction on late payment fees for 3 months.

Contact information to get help:

  • Use the registered email id to seek help by writing to here2help@bankfab.com
  • Request help using their Mobile App

Abu Dhabi Commercial Bank (ADCB): ADCB has deferred payments up to 6 months for their customers along with other relief measures for people who fall under COVID- 19 Targeted Economic Support Scheme category.

Contact information to get help:
  • Write an email seeking help at contactus@adcb.com
  • Call the contact centre at 600 50 2030 or 600 56 2626 (Islamic Banking)

Standard Chartered Bank (SCB): SCB has reduced cash advance fee by 50% with zero percent interest rates on EMI and zero processing fee. If you have made travel bookings with your Standard Chartered Bank, you can get a refund. Card holders have to submit the below documents to avail the benefits of the bank:

  1. A letter from your employer stating that COVID-19 is the reason behind your termination.
  2. A document showing COVID-19 restrictions have affected repayments of your credit card bills.
  3. An attested letter from the Ministry of Health saying you were infected by COVID-19.
  4. Bank statement showing a loss of up to 20% monthly revenue of those who are self-employed.

Contact information to get help:

  • Write at covid.19relief@sc.com for help

Here are some tips to help you manage your credit card bills and help you survive in the uncertain times.

  • Set up a budget and stick to it to avoid late and excess payments.
  • Lower your non-essential expenses to reduce the burden of debt, managing a credit card is easy if you maintain your expenses.
  • If you have more than one credit card and are in a financial situation, try clearing the card by paying minimum dues on each card starting from the one with higher interest rates.
  • Avoid withdrawing cash from credit card to prevent high interest rates and high fees.
  • If you are shopping on monthly instalments try to opt for 0% EMI plan.
  • If you have higher interest rates on a bank you can transfer the balance to a card with lower interest rates to avoid hassle later.
  • To avoid credit card debt, decrease your expenses instead of increasing your credit limit.
To Conclude

If you have credit card from banks other than the ones we have mentioned then, please reach out to your banks and understand the benefits they are offering to provide you with a financial relief during COVID-19 pandemic. Follow and stay updated with the COVID-19 relief measures given by banks. We also strongly recommend that you check out our article on how credit cards can come in handy in such situations. Click here to find out more.

Why You Should Use Comparison Websites Before Signing Up for a Credit Card?

Why You Should Use Comparison Websites Before Signing Up for a Credit Card?

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Whether you have great credit or are working hard to improve your credit score, you undoubtedly receive plenty of credit card information or application forms in the UAE. The potential offers and rewards are often extremely compelling, whether it is extra points for eating at your favorite restaurant or travel deals that are only available to certain cardholders. Credit cards also have many different terms, and these terms can become all too real if you are behind on a payment.

Therefore, when analyzing which credit cards in UAE to pursue, it is helpful to compare all of the offers that are available to you. This is much easier said than done. However, You may find yourself placing pieces of paper side-to-side or simply choosing a credit card that your friend or sibling likes.

Luckily, there is a better way. We believe that comparison websites are a true game-changer when signing up for a credit card. These websites make it extremely easy to compare different types of credit cards, thereby making it more obvious to you when making your final decision. Everyone from the first-time credit card holder to more experienced borrowers can find immense value from credit card comparison websites.

Below, you will find several key reasons why these websites are so important in today’s financial environment.

A Clean User Interface

As referenced above, credit card comparison websites make it easier and enjoyable to compare different credit card offers. Many websites, in fact, let you place credit cards side-to-side. They make it seamless for you to compare cards’ interest rates, annual fees, join fees, and more. This side-by-side layout is more effective than you may think, as it quickly gets to the crux of why certain cards are better for you than others. Instead of spending hours sifting through the paperwork and comparing the fine print, you can get a great first glance through credit card comparison websites.

Opening Your Eyes to New Opportunities

Credit card comparison websites aren’t just for comparing credit cards that you are considering. Arguably just as valuable (or even more valuable) is the fact that you can use them to discover new credit cards. For instance, if your most important factor is a low interest rate, you may use a credit card comparison tool to find a low-interest card that you haven’t even considered yet. This is just one simple example, but the discovery nature of credit card comparison websites makes them attractive to credit card applicants.

Helping You Maximize Your Points

In the example above, we explained how credit card comparison websites can help you find low interest card cards, thereby saving you cash if you end up making a late payment. But the flip side to this, however, is that credit card comparison websites can help you maximize potential incentives. If you enjoy traveling, for instance, you can find a new credit card that caters to travelers. Moreover, the website will help you understand how you can maximize your points so that you can rack up free flights or vacations. To put it another way, these websites are your trusted guide to get the most value out of a potential credit card.

A Godsend if You Have Bad Credit

Finally, credit card comparison websites can be especially helpful if you have bad credit and are looking for a new credit card. Repairing or strengthening a credit score is always time-intensive. That said, this shouldn’t mean that you can’t find a great credit card now. Credit card comparison websites can help you with this task. They can highlight some of the most attractive options for you—considering your financial situation.

Your Secret Weapon

These are just several key reasons why credit card comparison websites are so powerful. They are simple and easy-to-use, yet extremely powerful. They can help you stumble upon key insights about your spending goals and budget. They can even be a massive assistance in helping you more quickly save up for your dream vacation.

Whatever the case may be, we encourage you to check out these websites. Spend some time reviewing both the websites themselves and the credit cards that they let you compare. In sum, we  believe that credit card comparison websites can be your secret weapon as you work toward achieving all of your financial goals.

Soulwallet is a personal finance comparison portal in the UAE. With a team of “out of the box” thinkers and a deep understanding of the UAE consumer banking industry, we help customers make the best choices while shopping for financial products such as credit cards and personal loans in UAE.