Best Cashback Credit Cards in May 2022

Posted on November 17, 2021May 18, 2022 by admin

Cashback credit cards are quite popular among credit card customers in the UAE. It is not easy for one to compare and identify which card offers the highest cashback on specific categories. The purpose of this article is to help customers get an overview of popular cashback credit cards available in the UAE.

Soulwallet’s analysts have done the heavy lifting to review all popular credit cards available in the UAE and provide relevant and useful information which can help you understand the key differences between each card and help one make a better-informed decision while signing up for a credit card.

What is a cashback credit card?

Cashback credit cards are credit cards that offer customers a benefit of earning back a percentage of his or her spend on the card through a direct cash back credit. For example, if a card offers you cashback of 5% on all supermarket spends and you use this card in a supermarket for AED 1,000 in a particular month, the bank will give you a credit of AED 50 (5% of AED 1,000) in your next credit card statement. This means that you have effectively saved AED 50 and your supermarket spend only actually cost you AED 950. Cashback credit cards can be very useful in helping you maximize your savings by simply using your credit card.

You must always be aware of the specific conditions associated with the cash back credit card. Almost all cash back credit cards have very specific conditions on what type of purchases allow you to earn cash back credits. These could be based on categories such as grocery or supermarket purchases, fuel purchases, retail purchase, dining and restaurant purchases and so on. In addition to the specific category of spend almost all cash back credit cards will have limits on how much cash back you can earn. This could be based on a maximum spend per category type, for example, cash back credit on grocery purchases could be capped at grocery spends of AED 3,000 per month. In such a scenario, if the cash back percentage was 5% then the maximum amount you can save each month on grocery spends would be AED 150 (5% of AED 3,000).

Certain banks could also set minimum spend requirements to be eligible to earn cash back credits. Usually, this is based on minimum spends on a specific category of purchases or on the overall total spend on the credit card for the month. For example, a bank could specify that cash back credits can be earned if a minimum spend of AED 1,000 is reached during the month.

The form of cash back given to you can also vary. Some credit cards offer you direct statement credits for the value of cashback earned. These can then be considered as good as a cash payment. Some cashback credit cards offer gift vouchers at specific stores or malls for the value of cashback earned. Some banks may require customers to contact them to redeem cashback miles while others may simply credit the cashback earned to customers without any request having to be placed (automatic cashback).

As you can see, there are a lot of aspects to keep in mind in trying to ascertain the most suitable cashback credit card for you. Having a sound understanding of the cashback conditions of any credit card and your specific spend patterns will help you make an informed decision on the cashback credit card to choose for you. However, since there are more than 200 credit cards in the UAE market and a lot of them offering some form of cashback, it is almost impossible for one to understand which card is most suitable to them. Therefore, a cash back simulator as provided by SoulWallet can be invaluable in saving you the trouble of hours of research in identifying the right credit card for you.

FAB Cashback Credit Card, Mashreq Cashback Credit Card and Rakbank Titanium Credit card are available for customers earning a fixed salary of AED 5000 per month.

Bank	Card Name	Joining offer	Annual Fee	Sal required
Citi	Citi Cashback	AED 500 Cashback as joining bonus	0	8000
FAB	FAB Cashback	AED 300 Welcome bonus	AED 315	5000
Mashreq	Mashreq Cashback	AED 500 Joining bonus (AED 100 for existing card holders)	0	5000
Rakbank	Rakbank Titanium	None	0	5000
CBD	CBD Super Saver Credit Card	None	1st year free 2nd year AMF AED 420	8000
HSBC	Cashback Credit Card	AED 300 cashback gets you started	1st year free AED 313.95 with VAT from second year	10000
Dubai First	Cashback Credit Card	AED 250 bonus cashback Complimentary 1 year Amazon	AED 400	10000
Emirates Islamic	Cashback Plus Credit Card	None	0	12000
Standard Chartered Bank	Cashback Credit Card	None	1st year free AED 525 from 2nd year	8000

Best for “International” transactions

Citibank Cashback Credit Cards has the best cashback rate of 3% unlimited on international transactions. This is followed by FAB Cashback Credit Card and Mashreq Cashback Credit Card at 2%.

Bank	Citi	FAB	Mashreq	Rakbank	CBD	HSBC	Dubai First	Emirates Islamic	Standard Chartered Bank
Card Name	Cashback Credit Card	Cashback Credit Card	Cashback Credit Card	Titanium	Super Saver Credit Card	Cashback Credit Card	Cashback Credit Card	Cashback Plus Credit Card	Cashback Credit Card
International spend	3%	2%	2%	1% for <15K 2% for >15K Spend Max Cap AED1500	1% on AED 2 spend	1%	1%	NA	2%

Best for “Groceries / Supermarket” related transactions

Fab cashback credit card offers 5% on this category however with a cap of AED 500 in a month. HSBC Cashback credit card offers 3% on this category but with a cap of AED 200 a month. These cards do not have a minimum spend requirement for earning the cashback on these categories.

Bank	Citi	FAB	Mashreq	Rakbank	CBD	HSBC	Dubai First	Emirates Islamic	Standard Chartered Bank
Card Name	Cashback Credit Card	Cashback Credit Card	Cashback Credit Card	Titanium	Super Saver Credit Card	Cashback Credit Card	Cashback Credit Card	Cashback Plus Credit Card	Cashback Credit Card
Groceries / supermarket	2%	5% - MC AED 500	1%	5% - AED 150 and MS 1500	MS >3<10K 3% 75 MS <20K 5% 100 MS >20K 10% 150	3% MC 200	5%	MS >3<10K 3%	1%

MS: Minimum Spend : This is the minimum spend required to earn cashback in this category

MC: Maximum Cap: This is the maximum cashback one could earn in this category

Best for “Fuel” related transactions

FAB Cashback credit card offers 5% on this category with a maximum cap of AED 250 a month. HSBC offers 10% however on a maximum cap of AED 100 a month.

Bank	Citi	FAB	Mashreq	Rakbank	CBD	HSBC	Dubai First	Emirates Islamic	Standard Chartered Bank
Card Name	Cashback Credit Card	Cashback Credit Card	Cashback Credit Card	Titanium	Super Saver Credit Card	Cashback Credit Card	Cashback Credit Card	Cashback Plus Credit Card	Cashback Credit Card
Fuel	1%	5% - MC AED 250	0.33%	0.25%	1% on AED 2 spend	10% MC 100	1%	NA	1%

Best for “Utility” (Electricity, water) transactions

FAB cashback credit card clearly the best on this category with a 5% cashback and a maximum cap of AED 250

Bank	Citi	FAB	Mashreq	Rakbank	CBD	HSBC	Dubai First	Emirates Islamic	Standard Chartered Bank
Card Name	Cashback Credit Card	Cashback Credit Card	Cashback Credit Card	Titanium	Super Saver Credit Card	Cashback Credit Card	Cashback Credit Card	Cashback Plus Credit Card	Cashback Credit Card
Utilities	1%	5% - MC AED 250	0.33%	0.25%	MS >3<10K 3% 75 MS <20K 5% 100 MS >20K 10% 150	1%	1%	NA	1%

Best for “Online” transactions

Dubai First Cashback card is a clear winner on this category. With no caps and no spend requirement this card offers 5% which is the best among all competitors.

Bank	Citi	FAB	Mashreq	Rakbank	CBD	HSBC	Dubai First	Emirates Islamic	Standard Chartered Bank
Card Name	Cashback Credit Card	Cashback Credit Card	Cashback Credit Card	Titanium	Super Saver Credit Card	Cashback Credit Card	Cashback Credit Card	Cashback Plus Credit Card	Cashback Credit Card
Online	1%	1%	1%	1% for <15K 2% for >15K Spend Max Cap AED1500	1% on AED 2 spend	1%	5%	NA	1%

Best for “Dining” transactions

Mashreq cashback card offers 5% on this category followed by which can go up to 2%, however with a spend requirement to be met. Emirates Islamic Offers up to 5, however with a cap of AED 200. EIB requires AED 3000 of minimum spend for cashback. ADIB Edge card offers 10% cashback on dining. Since it is a reward point card we have not included the same in the comparison.

Bank	Citi	FAB	Mashreq	Rakbank	CBD	HSBC	Dubai First	Emirates Islamic	Standard Chartered Bank
Card Name	Cashback Credit Card	Cashback Credit Card	Cashback Credit Card	Titanium	Super Saver Credit Card	Cashback Credit Card	Cashback Credit Card	Cashback Plus Credit Card	Cashback Credit Card
Dining	1%	1%	5%	1% for <15K 2% for >15K Spend Max Cap AED1500	1% on AED 2 spend	1%	1%	MS >3<10K 3%	1%

Best for other categories

Bank	Card Name	Telecom	Govt	Cinema	Education	Transport
Citi	Cashback Credit Card	1%	1%	1%	1%	1%
FAB	Cashback Credit Card	1%	1%	1%	1%	1%
Mashreq	Cashback Credit Card	0.33%	0.33%	1%	1%	1%
Rakbank	Titanium	0.25%	0.25%	50% - AED 70 MS 5000	0.25%	0.25%
CBD	Super Saver Credit Card	MS >3<10K 3% AED 75 MS <20K 5% AED 100 MS >20K 10% AED 150	1% on AED 2 spend	1% on AED 2 spend	MS >3<10K 3% AED 75 MS >20K 10% AED 150 MS >20K 10% AED 150	MS >3<10K 3% AED 75 MS <20K 5% AED 100
HSBC	Cashback Credit Card	1%	1%	1%	1%	1%
Dubai First	Cashback Credit Card	1%	1%	1%	1%	1%
Emirates Islamic	Cashback Plus Credit Card	MS >3<10K 3% MS <17.5K 5% MS >17.5K 10% MC 200 per category	NA	NA	MS >3<10K 3% MS <17.5K 5% MS >17.5K 10% MC 200 per category	NA
Standard Chartered Bank	Cashback Credit Card	1%	1%	1%	1%	1%

Few important points to consider on the below cards

CBD Supersaver Card

Maximum cap of AED 3000 across all categories.
Spend based earning of rewards per category.
Maximum cashback of AED 600 across 4 BEST categories.
Minimum spend of AED 3K required

Rakbank Titanium Credit Card

All domestic and international transactions under the category of Charities, Government Services, Bill Payments, Schools, Education, Transits, Transport, Telecommunication, Real Estate, Petrol/Gas stations, Health & Beauty, Club Membership, Computer Services, Automobiles & Vehicles and Insurance Services will earn 0.25% cashback for every AED 1 spent.

all domestic and international transactions under the category of Charities, Government Services, Bill Payments, Schools, Education, Transits, Transport, Telecommunication, Real Estate, Petrol/Gas stations, will earn 0.25% cashback for every AED 1 spent.

Emirates Islamic Cashback Plus Credit Card

A minimum spend of AED 3000 is required for earning cashback.

FAB Cashback Credit Card

Telecom excluded in utilities category
Caps for Groceries, Fuel and Utilities and no caps on other categories.

Above review is based on analysis done during the month of February 2021. The product features such as category rates, caps, spend requirement, AMF or joining offers can change. Readers are requested to validate the specifics with the banks at the time of application.

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The editorial team at Soulwallet is committed to accurate and relevant content intended to assist our readers while making personal finance decisions. We are glad to get feedback on the article and make necessary corrections if required. You can email the editorial team at support@soulwallet.com. Our editorial advice, recommendations and product assessments are not influenced by business partners.

redit Cards for Small Business in 2021 - Soulwallet

Credit Cards for Small Business in 2021

Posted on November 9, 2021November 9, 2021 by admin

Small business owners have to manage a lot of responsibility especially in the first few years of operation. Owners of small business operations have to closely monitor their finances and manage their cash flow as finances are a huge consideration. Hence, a steady cash flow of money is essential, and people depend on credit cards to fund or finance their business.

For a business owner to use their own personal credit card for the purpose of business transactions can carry increased risk for the owner. Due to this, the dependency of business owners on small business credit cards to finance a small-scale business has increased through the years. Opening a small business credit card is a great way to streamline day-to-day business expenses as well as purchasing the essential goods and services required for the business without delaying critical payments to the vendors while enjoying some of the added perks, such as rewards and purchase protection offered.

How can a Credit Card be used for Small Businesses?

For a business owner, it is not advisable to start his business using a personal credit card as for the initial few years, debt keeps accumulating and it gets difficult for one person to pay back the bills amounting in full. Also mixing personal and business credit purchases makes it difficult to organize the business expenses while doing taxes, Hence a business credit card is more appropriate for setting up a small business.

Business credit cards come with a higher credit limit as compared to private credit cards which will help the business owner in purchasing goods and services required to start and run the business. Since these costs are usually high and continuous, a business credit card is more feasible. Since the business credit cards are offered by banks, it helps the business owner in managing all the business expenses. Having a business credit card also helps in keeping track of the purchases and the quarterly and annual statements provided by your credit card company, help you break down your expenses into categories and that can be very helpful for creating budgets and tracking expenses.

Benefits of having a Small Business Credit Card:

A small business credit card can be a great tool when used strategically and with restraint. Some of the advantages of having a small business credit card are:

Increase the cash flow of your business
Helps you build your credit history and credit score.
Access a large credit limit
Business credit cards offer short-term spending flexibility
Keep your business and personal expenses separate
Enjoy loyalty points, rewards, cash-back and other perks
Stay organised with business expenses
Keep tabs on employee spending
Enabled with a chip which makes all transactions secure
Business cards are not subject to personal card limits
Easy application procedure

Check out our Best Small Business Credit Cards

ADIB Business Gold Covered Card – by Abu Dhabi Islamic Bank (ADIB)

ADIB offers the first Islamic Visa Card in the UAE to help business owners better manage their day-to-day business.

Features:

Minimum Salary – AED 8,000
Rate – 3.00%
Annual Fee – AED 400
Non-AED Transaction Fee – 3.10%
Cash Advance Fee – 3.00 % / Min 99

Reward Features:

Covered Card limit up to AED 150,000
Advanced Chip & Pin Technology
Free Road-Side Assistance
Free for the first year
4 Free Supplementary Cards
No fee for replacement of damaged cards when cardholder delivers damaged card to the branch
Includes the fee of ADIB as an agent of the Cardholder.
8% discount on hotel bookings made at Hotels.com
12% discount over 985,000 hotels & vacation rentals worldwide with Agoda

ADIB Business Platinum Covered Card – by Abu Dhabi Islamic Bank (ADIB)

ADIB offers the first Islamic Visa Card in the UAE that provides extra flexibility and secure alternative to cash payments.

Features:

Minimum Salary – AED 8,000
Annual Fee – AED 800
Rate – 3.00%
Cash Advance – 3% / Min 99
Non-AED Transaction Fee – 3.1%

Reward Features:

Covered Card limit up to AED 250,000
Golf offers
Cinema Tickets
Purchase Protection
Extended Warranty
Free Road-Side Assistance
Free for the first year
4 Free Supplementary Cards
No fee for replacement of damaged cards when cardholder delivers damaged card to the branch
Includes the fee of ADIB as an agent of the Cardholder
Discount of up to 30% off retail rates at over 450 destinations globally
8% discount on hotel bookings made at Hotels.com
12% discount over 985,000 hotels & vacation rentals worldwide with Agoda
Access to over 200 airport restaurant offers globally

Emirates Islamic Business Card – by Emirates Islamic Bank (EIB)

Emirates Islamic Business Credit Card offers a wide range of exclusive rewards and benefits to grow your business. It combines high levels of security, value, convenience, and flexibility, to ensure your business expenses are controlled and your card spends are rewarded.

Features:

Minimum Salary – AED 10,000
Annual Fee – AED 0
Rate – 3.25%
Cash Advance – 3% / Min 199
Non-AED Transaction Fee – 3.49%

Reward Features:

Free for life
Earn EI Smart-Miles on all your purchases
Multiple cards for partners & employees
Unlimited complimentary airport lounge access
Multiple cards for your partners and your employees
Better control on business expenses such as business travel, dining, utility bill payments
Wide range of redemption options – flights, hotels, and other retail transactions
Cash-On-Call facility through 24/7 phone banking service
Easy payment plans for better cash flow management
Balance transfer facility on existing business credit cards from other banks
Provides a comprehensive suite of privileges that help reduce business expenses on hotels, rentals, courier services, restaurants, gifts
Golf offers
Cinema Tickets
Up to 30% at restaurants across the UAE
8% discount on hotel bookings made at Hotels.com
12% discount over 985,000 hotels & vacation rentals worldwide with Agoda

RAKBANK Titanium Business Credit Card – by RAKBANK

The RAKBANK Titanium Business Credit Card is ideal for all your business transactions worldwide. You can use it to pay for purchase of goods such as new stock, raw materials, or equipment as well as for services rendered by your local or overseas suppliers.

Features:

Minimum Salary – AED 10,000
Annual Fee – AED 0
Rate – 3.45%
Cash Advance – 3.45% / 2%
Non-AEE Transaction Fee – 2.2%

Reward Features:

Exclusive card for business owners and no annual fee ever
High Cash advance Limits with 1% cashback on Cash Advance
Easy Credit Card Cheque (CCC) facility
No minimum spend criteria for earning cashback
Additional Business Credit Cards for your key employees
Enjoy 1% Cashback on all domestic and international retail, internet, cash transactions
Up to 50% discounts, Buy 1 Get 1 free offers and fantastic bargains
Exclusive office & business insurance offers
Complimentary Insurance Benefits like Purchase Protection and Travel Accident Insurance benefits
Unlimited airport lounge access at Dubai, Abu Dhabi, Cairo, Kuwait, and Jordan airports
Personal Accident Insurance up to USD 150,000
Enjoy great dinning offers from RAKfeast
Up to a 10% discount off the price of your booking for selected properties on Hotels.com
AVIS Car Rental Offers

United Arab Bank Business Credit Card – by United Arab Bank (UAB)

The UAB Business MasterCard caters to the self-employed segment in the UAE providing them with a host of privileges and benefits unmatched by any other Business Card.

Features:

Minimum Salary – AED 6,000
Annual Fee – AED 0
Rate – 2.99%
Cash Advance – 3% / Min 200
Non-AED Transaction Fee – 3%

Reward Features:

Earn UAB rewards on all spends
1 points for every 1 USD spent domestically
2 points for every 1 USD spent internationally
Redeem points for flight tickets & hotels, car rentals, electronic and lifestyle products
Brand the credit card with your company name
Complimentary Airport Lounge Access at over 10 lounges across MENA
Exclusive benefits with Avis
Mastercard Priceless Cities Offers
Up to a 10% discount off the price of your booking for selected properties on Hotels.com
Discounts of up to 15% at prime luxury serviced apartments
Buy 1 Get 1 Free Offers on downloaded Mastercard with 900+ offers across 90+ destinations and 600+ merchants
Careem Chauffeur Offers with 20% off three rides every month

Business credit cards aren’t just for people with storefronts or offices, but also freelancers and people who have side hustles or for people who do gig work. Having a dedicated card for your money-making enterprise helps you keep business and personal finances separate and you can benefit from the many offer rewards and perks that are offered by various banks.

SoulWallet helps you compare and find the best credit card suited for your needs to have an easy and hassle-free experience. The well-researched, solidly structured, unbiased content along with unique tools at SoulWallet help you make well informed financial decisions for your personal and business transactions. In the process, SoulWallet helps you identify the options that will let you save money and enjoy the best perks.

SoulWallet grants their users services that would help them make the most of a wide range of personal finance solutions, from credit card reward cards in the UAE, to personal loans, to Islamic credit cards, to air miles credit card application and a lot more.

All you need to know about Emirates Skywards Credit Cards!

Posted on March 26, 2021March 27, 2021 by admin

The Emirates Skywards miles programme is one of the best, premium airmiles programmes offered by any airline in the world. It gives members the opportunity to redeem their Emirates Skywards miles against flight ticket purchases and ticket upgrades on Emirates airlines in addition to other options such as hotels and travel bookings.

Skywards miles programme members can earn miles by purchasing tickets on Emirates airlines, however, another popular option to earn miles used by thousands of UAE residents is by using an Emirates Skywards co-branded credit card. These credit cards are issued as part of a joint arrangement between Emirates Airlines and the banks issuing the credit cards.

In the UAE there are several such co-branded airline credit cards offered by many banks. While the main objective to apply for an miles credit card is primarily to earn rewards in the form of “miles” and use those miles for flight tickets and upgrades there are other unique benefits offered by these cards which also vary significantly from one credit card to another. The focus of this article are Emirates Skywards co-branded credit cards and to help readers understand which of the many options available are best suited to them.

Banks in UAE that currently offer Emirates Skywards co-branded credit cards are –

Abu Dhabi Islamic Bank (ADIB)
Citibank
Dubai Islamic Bank
Emirates Islamic Bank
Emirate NBD
RAKBANK

Across these 6 banks there are currently a total of 14 different Emirates Skywards credit cards offered. These are broadly categorised based on the minimum income required to be eligible for each credit card, the features and benefits offered, annual fees charged and so on.

Income Eligibility

The monthly minimum income requirement for Emirates Skywards credit cards are as below:

Credit Card	Min. Salary
Dubai Islamic Emirates Skywards Platinum Credit Card	AED 5,000
Citibank Emirates World	AED 12,000
Emirates Islamic Skywards Signature Credit Card	AED 12,000
ADIB Emirates Skywards World Card	AED 15,000
Dubai Islamic Emirates Skywards Signature Credit Card	AED 15,000
Emirates NBD Skywards Signature Credit Card	AED 15,000
Citibank Emirates Ultimate	AED 18,000
ADIB Emirates Skywards World Elite Card	AED 25,000
RAKBANK Emirates Skywards World Elite Mastercard Credit Card	AED 25,000
Emirates Islamic Skywards Infinite Credit Card	AED 25,000
Emirates NBD Skywards Infinite Credit Card	AED 30,000
Dubai Islamic Emirates Skywards Infinite Credit Card	AED 35,000
Citibank Emirates Ultima	AED 36,750

Which is “The Best Emirates Skywards credit card” in the UAE?

While many readers would want to scroll directly to this section to find out the ‘best’, the reality, as is often the case, is that among the many options available there is no single “Best Emirates Skywards credit card” for everyone. Different Skywards credit cards offer different benefits. In the sections below we will help you identify which one is the “the best Skywards credit card for you” based on your specific needs, spend patterns and priorities as an individual.

Please note that the best credit cards identified tend to be ‘premium’ credit cards as they understandably have the highest rewards as well as features and benefits that the bank can offer. As such, these Skywards cards are likely to have higher annual membership fees. However, the benefits offered by these credit cards most often can easily justify the annual fees charged. This is especially true if the cardholder takes advantage of the specific features and benefits on offer – another reason to ensure they apply for credit cards most suited to their specific needs. However, there are also a few Emirates Skywards credit cards which have very low annual fees while still offering good benefits which can also be considered.EARNING SKYWARDS MILES FROM EVEN REGULAR ‘EVERY DAY’ SPENDS

Best for – Maximum Miles Earning Potential

This is perhaps the most important feature to be considered for any Emirates Skywards co-branded credit card as the main purpose for a cardholder is to maximize Skywards miles earned by using their credit cards. This is also an aspect where there are significant differences in earning rates and eligibility requirements between the different Skywards credit card options available. Readers are advised to review the conditions carefully before arriving at a decision on which card is best suited to their specific spend patterns. It is important to note that the cards in this category typically do not offer high earn rates on some regular, day-to-day categories such as groceries, utilities, fuel, school fees etc. but instead offer very high earn rates on almost all other types of spends - think electronics, clothes, luxury, travel, dining and most other categories. Depending on the individual’s spend patterns these cards are potentially the best options to earn the absolute maximum Skywards miles from your credit card spends.
ADIB Emirates Skywards World Elite Credit Card	Emirates Islamic Bank Skywards Black Credit Card	Citibank Emirates Ultima credit card
The ADIB Emirates Skywards World Elite credit card is an excellent option to maximise your Skywards miles earnings as it offers 3 Skywards miles per USD spent at Emirates Airline as well as offering 2 Skywards miles/USD for foreign currency spends and 1.5 Skyward miles/USD for domestic purchases.	The Emirates Islamic Bank Skywards Black Credit Card offers 3.5 Skywards miles for every 1 USD spent at Emirates airlines. This is the highest offered by any credit card in the UAE currently.	The Citibank Ultima credit card offers an extremely attractive combination of a high miles earn rate along with very minimal spend category restrictions. This credit card offers an even better earning rate on purchases made at Emirates as compared to the DIB Skywards Infinite credit card (which is also a great option). So, if you are a big spender at Emirates then this is the card to get to maximise your Skywards rewards. Compared to the Dubai Islamic bank Skywards Infinite card, it pays a lower earnings rate on two specific categories.
Earn rates are lower for specific everyday categories such as groceries, utilities, government spends, fuel, school fees, Salik etc. but for almost every other type of spend category this is an excellent option. In addition to the high Skyward miles earn rates, this card also has other very compelling features including complimentary Emirates Airlines home check-ins, Skyward Gold tier membership and so on.	In addition to this, it also offers 2 Skyward miles per USD equivalent of foreign currency spends and 1.5 Skyward miles per USD of domestic spends. This is again the highest offered by any Skywards credit card in the UAE (along with the ADIB World Elite Skywards credit card which also offers the same). While this card has lower earn rates for some specific every day categories (grocery, fuel, utilities etc.) for all other purchases this is indeed a really powerful option to maximise your Skywards miles earnings.	Emirates Skywards miles earned per USD (equivalent) spent on the card: 2.5 Skywards miles for purchases made at Emirates online or at Emirates sales offices 1.5 Skyward miles for purchases made in foreign currencies 1 Skyward mile for all other local purchases Spends at groceries/supermarkets and related to real estate will earn 0.5 Skywards miles per USD of spend and government services and utilities spends earn no miles

Best for – Earning Skyward Miles From Even Regular “Everyday” spends

These credit cards have the most ‘coverage’ of spend categories, that is they hardly exclude any category of spends from earning miles. Hence these cards have the advantage of ensuring that you earn Skywards miles no matter whether you’re buying groceries or paying for your child’s school fees. Depending on your individual spend patterns, these cards could potentially save you the most of all the Skywards credit card options available. To see your specific individual savings on each please use the Savings Calculator on www.soulwallet.com.
Emirates Skywards Dubai Islamic Bank Infinite Credit Card	RAKBANK Emirates Skywards World Elite Credit Card	Dubai Islamic Bank Emirates Skywards Signature Credit Card
The Emirates Skywards Dubai Islamic Bank Infinite Credit Card is arguably the best credit card to maximise Emirates Skywards miles earnings as it offers an excellent combination of high earn rates on specific categories as well as no excluded spend categories. This is indeed a rarity as almost all other Emirates Skywards credit cards have restrictions on some segments of spend (such as groceries, utilities and so on) which have a lower earning rate.	The RAKBANK Emirates Skywards World Elite credit card is also a great option to earn rewards on regular everyday spends. This card has a different way of awarding points – a fixed number of points are awarded for specific spend ranges. As the number of Skywards miles are fixed for a specific spend range the actual earn rate can vary depending on how much you have specifically spent within that range. But rest assured, it is very competitive with other options available and again with the key benefit of not excluding several regular day to day spend categories (groceries, fuel, telecom, utilities etc.). This card does, however, have a maximum cap of 40,000 Skyward miles per month.	The Emirates Skywards Dubai Islamic Bank Signature Credit Card is a great option just like it’s bigger “brother” the DIB Skywards Infinite credit card. While it offers a slightly lower earn rate it also has a lower annual fee (AED 1,500 vs. AED 2,500) and also has the added benefit of having a lower minimum salary requirement (AED 15,000 vs. AED 35,000 for the Infinite). It also offers an excellent combination of high earn rates on specific categories as well as no excluded spend categories.
The Emirates Skywards Dubai Islamic Bank Infinite Credit Card awards miles per USD (equivalent) spent on the credit card as below: 2 Skywards miles for purchases made at Emirates online or at Emirates sales offices 1.5 Skyward miles for purchases made in foreign currencies 1 Skyward mile for all other local purchases A cap of AED 25,000 on government spends per statement (which we believe is quite generous!)	Spend based Tiers: - 600 miles for 2000-4999 - 2000 miles for 5000-9,999 - 5000 miles for 10,000-19999 - 8000 miles for 20000-29999 - 11000 miles for 30000-39999 - 16000 miles for 40000-49999 - 20000 miles for 50000-74999 - 30000 miles for 75000-99999 - 40000 miles for > 100,000	The Emirates Skywards Dubai Islamic Bank Infinite Credit Card awards miles per USD (equivalent) spent on the credit card as below: 1.5 Skywards miles for purchases made at Emirates online or at Emirates sales offices 1 Skyward miles for purchases made in foreign currencies 0.75 Skyward mile for all other local purchases A cap of AED 25,000 on government spends per statement (which we believe is quite generous!)

Best for – “Bonus” Skywards Miles:

Several credit cards award “bonus” Emirates Skywards miles based on specific criteria, such as a minimum spend levels achieved on the credit card within a specific time period. In this category, there can be varying opinions on which is the “best” option as some cards award higher total maximum bonus miles but at the same time require higher spend levels and over shorter time periods as well. The “best” option here would be determined by the individual’s specific spend patterns.
ADIB Emirates Skywards World Elite Credit Card & ADIB Emirates Skywards World Credit Card	Emirates NBD Skywards Infinite Credit Card	Emirates Skywards Dubai Islamic Bank Infinite Credit Card
ADIB Emirates Skywards World Elite Credit Card & ADIB Emirates Skywards World Credit Cardholders can get up to 120,000 bonus Emirates Skywards miles with this card. 50,000 welcome bonus Emirates Skywards miles are awarded plus an additional 70,000 bonus miles if a minimum retail spend of AED 140,000 is achieved within 6 months of card issuance.	The Emirates NBD Skywards Infinite credit card offers cardholders the opportunity to earn up to 100,000 bonus Emirates Skywards miles:	Emirates Skywards Dubai Islamic Bank Infinite Credit Card offers cardholders the opportunity to earn up to 75,000 Emirates Skywards Miles
This credit card has a good combination of the total bonus miles awarded and the overall minimum spend requirement over a period of 6 months. In addition, there are no specific spend category restrictions.	35,000 “Welcome Joining Miles” on payment of the joining fee 40,000 additional “spend based miles” if cumulative retail spend of USD 20,000 is achieved within 3 months "Annual miles”: 25,000 miles will be credited if USD 7,500 is spent at Emirates (online or at sales offices) within the first 12 months	25,000 miles on card activation 25,000 miles if spend of USD 20,000 is achieved in the first 4 statements 25,000 on balance transfer (minimum balance transfer of AED 50,000)

Best for – Joining offers:

While it is usually not advisable to apply for a credit only to take advantage of a specific joining offer by the bank, it is worthwhile considering the joining offers in addition to all other benefits and features offered by these credit cards.

Citibank Emirates Ultima credit card
Citibank Emirates Ultimate credit card

Citibank Emirates World credit card

Customers who apply online can get AED 2,000 back as a statement credit if a minimum retail spend of AED 25,000 is made within 90 days of the credit card being approved. Pls do verify on Citibank website before proceeding as this offer might change.

Customers can avail AED 1000 worth gift cards on booking. This offer is exclusive to customers who apply on Soulwallet.com
Customers that apply online on Citibank UAE can get AED 800 as a statement credit if a minimum retail spend of AED 20,000 is made within 90 days of the credit card being approved.Pls do verify on Citibank website before proceeding as this offer might change.

Customers can avail AED 1000 worth gift cards on booking. This offer is exclusive to customers who apply on Soulwallet.com
Customers that apply online on Customers that apply online on Citibank UAE can get AED 400 as a statement credit if a minimum retail spend of AED 10,000 is made within 90 days of the credit card being approved.Pls do verify on Citibank website before proceeding as this offer might change.

Customers can avail AED 500 worth gift cards on booking. This offer is exclusive to customers who apply on Soulwallet.com

While it is usually not advisable to apply for a credit only to take advantage of a specific joining offer by the bank, it is worthwhile considering the joining offers in addition to all other benefits and features offered by these credit cards.
Citibank Emirates Ultima credit card	Citibank Emirates Ultimate credit card	Citibank Emirates World credit card
Customers who apply online can get AED 2,000 back as a statement credit if a minimum retail spend of AED 25,000 is made within 90 days of the credit card being approved. Pls do verify on Citibank website before proceeding as this offer might change. Customers can avail AED 1000 worth gift cards on booking. This offer is exclusive to customers who apply on Soulwallet.com	Customers that apply online on Citibank UAE can get AED 800 as a statement credit if a minimum retail spend of AED 20,000 is made within 90 days of the credit card being approved.Pls do verify on Citibank website before proceeding as this offer might change. Customers can avail AED 1000 worth gift cards on booking. This offer is exclusive to customers who apply on Soulwallet.com	Customers that apply online on Customers that apply online on Citibank UAE can get AED 400 as a statement credit if a minimum retail spend of AED 10,000 is made within 90 days of the credit card being approved.Pls do verify on Citibank website before proceeding as this offer might change. Customers can avail AED 500 worth gift cards on booking. This offer is exclusive to customers who apply on Soulwallet.com

Best for –Emirates Skywards Tier Membership

As most readers are probably aware the Emirates Skywards Miles programme offers different “Tiers” of membership – Blue, Silver, Gold and Platinum. Each of these tiers offer different benefits to members, with the type and number of benefits increasing in that order – starting with Blue and ending with Platinum which offers the maximum benefits.

An important feature offered by some Emirates Skywards co-branded credit cards is automatic membership for the cardholder into a higher tier of the Emirates Skywards programme simply by virtue of having the credit card. This saves cardholders from having to meet the minimum “tier” miles required to be eligible for the specific tier level, obtained normally through purchase of tickets on Emirates airlines.

In this aspect as well, there are a few differences in the options available among the various Emirates Skywards credit cards. Many cards offer direct membership to the Silver Tier for the primary cardholder. A few credit cards also provide supplementary card holders the opportunity to enjoy Silver status, subject to a few conditions being met. However, only 3 credit cards offer cardholders the option to upgrade to the Gold Tier Skywards membership. This can be considered to be a significant perk of having the card by people who value the Gold membership tier in the Emirates Skywards program (which offers, among other benefits, 16kgs of excess baggage allowance, guaranteed seats even on fully booked flights and so on).

ADIB Emirates Skywards World Elite Credit Card & ADIB Emirates Skywards World Credit Card

RAKBANK Emirates Skywards World Elite Mastercard Credit Card
Emirates Islamic Bank Skywards Black Credit Card

This card offers cardholders Skywards Silver Tier membership as a basic feature of the card. However, in addition it also offers cardholders the option to upgrade their Silver Skywards membership tier to the Gold tier if they spend AED 5,500 at Emirates Airlines within 12 months of getting the card.

What’s more this card also offers the supplementary cardholder with the opportunity to upgrade to Gold tier status if a total spend of AED 200,000 is achieved in 12 months and 5,500 of that is spent at Emirates Airlines.

The RAKBANK Emirates Skywards World Elite Mastercard offers cardholders Silver tier membership as a default offering. Additionally, it also offers the opportunity to fast-track to Skywards Gold tier membership based on the below criteria being met:

Placing a deposit of AED 500,000 in the customer’s RAKBANK Emirates Skywards savings account. This credit card also offers supplementary cardholders the option to enroll in the Skywards Silver Tier membership at a fee of AED 900 per year.
This card offers customers Silver membership as a default tier for maintain the card. However, similar to the ADIB Emirates Skywards World Elite credit card the Emirates Islamic Bank Skywards Black credit card offers customers the opportunity to upgrade to the Skywards Gold tier status by simply spending AED 5,500 at Emirates on their credit card (no additional spend criteria required).

This card also provides the option for the supplementary to be upgraded to the Skywards Gold tier membership by spending AED 5,500 at Emirates and by paying an annual membership fee of AED 4,000.

As most readers are probably aware the Emirates Skywards Miles programme offers different “Tiers” of membership – Blue, Silver, Gold and Platinum. Each of these tiers offer different benefits to members, with the type and number of benefits increasing in that order – starting with Blue and ending with Platinum which offers the maximum benefits. An important feature offered by some Emirates Skywards co-branded credit cards is automatic membership for the cardholder into a higher tier of the Emirates Skywards programme simply by virtue of having the credit card. This saves cardholders from having to meet the minimum “tier” miles required to be eligible for the specific tier level, obtained normally through purchase of tickets on Emirates airlines. In this aspect as well, there are a few differences in the options available among the various Emirates Skywards credit cards. Many cards offer direct membership to the Silver Tier for the primary cardholder. A few credit cards also provide supplementary card holders the opportunity to enjoy Silver status, subject to a few conditions being met. However, only 3 credit cards offer cardholders the option to upgrade to the Gold Tier Skywards membership. This can be considered to be a significant perk of having the card by people who value the Gold membership tier in the Emirates Skywards program (which offers, among other benefits, 16kgs of excess baggage allowance, guaranteed seats even on fully booked flights and so on).
ADIB Emirates Skywards World Elite Credit Card & ADIB Emirates Skywards World Credit Card	RAKBANK Emirates Skywards World Elite Mastercard Credit Card	Emirates Islamic Bank Skywards Black Credit Card
This card offers cardholders Skywards Silver Tier membership as a basic feature of the card. However, in addition it also offers cardholders the option to upgrade their Silver Skywards membership tier to the Gold tier if they spend AED 5,500 at Emirates Airlines within 12 months of getting the card. What’s more this card also offers the supplementary cardholder with the opportunity to upgrade to Gold tier status if a total spend of AED 200,000 is achieved in 12 months and 5,500 of that is spent at Emirates Airlines.	The RAKBANK Emirates Skywards World Elite Mastercard offers cardholders Silver tier membership as a default offering. Additionally, it also offers the opportunity to fast-track to Skywards Gold tier membership based on the below criteria being met: Placing a deposit of AED 500,000 in the customer’s RAKBANK Emirates Skywards savings account. This credit card also offers supplementary cardholders the option to enroll in the Skywards Silver Tier membership at a fee of AED 900 per year.	This card offers customers Silver membership as a default tier for maintain the card. However, similar to the ADIB Emirates Skywards World Elite credit card the Emirates Islamic Bank Skywards Black credit card offers customers the opportunity to upgrade to the Skywards Gold tier status by simply spending AED 5,500 at Emirates on their credit card (no additional spend criteria required). This card also provides the option for the supplementary to be upgraded to the Skywards Gold tier membership by spending AED 5,500 at Emirates and by paying an annual membership fee of AED 4,000.

Best for – Association Benefits

Credit card associations refer to organizations that set common transaction terms for merchants, issuing banks and acquiring banks. The associations we are referring to in our context here are Visa and Mastercard. All the Emirates Skywards credit cards issued in the UAE are either associated with Visa or Mastercard. The relevance of this for a cardholder is that there are specific benefits and features offered by these associations to the cardholder by virtue of the partnership between the bank and the association. Similar to the different tier levels available in the Emirates Skywards miles programme, both Visa and Mastercard offer different “tiers” or levels of benefits for different credit card types. Please note that these association features are offered in partnership with the banks and are for the most part a standard offering for the specific credit card type across all banks. Examples of these include VIP airport lounge access, travel insurance cover, car rental offers and so on. Please note that the type of benefits offered vary significantly between Visa and Mastercard. These (Visa/Mastercard) features must not be confused with specific features offered by banks directly to their cardholders which are not part of the Visa or Mastercard benefits. Examples of such bank-specific features include complimentary valet parking, cinema tickets, airport transfer offers and so on. Customers are advised to review closely all the features offered for each credit card to understand all the benefits available before arriving at the best credit suited to them. Below is a categorization of the available Emirates Skywards options based on their Visa or Mastercard credit card association type:
Mastercard 1. Mastercard World Elite: This is the top-of-the-line tier of credit card benefits offered by Mastercard and are available in the following credit cards: ADIB Emirates Skywards World Elite credit card Citibank Emirates Ultimate credit card RAKBANK Emirates Skywards World Elite Mastercard credit card 2. Mastercard World: This is the second highest tier of credit card benefits offered by Mastercard and are available in the following credit cards: ADIB Emirates Skywards World credit card Citibank Emirates World credit card	Visa 1. Visa Infinite: This is the top-of-the-line tier of credit card benefits offered by Visa and are available in the following credit cards: Citibank Emirates Ultima credit card Dubai Islamic Emirates Skywards Infinite credit card Emirates Islamic Bank Emirates Skyward Black credit card Emirates Islamic Skywards Infinite credit card Emirates NBD Skywards Infinite credit card 2. Visa Signature: This is the second highest tier of credit card benefits offered by Visa and are available in the following credit cards: Dubai Islamic Emirates Skywards Signature credit card Emirates Islamic Skywards Signature credit card Emirates NBD Skywards Signature credit card 3. Visa Platinum: This is the third highest tier of credit card benefits offered by Visa and are available in the following credit cards: Dubai Islamic Emirates Platinum credit card

Credit card associations refer to organizations that set common transaction terms for merchants, issuing banks and acquiring banks. The associations we are referring to in our context here are Visa and Mastercard. All the Emirates Skywards credit cards issued in the UAE are either associated with Visa or Mastercard.

The relevance of this for a cardholder is that there are specific benefits and features offered by these associations to the cardholder by virtue of the partnership between the bank and the association. Similar to the different tier levels available in the Emirates Skywards miles programme, both Visa and Mastercard offer different “tiers” or levels of benefits for different credit card types.

Please note that these association features are offered in partnership with the banks and are for the most part a standard offering for the specific credit card type across all banks. Examples of these include VIP airport lounge access, travel insurance cover, car rental offers and so on. Please note that the type of benefits offered vary significantly between Visa and Mastercard.

These (Visa/Mastercard) features must not be confused with specific features offered by banks directly to their cardholders which are not part of the Visa or Mastercard benefits. Examples of such bank-specific features include complimentary valet parking, cinema tickets, airport transfer offers and so on.

Customers are advised to review closely all the features offered for each credit card to understand all the benefits available before arriving at the best credit suited to them.

Below is a categorization of the available Emirates Skywards options based on their Visa or Mastercard credit card association type:

Mastercard

1. Mastercard World Elite:
This is the top-of-the-line tier of credit card benefits offered by Mastercard and are available in the following credit cards:

ADIB Emirates Skywards World Elite credit card
Citibank Emirates Ultimate credit card
RAKBANK Emirates Skywards World Elite Mastercard credit card

2. Mastercard World:

This is the second highest tier of credit card benefits offered by Mastercard and are available in the following credit cards:

ADIB Emirates Skywards World credit card
Citibank Emirates World credit card

Visa

1. Visa Infinite:
This is the top-of-the-line tier of credit card benefits offered by Visa and are available in the following credit cards:
Citibank Emirates Ultima credit card

Dubai Islamic Emirates Skywards Infinite credit card
Emirates Islamic Bank Emirates Skyward Black credit card
Emirates Islamic Skywards Infinite credit card
Emirates NBD Skywards Infinite credit card

2. Visa Signature:

This is the second highest tier of credit card benefits offered by Visa and are available in the following credit cards:

Dubai Islamic Emirates Skywards Signature credit card
Emirates Islamic Skywards Signature credit card
Emirates NBD Skywards Signature credit card

3. Visa Platinum:

This is the third highest tier of credit card benefits offered by Visa and are available in the following credit cards:
Dubai Islamic Emirates Platinum credit card

All relevant features of this credit card, along with side-by-side comparisons can be seen at: www.soulwallet.com

Best for – Low-Fee, High Value Offered

Citi Emirates Ultimate Credit Card

While most of the above credit cards are premium credit cards and have reasonably high annual fees, the Citi Emirates Ultimate credit card offers excellent benefits for a very reasonable annual fee of only AED 800. Not only is this among the lowest fees on an Emirates Skywards credit card, this card also offers customers to earn the annual fee back as a statement credit if retail spend of AED 20,000 is made within 90 days of getting the card.

This card also has a very healthy Skyward miles earning rate of 1.25 Skyward miles per USD for all international spends and 1 Skyward mile per USD of domestic spends. Other benefits include free VIP airport lounge access for the cardholder plus a guest at over 1,000 lounges worldwide and golf and movie offers in the UAE.

Unique benefits offered by some Emirates Skywards credit cards:

Complimentary Emirates Airlines home check-in 4 times a year – ADIB Emirates Skywards World Elite Credit Card.
Complimentary access to Emirates Towers Health Club at any time, any day – Dubai Islamic Skywards Infinite Credit Card.
15% discount on buying Emirates Skywards Miles – RAKBANK Emirates Skywards World Elite Credit Card.

The below Emirates Skywards credit cards all offer the primary cardholder complimentary Skywards Silver Tier membership as a benefit:

Citibank Emirates Ultima credit card
Dubai Islamic Emirates Skywards Infinite credit card
Emirates Islamic Skywards Infinite credit card
Emirates NBD Skywards Infinite credit card
ADIB Emirates Skywards World credit card

All relevant features of this credit card, along with side-by-side comparisons can be seen at: www.soulwallet.com

We hope this article has been useful in giving you a better understanding of the various Emirates Skywards miles credit card options available in the UAE. While we have highlighted the best options for specific benefits offered by these credit cards we highly recommend that you review all the features in detail before deciding which is the best credit card for you. After all, the process of identifying the best option and applying for a credit card is not something undertaken on a regular basis and therefore getting it right will not only help one maximise potential saves but will also help enjoy specific benefits most relevant to your individual preferences.

Detailed features and benefits along with side-by-side comparisons of all these credit cards can be found at www.soulwallet.com.

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

Posted on March 27, 2020October 23, 2020 by admin

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.

Are You Carrying the Right Credit Card in Your Wallet?

Posted on February 13, 2020December 7, 2020 by admin

Credit cards make life easier – boost our purchasing power and makes big-ticket purchases much easier. They offer financial convenience in times of an emergency and come with a range of different benefits.

Credit cards offer ease of transactions and can also become a source of savings when you choose the right ones and then use them the right way.

Here are three questions that will help you determine if the card you have works well for your particular needs.

1. Does your credit card loyalty program offer the best value to long standing customers?

Credit cards in the UAE offer several exciting features for new cardholders that usually are for a limited period only. Alluring signup bonuses, zero-interest periods, waived annual fees and many more schemes are available for new card applicants.

However, what rewards do these credit cards offer over the long term? This is vital information that one should check before deciding on the most suitable credit card. This will also help you decide whether it’s worth sticking with your existing bank’s credit card or if you indeed need to change and would be better off with another option.

The rewards offered for signing up are one of the main reasons people switch credit cards frequently. Consumers usually change cards for the better rewards program and to take advantage of signup offers that last for a limited period only.

It is important that the credit card you have chosen offers you good value for both short term and long term as well. An attractive signup bonus offer, a 0% interest period, no annual fee for the first year, or high spending rewards and other such perks must be attractive and indeed competitive over the long term and not just during the initial signup offer period.

The whole package of benefits to suit your lifestyle and spending patterns must be balanced between immediate rewards and long-term value. Your credit card must be suitable for your everyday purchases and your typical spending patterns.

If you can continue to enjoy great benefits from your credit card over a long-term without incurring additional costs and with minimum efforts, then it is worth considering to keeping on with you. But if the ongoing benefits are not appealing it is definitely worth looking out for a better option.

2. How well does your credit card rate for the features that you use most?

The credit card in your wallet must have the incentives suitable for your spending patterns and lifestyle. There are a set of distinctive perks available on different credit cards offered by various UAE banks.

Hence, begin analyzing your spending patterns by accessing your credit card statements. Note down expense categories on which you spend the most as this can help you identify the credit card that best rewards that type of spend.

For instance, frequent travelers would be better off having a credit card that offers rewards on airline tickets and hotel stays and benefits such as airport transfers and VIP lounge access. Such credit cards typically have an annual fee component but frequent travelers generally gain back the value from the perks and rewards offered.

There are also credit cards with travel benefits that fit the needs of travelers looking for best deals, such as discounts on travel, dining and hotel stay along with the flexibility in reward redemption.

If you use your car a lot then it would be advisable to check for credit cards that offer fuel discounts, gas credits or rewards features on amounts spent at gas stations.

If you love playing golf – an expensive hobby to keep up, owning a credit card that has exclusive privileges on golf like a free tee-time once or twice every month at selected locations can be a good choice. Movie lovers will benefit if their credit card offers them a buy-one-get-one cinema ticket or similar movie discounts. When eating out is a weekly habit for you, dining discounts and perks on the card is a must.

For those who live a simpler life and spend only on basic necessities, cards offering cashback or rewards on groceries and other retail expenses can be the most rewarding. Hence, do review your regular expenses to choose a credit card that best rewards your lifestyle.

3. Is the type of credit card you carry, giving you the right value-based your lifestyle?

Credit card operators offer perks to customers differentiating their value-added services such as cashback, miles or rewards programs. When looking for real value on your credit card, it’s vital to match the type of card perks with your spending needs.

Cashback cards help cardholders get a percentage of their spend back on specific expense types incurred on the card. If you are a frequent credit card user then even a small percentage rebate can help you save money. Cashback earned is usually directly credited to your credit card account as money back.

Cashback on a flat-rate credit cards typically pay anywhere between 0.75% to 1.25% for all purchases whereas tiered and bonus-category credit cards give higher cashback rates at selected merchants or on certain types of purchases (groceries, school fees, fuel etc.) but with a nominal (usually 0.25% to 1%) reward on all other purchases.

So if you prefer some extra money in your pocket than other rewards, a cashback credit card could be the answer. However, do keep in mind that even cashback offers come with their own terms and conditions – prominent ones being a minimum spend requirement and maximum possible cashback restrictions (or caps).

For travel enthusiasts credit cards that offers air miles as a reward could be a better option. These cards provide higher miles on travel purchases and international spending made via the credit card.

It is true that joining bonuses are often the most attractive reasons to apply for a new credit card. However, in the following years, you’ll need to spend more to gain attractive rewards, especially if the card has an annual fee.

When redeeming miles, also note that there could be blackout dates, airline restrictions, or booking instructions that you will have to consider. Reward points offered on credit cards in the UAE are very diverse. You can accumulate reward points against spend and then redeem these points for various items – shopping vouchers, gifts, and even air miles. However, similar to cashback, these rewards credit cards also sometimes have an expenditure cap attached to them.

As is most often the case, there is no perfect credit card for everyone. But there could be definitely a perfect credit card best suited to your individual purchase patterns and benefit preferences. Taking that little extra effort to “align” yourself to the best credit card for ‘you’ can not only help maximize your savings but also provide you with meaningful benefits to enjoy.

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

Posted on November 12, 2019December 8, 2020 by admin

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).

How to Maximize Your Credit Card Rewards Earnings?

Posted on October 30, 2019December 8, 2020 by admin

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.