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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.

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.

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.