Tag: credit card offers

How to Effectively Manage Credit Card Transactions during COVID-19

How to Effectively Manage Credit Card Transactions during COVID-19

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

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

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

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

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

Contact information to get help:

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

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

Contact information to get help:

  • Contact their help centre at 600503033

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

Contact information to get help:

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

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

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

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

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

Contact information to get help:

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

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

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

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

Are You Carrying the Right Credit Card in Your Wallet?

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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.

When and How to dispute a Credit Card transaction ?

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

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

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

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

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

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

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

Fraudulent Transaction

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

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

 

Billing Error or Inaccurate Transaction

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

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

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

Dissatisfied service or a related customer complaint

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

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

 

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

 

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

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

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

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

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

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

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

Free Access to Airport Lounge

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

 Supplementary Card holders

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

 Guests

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

Number of visits

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

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

 

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

 

Takeaway

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

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

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

 

5 Smart ways to make your credit card work for you

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

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

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

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

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

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

  1. No one Credit Card is best suited for everyone

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

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

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

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

 

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

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

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

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

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

 

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

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

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

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

Credit cards that:

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

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

 

  1. Pay on time and if possible, in full

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

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

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

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

 

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

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

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

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

Note:

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

 

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

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

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

 

Takeaway

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

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

 

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

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

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

How does it work?

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

Lookout before you Swipe!

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

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

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

Citi Cashback Card:

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

Dunia Finance Platinum Credit Card:

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

Najm One Cashback Card:

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

CBD Visa Infinity Card:

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

Standard Chartered Platinum Credit Card:

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

 

 

Credit Cards in UAE

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

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

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

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

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