Around the globe, credit cards have strict rules and regulations regarding eligibility, credit history, and credit score. In the UAE, it is a bit flexible when it comes to certain factors when applying for a credit card.
There could be various scenarios like an individual with no salary, an Expatriate with a low salary, or an individual looking for a credit card with low-interest; UAE has a solution for it all. Low-interest credit cards are gaining more and more momentum in the UAE, all thanks to the exciting and eye-catching benefits and vast options for its users. Almost all top Banks in the UAE offer credit cards with low-interest for customers who arrive with the hope of receiving value-added benefits.
Meanwhile, with the abundance of choices, it can get a bit overwhelming to choose and pick from.
In the United Arab Emirates, individuals who foresee carrying balances on their credit cards or even those looking forward to minimising their interest must strictly consider getting hold of a Low Interest Credit Card.
Users who typically make large purchases and finance it with a credit card, a low interest credit card shall help the user avoid paying high interest charges.
With multiple credit cards and credit card schemes available in and around the middle east economy, it may be a task to find low interest credit cards. A few factors help differentiate between a regular credit card and a low interest credit card. To find a low interest credit card in the United Arab Emirates, users are required to look out for the below mentioned pointers.
Compare Credit Card Offers : Users are recommended to use Comparison tools that are provided online in order to compare interest rates, other features and fees of different credit cards.
Connect With The Respective Bank- Users must check if the issued card bank offers low-interest credit cards.
Consider Credit Unions- Credit Unions are most typically known to offer competitive interest rates along with lower fees.
In the Middle East, and especially in UAE, the best low-interest credit cards lie. The best credit card with low interest rate available for UAE Nationals and Expatriates are as follows:
Offered by the Commercial Bank of Dubai, the CBD World MasterCard Credit Card is known to be one of the best in the region with low interest rates. The card offers the following :
A 1966 debutant in the UAE, the American Express Gold Credit Card never failed to level up the experience for corporate travellers. The American Express Gold Credit Card comes with the lowest Interest rate possible in the entire UAE.
The Dubai Islamic Bank Johra Gold Premium Credit Card offers its users not just a Zero Interest rate but also charitable contributions from the fees that it preferably charges. By holding a Dubai Islamic Bank Johra Gold Premium Credit Card, the user is automatically registered with DIB Wala’a Reward Schemes.
The CitiBank Citi Prestige Credit Card is referred as one of the more preferable Credit cards by the citizens of the UAE. The CitiBank Citi Prestige Credit Card is globally accepted and contains other value added benefits for its users.
Known to be one of the best low interest credit cards in UAE, the Emirates NBD Go4it Gold Credit Card by Emirates NBD is offered in partnership with RTA, Road and Transport Authority.
The Emirates NBD Go4it Gold Credit card is known to be equipped with a transit chip which represents the members twin advantages of owning a regular credit card along with the RTA Nol Card over one card. This feature is exclusive only with Emirates NBD.
Understanding monthly interest rates in the UAE can help save money and worry. With a 2.5% monthly interest rate, holding the amount of AED 1,000 for a month means the interest shall be about AED 25.
A few tips to Maximize Savings With A Low-Interest Credit Card are as follows :
Users can Maximize Savings With other methods, such as Balance Transfer. Credit card Balance Transfer means moving the outstanding balance from one or multiple credit cards to a credit card with low interest rate . This method is typically done to take undue advantage of the “low interest rates”. The user's primary goal should be to decrease interest charges and pay down debt more effectively.
The interest rates differ from bank to bank in the United Arab Emirates depending on what type of card an individual has opted for. Typically, interest rates in the UAE, United Arab Emirates, ranges from 2% to 4 %.
A low interest rate is categorized into the 2% to 4% bracket, basically any percentage below 10% is known to be of “Low Interest Rate”. Anything above 10% is considered to be a High Interest Rate, in the UAE.
A low interest rate credit card is well known among individuals who do not seem to have their funds to pay high interest rates on payments. Individuals with low credit scores might hamper their application process as a good credit history is at the least, required for an individual to have in order to attain a Low Interest Credit Card.
Mostly opted by new arrivals in the region, a low interest credit card helps beginners manage their finances by putting a lesser load of paying high interest rates in a new country.
With Regular credit cards in the UAE market, low-interest credit cards have definitely managed to stand out for multiple individuals who the Low Interest credit card may highly benefit from. With a growing population of UAE Nationals and Expatriates, Low Interest Credit Cards seem more like a necessity than an option.
Many Expatriates land new in the region looking to open bank accounts and during times as such users are recommended the Low Interest Credit Card.
To find out the differences between a regular credit card and a low-interest credit card, follow what's mentioned below:
A low interest credit card is a much needed feature of credit cards. It comes with a list of benefits and reward points that can be won by making minimum expenditure on products. Users can clear all their eligibility standards set by the banks and can ideally improve the shopping experience for its users along with the spending experience.
The Low Interest Credit Cards offered in the United Arab Emirates offer a minimum of 0% to a maximum of 3% interest rate which makes it efficient for users to make purchases via the low interest credit card. A list of such credit cards include CitiBank Citi Prestige Credit Card, Dubai Islamic Bank Johra Gold Premium Credit Card, American Express Gold Credit Card, CBD World MasterCard Credit Card, and Emirates NBD Go4it Gold Credit Card.
Before applying or utilizing such credit cards, users are required to read the rules and terms in order to make an informed decision. All the value added benefits offered by the credit card must be checked beforehand in order to avoid any mishaps.
Citizens of the UAE along with expatriates can lead a financially well- managed life with the appropriate credits in hand.
If in any case users do not pay off credit card balance in full, every month, the user will be eligible to pay lower interest rates. A lower interest rate depicts paying less interest over a period of time.
A low credit card interest rate is typically below 10%. Any interest card of a low interest credit card with a 0 to 3% interest rate is considered to be the lowest Interest rate of all time.
Yes. A 24% interest rate is considered to be quite high for a credit card in the United Arab Emirates.
Savers, Banks and Retirees are typically not seen benefitted by the Low Interest Credit Card in the UAE
The most easiest way to negotiate for a lower interest rate credit card is by asking the card issuer for a reduction in the cost.
Yes. FAB Bank Is known to have a low interest rate credit card called the FAB Low Rate Credit Card.
Individuals who find it difficult to pay off credit every month, if an individual wants to maximize savings, and individuals making hefty purchases while online shopping or offline shopping, such individuals must consider getting hold of a Low-Interest Credit Card in the United Arab Emirates.
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FABCashback Credit Card
Minimum Salary AED 5,000
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We gather this information to assist you better and track your progress with the credit card application.
FABCashback Credit Card
Minimum Salary AED 5,000
Annual Fee AED 315
Rate 3.50%
