A person planning to get a credit card for the first time in the UAE has to check a lot of boxes before applying. Amongst these boxes comes a minimum salary criterion for the customer. Wondering whether you qualify to hold a credit card or not? Let's find out…
Wondering how much salary is needed for credit card ? The minimum salary required for a credit card in Dubai is mostly AED 5000. This number is arbitrary because it varies from bank to bank and financial institution to institution. However, there are several banks that provide credit cards in the UAE for a minimum salary. This number is also based on various surveys and studies that were performed across a lot of banks in the country and is considered to be the average salary that is required. It is possible that there might be a lower minimum salary in some individual banks, too.
To apply for a no minimum salary credit card, you need to provide us with the following documents :
Depending on the type no minimum salary credit card you choose, a joining fee and annual membership fee may apply. You will be informed about this at the time of applying for the card.
The joining fee is a one-time fee and will be billed in your first statement. The annual membership fees will be billed in your statement annually.
To apply for a minimum salary credit card in UAE, choose one of the channels below and follow the simple steps to apply :
The salary required for a credit card is mostly AED 6000. It may differ from bank to bank, but the standard requirement is AED 6000. Before applying, take some time to compare different credit cards to find the right one to suit your needs. Different credit cards can be useful for different things. For example, if you have more than one credit card and you want to streamline your repayments, a credit card with a lower balance transfer fee or charges could help. Some banks may offer a 0% interest-free period if you transfer to one of their cards. For a minimum salary credit card in UAE , you won’t pay interest on what you owe during this initial period. Always check the APR, and any other fees and charges, when comparing credit cards. If you’re comparing credit cards to find the best one for you, make sure you only apply when you’ve found the right option. Submitting lots of applications for credit in a short amount of time could have a negative impact on your credit score. Before asking how much salary needed for credit card or how much salary is required for credit card , first go through and research what is your ideal one to choose.
A few major factors that affect your credit card salary requirements and eligibility are listed below.
Though there is no minimum salary for credit card , meeting the minimum monthly income requirement of your chosen bank’s credit card is essential to getting approval on the application. You must have a stable income to help the bank believe that you can handle debts, as the bank will provide you with your desired credit card only after they are convinced of your debt-handling ability.
Your age is another major factor to keep in mind when applying for your chosen bank’s credit card. You can call the bank’s help and support desk to check the age criteria (both minimum and maximum) to get the credit card you want to apply for.
For a minimum salary credit card in UAE, banks check the credit score of the applicants before approving their credit card or loan application, and so does the bank. Make sure that you at least start trying to maintain a good credit score if you want to apply for a credit card in the UAE. Besides ensuring hassle-free approval, a good credit score can also get you a higher credit limit and lower interest rates.
Paying your debts on time also adds up a positive point to your credit report. You must learn to manage your debts well and clear all your dues before or on the due date to gain a good credit score. Bank looks at your debt repayment schedule to figure out if you are a responsible borrower or not.
Not paying your debts on time can get them piled up. Sometimes, the borrowers look for credit settlement with the lender in such cases. However, it is highly recommended that should try to avoid settling your dues at a reduced amount than you borrowed from your lenders. While such a settlement may help you get rid of your loans and debts, it may have a negative impact on your credit report at the same time. Good borrowers with no such cases can easily get their credit card applications approved.
Check out some simple ways to enhance your minimum salary credit card eligibility.
An on-time debt repayment plays a critical role in building a good credit report. You can become eligible for more potential debts through credit cards by reducing the existing ones by paying them on time. Like most other banks in the UAE, Emirates Islamic Bank also checks the applicants’ debt repayment schedules before approving their credit card applications. Consequently, in order to meet the Emirates Islamic Bank credit card eligibility criteria, the first thing you must do is be responsible for your debts.
As soon as you think of getting a credit card or a loan, the first thing you do enquire how much salary is required for credit card and then call your preferred bank’s customer support desk. This helps you find answers to your queries in no time. However, such calls also increase the number of credit inquiries you have made. As a higher number of credit inquiries makes the bank believe that you need a loan and are running short of funds at the moment, you should avoid making such calls repeatedly. An excellent alternative for you is to visit our credit cards section whenever you have any credit-related questions. Another thing you must avoid doing is applying for multiple credit cards simultaneously.
You must mention all your income resources in your credit card application. This helps you have a good debt-to-income ratio and enhances your Emirates Islamic Bank credit card eligibility. At the same time, make sure that you do not overstate your income, as it can reduce your chances of getting a credit card.
The bank assigns your credit card limit after considering several factors, including the type of credit card, your income, the company you work for, your financial history, and your debt burden ratio.
Choose Bank : Please review the credit card eligibility requirements policy of the Bank you choose and the documents they require for card applicants.
Apply : Fill out the application form from your Bank. Nowadays, Most banks in Dubai allow you to apply for a credit card online without the need for a minimum salary for credit card . However, visiting the Bank in person is better, as this can make the process much easier.
Processing : Submit your application form, the processing/application fee, and documents. Wait for your Credit Card application to be processed, after which your bank will notify you.
Collection : Visit the Bank to collect your Credit Card.
Most banks process credit card applications in 3 – 10 days. On average, your cards are approved within a week of submitting the application. If you don’t hear back from the bank after this period, you can give them a call.
Before applying for a credit card that has a low credit card salary requirements , you must consider additional fees such as the application fee, membership fee, and Interest Fee. Many Banks offer free applications, whereas some banks can charge anywhere from AED 80 to AED 250 for the Application fee.
Before choosing your Credit Card Provider, you must also look up their interest rate and Annual fees. Most card providers charge 2.5% to 3.5% every month.
Before getting to know about the credit card salary requirements, it is essential to know about the credit score. A credit score is a three-digit number that plays an important role in deciding how eligible you are for a loan or a credit card. If you are applying for a minimum salary credit card in UAE, then the higher your credit score, the easier it is for you to get a loan or credit card from a bank. And the more benefits you enjoy, like faster processing, less paperwork, low interest rates, high loan amounts, and credit limits.
A credit score can be anything between 300 and 900. Anything above 700 is a good score. Anything below 400 is not, and any bank will likely not entertain your applications for loans and credit cards. So before applying for a minimum salary credit card, make sure your credit score is good to avoid rejection. A low score can be improved.
Knowing your credit score is important – being informed will help you better manage your finances.
Apply for your credit score online at https://aecb.gov.ae/creditscore. You can also get it on the AECB app. You can get your entire credit report or only your credit score. There is a cost for both, so get only your credit score, which is good enough to keep tabs on your rating.
Checking your credit report can tell you what’s pulling your score down. Below listed are the things you can do to improve your credit score :
Answering how much salary is needed for credit card , the minimum requirement for getting a credit card in Dubai is a monthly salary of AED 5000. Getting a Credit Card in Dubai is relatively easy if you gather all your documents and review the bank policy. Credit cards should not be used recklessly to make lavish purchases but only when absolutely needed.
The minimum salary required is AED 5000, and the standard amount is AED 6000. It may vary from bank to bank and financial institution to institution.
Your credit card application will be processed in 3 to 5 working days. Once your application has been accepted, your card will be delivered to you in 1 to 2 working days. International deliveries may take 7 to 10 working days, and a fee of AED 150 + 5% VAT will apply.
Yes, you can apply if you provide the required documents. Your credit card application will be processed based on your eligibility.
Credit cards are easier to carry than large amounts of cash. You can use your credit card safely to shop online and anywhere. Most banks will give you free credit for a month as long as you repay your dues on time.
Some credit cards are free of charge. Depending on the type of card you choose, a joining fee and annual membership fees may apply.
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