UAE Credit Card (FAQ’s)

Points to Consider before taking final decision

• 1. Minimum Salary Requirement

  There is a minimum salary requirement with each credit card. Before selecting a credit-card make sure that you are applying for the product which has minimum salary requirement less than your monthly salary.

• 2. Foreign Currency Rate

  Every time when you use your card to pay in foreign currency then bank charges you a fixed percentage on the amount you spend.

• 3. Annual Fee

  Some card charges an annual fee while some are free for life, the card charging an annual fee usually comes with lots of benefits. Select credit before analyzing the features and the annual fees of the card.

• 4. High Outstanding amount

  If you have a high outstanding amount on your credit card and unable to clear the same and incurring high interest on the card, then you can apply for personal finance to repay your credit card and reduce your monthly installments.

• 5. Interest-free period

  Bank provides you an interest-free period of 50-55 days. If you repay your monthly bill amount before this period, then bank doesn’t charge you any interest.

• 6. Limit of The Card

  Your limit is set by your bank which is determined by your monthly salary. Usually credit card limit is 2 or 3 times of your monthly salary. It's better that you don’t use your card for higher transaction if you don’t have plan to settle it before the 51 days interest-free period.

• 7. Rate of Interest:

  Every card has a different rate of interest. Some credit cards do not charge interest rate for up to 12 months while some charge between 30 to 35%. Check the interest rate before selecting your card.

• 8. Repayment

  There are four ways to do repayment.
  • ATM machine
  • In Bank Branch
  • Online payment
  • Through Money Exchange (available with selected banks)

• 9. Balance Transfer

  You can save interest charges on your card by transferring outstanding amount to other bank credit card with no additional cost. Call us to know further details.

• 10. Islamic Credit Card

  Islamic card charge profit rate instead of interest rate.