Home Blog Page 5

The Dream Train: A jet on wheels taking just 12 minutes from Dubai to Abu Dhabi.

0

A High-speed Hyperloop train that travels at a speed of 700mph connecting Dubai with Abu
Dhabi is set to reduce the travel time from the current 90 minutes to just 12 minutes.

This work of innovative technology that uses vacuum tube-based transport is estimated to save$800 million in lost working hours.

Dubai Media office tweeted a video of first pod prototype of Dubai’s latest Hyperloop- that is ajet on wheels travelling at the speed of 1,200 kph (about 745 mph).


The Dubai Media Office released a couple of other related tweets as below:

In April, DP world (Dubai based Ports operator) announced it would partner up with Virgin
Hyperloop One to build ultra-high-speed cargo delivery systems around the world.

This newly merged company would be named as DP World Cargospeed.The announcement was made in front of His Highness Shaikh Mohammad Bin Rashid AlMaktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Richard Branson,the British entrepreneur who is chairman of Virgin Hyperloop One, and Sultan Ahmad BinSulayem, the chairman and CEO of DP World.

Burj Khalifa turns into big screen for Fifa World Cup

0
burjkhalifa

Tallest free-standing structure in the world- “Burj Khalifa turns into big screen for fifa world cup ”

The Burj Khalifa tallest building in the world with 63 floors located above the ground and it has only one floor located below the ground. It has world records for: ‘tallest free-standing building’,‘highest occupied floor’, ‘highest number of stories’, ‘longest travel distance elevators’, ‘tallest service elevator’ and ‘second highest outdoor observatory deck’, etc.

Burj Khalifa used its lights for a lot of special events to the nation- showing light shows, national flags, welcoming new years, special persons, movie releases, etc.

The tower always wants to give respect and also entertaining their people by showing special moments. Finally, it reaches to as a scoreboard for FIFA world cup. Burj will show a live stream of FIFA, which is taking place in Russia for the football fans in UAE. Tower turns into a giant LED scoreboard for this wonderful 2018 FIFA World cup and shows the flag of the winning nation by its lights.

Compare Credit cards in Dubai and UAE | Money Clinic

0
UAE Credit Cards

The United Arab Emirates is one of the world’s fastest-growing markets, in terms of spending and tourism. Therefore, the competition amongst the banks is quite stiff.

Many offer a host of different credit cards, with different types of benefits .The consumer is spoilt for choice in this scenario.Comparing credit card in UAE is quite easy, and one just needs to inquire the banks for their offers and benefits and one is assured to get a long list of cards.

The comparison can be very user dependent; each user has their choices, and a list of things they do often.We live in a digital world nowadays and almost all our assets exist online.Bank accounts are made specifically for that purpose.

One of the many benefits of keeping all the money in digital form is that one can use cards to pay merchants. The most commonly used card is called a credit card, which is, basically, a card which allows users to pay the merchant without the need for a balance on the account.

The bank essentially lends the money to the account; one also does not have to pay the full used amount and can instead pay a nominal fee or something which would be suitable for them.

The account is essentially a revolving account, which means that the line of credit supplied to the user is limited and they can spend within that limit, as long as it is paid back.

The main advantage is that credit cards also come with numerous offers and rewards. Find best credit card offers in UAE

These can range from cashback to points programs to air miles and so much more. The working of these systems can be sometimes complicated in the case of points systems and be fairly straightforward in case of cashback cards.

A combination of both works very well and can be extremely advantageous. There are certain cards which allow the user to take up whatever rewards system they would like to use.

Related: check for Best cashback credit cards in UAE.

Before one makes the dive and decides to get a credit card, there are certain things that one must consider. Banks usually have a very specific salary requirement for cards; it depends on the level of cards.

The higher the salary, the better card one is eligible for and the better the card, the more extravagant the benefits.

For more information read our blog on things to consider when choosing credit card in Dubai

The only slight drawback is that the, for whatever amount the person spends, he has to pay back a rate of that spending. This is the most important thing to look out for when looking at which credit card are the most suitable.

The rate usually fluctuates between 1-3% and the higher it is; the more disadvantageous it is to the user. There is also a minimum monthly deposit, which comes to around 5% of the total spend.

Most banks also charge an annual fee on users; this can be a deal breaker for some as they are already spending a big portion of their credit limit. Some banks do not have any fee and often waive it if the user spends a certain amount in a year.

Some cards which are loaded with features are:

CBD e-Tijari Web Card:

A card designed just for online shopping; instant signup can redeem the user 750 AED and is free of charge for the first year. One also gets loyalty points for all their spending and which can be exchanged for cash back or air miles.

Another great benefit of this card is that there are no annual fees associated with it. One can also set their credit limit and this is especially helpful if the card is designed to help out as a secondary card and one does not need to keep a big ceiling.

RAKBANK Titanium Credit Card:

A cashback and discounts card, the offering from RAKBANK is helpful in redeeming a galore of special prices and cash back offers. Its main benefit is that one can withdraw up to 80% of the credit limit as a cash advance.

The only drawback would be the high-interest rate of 3.19%. Yet the sheer number of discounts and cash back offers across all purchases make up for the high rate of interest. There is also no annual fee that is applicable to this card. The points one earns can also be expended for air miles instead. </ p>

These are just two of the many cards on offering from various banks; they come with a host of advantages and as one climbs up the ladder, these benefits just increase. Learn more about Low interest credit cards in UAE.

Credit cards are extremely helpful and in times of need or sticky situations, they can be a lifesaver. In an economy where we like to spend and live a good life, these cards are the most important resource one could have. Their usefulness and handiness can go a long way and in the long term can be beneficial in helping save money. To know about more credit cards in UAE , refer our blog List of Credit cards in Dubai .

Credit card offers in Dubai and UAE

0
credit card offers dubai

Best Credit Card Offers in Dubai

The Middle East is, undoubtedly, a hub for growth and tourism. People from all parts of the world flock here and enjoy the attractions and luxuries at disposal.

Chief among the countries in the Middle East is the United Arab Emirates. It is a prime centre for commerce and tourism in the region. Living here is an expensive and extravagant affair.

The people are well aware of this, and they do their best to keep up that lifestyle year round. Naturally one of the most used tools is credit cards.

Most banks in the region offer multiple types of credit cards with a host of benefits and advantages of owning them.

Best Credit cards in Dubai

Credit Cards Minimum Salary

Major Benefits
 

Citibank Citi Prestige card

 

AED 30000

 

Access to over 750 airport lounges, 10k thank you points.

 

Arab Bank Visa Platinum card

 

AED 20000

 

Access to over 700 airport lounges, attractive cashback offers.

 

ADIB Edge Card

 

AED 30000

 

Access to over 500 airport lounges, free golf at the Arabian Ranches Golf Club, valet parking and travel insurance, 10% cashback on every purchase.

 

AMEX The Platinum Card

 

AED 31000

 

No credit limit, priority access to VIP lounges in airports, exclusive discounts, 24/7 concierge service.

 

Citibank Citi Prestige card:

This offering from Citibank is a fantastic one. The sheer number of benefits one can avail using this card is quite a lot.

One can get access to over 750 airport lounges, it also comes with a 24/7 concierge service, free movie tickets each month, travel insurance and much more.

Just renewal of this card annually can fetch you 10000 thank you points. In order to get this card, one needs to have a minimum salary of 30000 AED per month.

There is also an annual fee of 1500 AED and a monthly interest rate of 2.79%. The advantages one can get from this card far outweigh the drawbacks.

The rewards for spending also include merchandise, flights and hotel bookings and so much more. One can use the points to offset any dues, with the minimum starting from 15000 points to pay off 500AED.

There is also an added advantage for using this card internationally as one can avail up to 3 points per 1usd of expenditure.

Arab Bank Visa Platinum card:

A premium card through which one can avail exclusive platinum benefits only reserved for VISA premium users. One can also get access to over 700 airport lounges, tons of cashback offers and a great rewards program.

In order to be eligible for this card, one needs to have a monthly salary of 20000 AED. There is an annual fee of 500 AED and a monthly charge rate of 2.79%.

The rewards program on this card is excellent, for every one AED of spending one can get 1.5 points and as soon as one crosses 60000 points, there is a1000 AED cashback on the card.

There is a minor charge of 3% on international expenditure. The advantages of having this card far outweigh the disadvantages and can even be considered as minor kinks.

ADIB Edge Card:

An exclusive card from the Abu Dhabi Islamic Bank, the minimum salary requirement of this card is 30000 AED.

There is an annual fee of 750 AED and the profit rate is 2.99% per month. For all these fees and cess, there are multiple advantages one can avail using this card.

One can get access to over 500 airport lounges, free golf at the Arabian Ranches Golf Club, valet parking and travel insurance are some of the perks one can avail from this card. The rewards system is also pretty great, one can redeem up to 2.5 points per AED of expenditure; as one builds this up they can avail it for airline tickets, shopping vouchers and much more.

. This is rare for most credits cards, which offer direct transfer of points into tickets.
One can also avail a fantastic 10% cashback on every purchase in the UAE.
There is a 3% fee which applies to all international charges as well.
This is one of the best cards on offer, and with exclusive benefits, its merits are far greater than any other card in the same bracket.

AMEX The Platinum Card:

This offering from American Express is one of the most exclusive in the world. The card is not a credit card and is instead a charge card, which means that there is no credit limit or a line.

This also makes it a card which has virtually no monthly charge rate. The exclusivity means that in order to be eligible, one needs to have a monthly salary upwards of 31000 AED. There is also a foreign transfer rate of 2.8%.

Some of the staggeringly great benefits include global Wi-Fi access, priority access to VIP lounges in airports, exclusive discounts, a 24/7 concierge service and the list goes on
.
By far the most regal and elusive card in the world, if one can get this card; there is no doubt as to why they shouldn’t.
These are some of the most premium and superb credit card offerings from the best banks in the region. Getting a hold of these can help in living life in a lap of luxury!

Credit Card Eligibility in UAE

0
credit card eligibility uae

Credit card eligibility depends on these factors —

  1. Basic salary.

2. Currently employed as salaried.

3. Self-employed professional or self employed business

4. Length of service

5. Nationality.

credit card life time free

Some countries have eased the process, and Credit card eligibility in UAE is a relatively easy task.

Even though their purposes may stay the same, each card differs based on the amount of credit that is available and the number of benefits that is available on the card.

Major criteria to obtain a credit card:

  1. Age of the applicant

The age of the applicant is also a big criterion; most of the Middle East allows applicants to get credit cards if they are over the age of 21. If one can provide an independent source of income, they are permissible to apply for cards at age 18.

If a younger entrepreneur wants to open an account, he can do so with a co-signer, who has to be a legal guardian. The benefit of getting a credit card at such a young age is the ability to build great credit and be eligible for bigger loans and mortgages.

  1. Having a verifiable income source

The most important requirement to issue a credit card is to have a verifiable income source. This can even help with self-employed persons if they are a national of the state. The best case scenario for a credit card application is to have a steady influx of salary.

This can be on a monthly or a weekly basis. It is of utmost importance as, without the income, one may not be able to pay off the debts and end up in a debt trap. Even paying off the bare minimum every month can be extremely useful.

  1. A physical address for the cardholder

A physical home address is also a key factor, which means that PO boxes do not count, and in fact, the address has to be a place where one can receive correspondence mail. These requirements and much more will vary depending on the bank; different issuers may have different credit ratings and requirements. It verifies the occupancy of the user and that the bank is not getting fraud in an unlikely scenario.

  1. Emirates ID and procedure for non-residents

A proof of residence is also necessary, in the case of the United Arab Emirates, the national ID card, called the Emirates ID is the required document.

Having this ID is important; it keeps a record of the person and any dues and fines along with things such as health and life insurance details. For immigrants and other Non- Emirati residents, they need to provide other documents.

These are the passports and the residence permit of the applicant; this helps establish a valid identity and the purpose of the applicant in the UAE.

Once they fulfill these criteria, they are assured to get a credit card, and then, proceed to use the cards and make their purchases.

Related: Compare and Apply for Credit cards in UAE

What should one look for in a credit card?

The purpose of buying a credit card in uae is to make payments to merchants without worrying about the balance and overdraft issues. Apart from this feature, there are other benefits which make owning a credit card, such a joy.

Among the additional features, cashback is the most widely searched ones. As one makes a purchase, a certain amount is deducted each time; for each deduction, if one could get a return of sorts, then the benefits for the card user is multiplied. Each bank has a tie-up with a number of stores and these “partner” stores offer cashback and other offers when the card is used at their merchant stores.

The cashback is usually a small percentage of the purchase and can usually range from somewhere between 1-3% of purchase value. The cashback can also differ on the type of expenditure one makes. For smaller transactions, their values may be very low, and for transactions abroad, they can be double that of domestic purchases. This encourages users to travel and utilize their cards, for expenditure abroad.

Best Cashback Credit cardsWant to know more about best cash back credit cards in uae

Banks also offer life time free credit cards , which means that regardless of the usage of the card, there is no charge for operating the card.
This may change for banks as time passes, and they usually charge an annual fee, if spending stipulations are not met.

Credit cards are given when the user can make a monthly payment, which need not be the full amount. Thus, most credit accounts are revolving accounts.

The monthly payment, however, is 5% minimum of the total debt and can vary depending on the bank. The interest rate fluctuates between 3-5% monthly. You can also find low interest credit cards in UAE.

Best Cashback Credit cards UAE 2019 (Updated)

2
Best Cashback Credit cards
APPLY FOR CREDIT CARD

Looking for Cashback Credit cards in UAE?

Then you are in the right place.

Cashback credit cards is one of the most popular kind of credit card in UAE.

With around 60 Cashback credit cards in the UAE, such type of cards are becoming popular in the country.

Some banks provide cashback as part of a Rewards Points program (meaning – you can redeem points for cashback), but several banks now purely offer a cashback benefit.

With cashback credit card, you can typically redeem a discount on your purchase.

Most banks offer 1% cashback on general expenditure. But there are many variations provided by UAE banks for this type of rewards program.

Related: Compare Cashback Credit cards in UAE.

Free Cashback credit card

Popular Cashback Credit Cards in UAE 2019

1. Citi Cashback Card:

Cashback Credit card uae

This card needs minimum salary level of AED 8000 but does not need a salary transfer or adhere to Islamic finance.

It has zero annual fees for the first year and from year 2 the card is free unless a minimum annual spend of AED 9,000 is not met .

 

Benefits of Citi Cashback Credit Card

  •  Unlimited and Automatic cashback on all spend.
  •  3% cashback for international expenditure
  •  2% on grocery spending.
  •  1% cashback on all other expenditure.
  •  Complementary access to over 850 airport lounges.
  •  No earn caps on cashback.
  •  No redemption and no minimum spend.

Documents required include copies of valid visa and passport, Emirates ID copy, salary certificate and 3 months statement of salary in the bank.

               Apply for Citi Bank Cashback Credit Card

2. Standard Chartered Platinum Credit Card

 

2. CBD Now Visa Signature Card

Cbd Cashback credit card

This card needs minimum salary level of AED 10,000. It neither needs salary transfer nor offers Islamic finance.

It has zero annual fees, but a monthly interest rate of 2.99% after a 52-day interest-free period.

Transaction rate of foreign currency is 2% per month. It is applicable only to overseas transactions. Repayment must be done within 52 days.

Benefits of CBD Now Visa Signature Card

  • Easy 12-month installment plan.
  • Unlimited access to over 550 airport lounges worldwide.
  • 50% discount on 4 VOX tickets per month across UAE.
  • Valet Parking.
  • Attijari Loyalty Program can be redeemed into Skyward Miles or Cashback.

Documents required are Emirates ID, a copy of passport, and residence visa and salary certificate. Self-employed must also provide valid trade license.

For minimum annual spend of AED 5000, perks like movie tickets, and valet parking are available without extra charge.

                             Apply for CBD Now Visa Signature Credit Card

3. DIB DANA Master Card

 

This card has a profit rate of 2.9% and features Balance Transfer costing 3%. Minimum salary stipulated is AED 5000, and the annual fee is AED 299.

The card offers cashback on national and foreign expenditure. Get access to airport lounges across Abu Dhabi and Dubai and free assistance in roadside.

Get free supplementary cards. Get free valet parking and help in car registration as well as rental services.

The card provides discounts on holiday and travel packages. It offers Meet and Greet services in over 450 airports globally.

This is an Islamic card which offers a grace period of up to 55 days for repaying outstanding balance. Get 1.25% cashback on international expenditure and 0.8% on domestic expenditure. No maximum or minimum amount is stipulated.

Click here to apply for the CBD Now Visa Credit Card

CBD AL Islamic Visa Infinite Card

When you apply for this card, you will be awarded a guaranteed Travel voucher worth AED 750.

The card costs zero for the first year, and one can get loyalty points for your complete expenditure, which may be redeemed for Etihad guest miles/Emirates Skywards or cashback.

The card charges are zero for the first year, and one can get loyalty points for one’s complete expenses which can be redeemed as Cashback. Profit rate is 2.255, and minimum salary requirement is AED 10,000. There is balance transfer, and no foreign exchange fee is applicable when you spend overseas.

There are no annual fees, and there is special access to airport lounges as well as 50% discount on VOX cinema tickets across the UAE. The card also provides free valet parking.

This is an Islamic card. Salary transfer is not mandatory for this card. There is a repayment period of 52 days. There is a minimum payment rate of 5% or AED 100, whichever is more. But the card is free for the first year. Earn points for every AED 1 spent which can be redeemed as cashback or airline travel miles.

Click here to apply for the CBD AL Islamic Visa Infinite Credit Card

ADIB Cashback Visa Platinum Card

The card features a profit rate of 2.99% and stipulates a minimum salary requirement of AED 5000. The card offers 1% unlimited cashback on all retail expenditure. Balance transfer fee is applicable, and there is a foreign exchange fee of 3% on your international expenditure.

It offers facilities like roadside assistance and 4 supplementary cards. This is an Islamic card in which minimum salary needed is AED 5000, in case there is salary transfer and AED 10,000 in case there is not.
The card offers a grace period (55 days) for re-paying outstanding balance.

Profit rate begins from 2.99% with salary transfer and rises to 3.09%. Overseas transactions are charged 3% on the foreign exchange rate. In the 1st year, there is no annual fee, but afterward, there is an annual fee of AED 1000.

The best part is the 1% cashback on all purchases. There is no minimum limit, or maximum spend for the same.

Click here to apply for the ADIB CashBack Visa Platinum Credit Card

CITIBANK City Prestige Card

This is a cashback credit card with an annual fee of AED 1500 and a minimum salary of AED 30,000. It offers 10,000 bonus thank you points when the card is renewed annually.

Card owners can enjoy complementary unlimited access to over 750 airport lounges worldwide, including provision for 1 guest.

The card offers Citi prestige global team of concierge services, available 24×7 in any part of the world. This team takes care of all your needs from fulfilling travel requests to reservations in the best restaurants.

Free golf services once a month for both supplementary and basic card members in leading golf courses across the UAE. The company offers unlimited supplementary cards for free.

Click here to apply for the CITIBANK Credit Card

ADIB Spice Cards (for expats)

Get cashback for up to 9% of your expenditure. Cash withdrawals are available for up to 100% of finance limit. The card provides up to 25% discounts on dining.

This is an Islamic card. Minimum salary requirement is for up to AED 12,000 per month. It provides a free grace period of 55 days to pay back outstanding balance. It carries a profit rate of 3.09% per month. Charge on foreign currency transactions is 3.1%. Annual fee amounts to AED 199.

Click here to apply for the ADIB Spice Credit Card

Main types of Personal Loan in UAE

0

Personal loans are amounts borrowed for personal purposes like education or marriage expenses.

The borrower receives a sum amount at the beginning of the loan and is free to do what he or she wants with the loan amount.

The most distinctive feature is that the loan is an unsecured loan, without any collateral or assets as underlying security.

How to Qualify for Personal Loans in UAE

In UAE, banks are strict about lending personal loans and only lend to persons, who are salaried and are working for one among a list of approved companies.

Firstly you need to understand how personal loans in UAE works .

best personal loans uae

In most cases, the minimum level of salary required for a personal loan is AED 3000. But this rule changes from bank to bank.

The debt to income ratio is set at a maximum of 50%. These rules are stipulated by the UAE Central Bank for regulating the banks. These are only basic needs.

Every bank may have unique demands as per their credit policies. The good news is that it is exceedingly easy to apply for a personal loan in UAE. This is because of consumer-friendly institutions and progress in technology

Personal loan for nationals of the UAE:

Getting personal loans is a cake walk for the UAE nationals. For them, loans are available at favorable terms and conditions. There are also attractive interest rates.

Additionally, tenures of loans are pretty comfortable for consumers, and they have flexible eligibility criteria.

Another bonus is that their loans have simple and easy paperwork.  For self-employed professionals

Such professionals are those who run their own business. Such persons may find it tough to get personal loans. The main reason is that they do not have a fixed income.

But the positive news is that there are many financial institutions and banks open to the idea of lending to self-employed professionals.

So, you can apply for a loan without fear.

Personal loan for expatriates

Those expatriates, who come to the UAE, can also request for personal loans to take care of financial obligations.

It must be crucially noted that terms and conditions are different from those offered to the UAE nationals.

But what matters is that there do exist attractive deals for them.

Loan without transfer of salary

It must be noted that most banks offer personal loans only to those who transfer their salary to the banks.

However, this is not a hard and fast rule; many banks in the UAE offer personal loan without requiring the transfer of salary to their coffers.

Type of Loans Based On Interest Rate

There are typically two kinds of interest rates charged on personal loans when you are approaching banks in the UAE.

  • Flat interest rate:

In case, you are availing of a flat rate of interest on a loan; it simply means that sum payable and interest are calculated at the beginning of the repayment and remains this way till borrowed money has been paid off.

  • Reducing interest rate

On the other side, reducing rates on loans work, by reducing the principal amount after every installment that is paid. Mostly, the constant percentage of interest is charged on reduced amounts every month. This works out to different installments due every month.

How Do Personal Loans In UAE Work?

1

Personal loan is a loan, which establishes consumer credit that is granted for personal use. It is typically unsecured and based on the integrity of borrower and his ability to repay.

Features of personal loans in UAE:

The main feature of personal loan in UAE is that it is unsecured by any collateral, and this applies to even personal loan to those who are not salaried.

Collateral is just any economic resource of fundamental value such as car, boat or house, which can be repossessed by a lender in case borrower forfeits on repayment of the loan.

Let’s check out how do personal loans in UAE work!

Amount needed:

Every bank in UAE stipulates a maximum amount of loan provided to you. After you estimate how much you require, you can compare loans where the maximum pay-out is higher than you require.

Need of minimum salary

Every bank in UAE imposes a minimum level of salary you need to earn if you want to qualify for a loan. When you are searching to compare loans, choose only those with a minimum salary requirement that is less than your monthly remuneration.

Fees for arrangement

Arrangement fees are charged by the bank as soon as you take the loan and are clubbed with your principal loan amount. In some cases, arrangement fees may be offered at 0% interest, but this can rise to AED 600 or 2% of your loan amount.

Early fee for settlement

In case, you are planning to take a loan for 5 years but wish to pay off the loan much before, early settlement fee becomes a crucial factor in your judgment.

This is a fee imposed on you when you want early payoff of your loan.

You must take great care on checking the fine print because early settlement fees apply only if you settle in cash and not in case you are refinancing.

Types of interest rate

The rate of interest is a crucial criterion for raising a personal loan. But this issue is subject to much confusion.

The rate on the personal loan can be estimated in two ways: a flat rate and a reducing rate. Reducing rate is estimated on the outstanding balance of your loan.

In contrast, a flat rate is estimated on the principal amount of your loan, throughout its duration.

Hence a loan at a reducing rate of 8% is equivalent to a flat rate of 4.41%. Take care while making comparisons because one bank may be offering a flat rate loan while the other, a reducing rate loan.

Salary transfer

Banks in UAE have various rates of loan for different customers who wish to open an account and have their salaries transferred to that account on a monthly basis from their employer as opposed to a person who does not transfer his salary.

The customers, who transfer their salary, are regarded as less risky, and the banks offer them loans at very less rate. Some banks do not provide personal loans to customers who do not transfer their salary to them.

Islamic finance

In UAE, some Islamic banks follow the Shariyah Law according to which charging interest rates on loans is forbidden. Thus, you can check out for attractive loans from such banks.

Company that is not listed

In case, your employer is not listed with a bank; this will make it extremely tough to get a loan.

Extending personal loans

In case, you need to extend your personal loan; there are many options. You can get in touch with your bank to explore whether they are happy to extend your current loan. You can even have another bank to buy out your loan, which is called as re-financing.

Consolidating debts

This option helps you by merging all your loans into one loan. So, whether there are overdrawn credit cards or personal loans, there will be an offer by banks to combine these debts into one balance, which you can pay off easily.

These are all some aspects of taking personal loans in UAE. Whatever be the reason for taking out a personal loan, ensure you compare them, their arrangement fees, settlement fees, and rates.

It is also good to grow familiar with customer service level of the bank before taking on personal loans.

Things to consider when choosing credit card in Dubai

0

Nowadays, the usage of credit card Dubai is very common. Because of easy transaction procedures, individuals greatly appreciate the reliability of credit cards.

Suggested post: How to choose the best credit card in uae

You can find different variety of credit cards like cash back credit cards, skywards credit cards; easy return credit cards, and others. Depending on your requirements, you can choose a suitable credit card and can flexibly manage your financial transactions.

As there are some credit card service providers in UAE, it is pretty confusing to choose the best credit cards. So, to reduce your confusions, below here some important considerations have been mentioned. Kindly go through each consideration to get the best credit card services in Dubai.

Annual Percentage Rate

Sometimes, it is not feasible to pay the credit amount in full by the due date. In such situations, the individuals carry the credit amount beyond the grace period with Annual percentage rate.

This Annual percentage rate is determined by the service provider only. Some service providers charge high APR while others charge a very nominal amount. Again, the APR varies with cash advances, balance transfers, purchases and others. So, make sure that you have knowledge about the APR for different modules.

Cost of a credit card

Though you have got the credit card for free, it’s not free. There are different charges, which are keenly associated with credit card services. Some common charges include Annual fees, over-the-limit fee, late fee, due date fee, and others.

You need to collect necessary information about the additional fees associated with credit cards. Compare credit cards of at least five service providers, and then go for a decision.

Credit limit

Every credit card has got a fixed spending limit. Thus you cannot spend beyond that limit. It is highly recommended to determine the credit limit, as per your convenience.

If you are selecting credit limit thrice or fourth of your earnings, then you may end up with high debts. You can simply get a credit card with low limits and should use the card wisely.

Attractive rewards

Yes, you can earn reward points on your every purchase through credit cards. The reputed credit card service providers offer attractive rewards to the users mainly on online shopping, service stations, grocery stores, and others.

You simply need to compare credit cards UAE and should avail the credit card with best rewards and offers.

Customer Service

Indeed, customer service is one of the important elements of a credit card. It is suggested to get a credit card with 24/7 customer support.

Look, when you are managing financial transactions through a card, there are chances you may face difficulties. In such situations, you can simply contact the customer service team and can resolve the issue.

So, if you want to get the best credit card services in UAE, then don’t forget to compare the credit cards over the mentioned factors. In case of any further confusion, feel free to communicate with the financial experts.

How to choose the best credit card in UAE ?

1
Credit card Dubai

 

Finance management is one of the typical tasks, which is faced by every individual.

It doesn’t matter whether, you are living on your salary or doing your own business, managing the finance is difficult.

Sometimes, the expenses cross the limit, and hence you find it difficult to deal with the finance. Well, in such typical situations, availing loans from banks and private institutions is not handy.

This is the reason, why the individuals prefer to get a credit card. Yes, credit card eases the loan procedure and helps you in repaying the expenses instantly.

Every credit card has got its spending limit per month. Thus, now you can simply deal with your finance, without any worries. On the other side, a credit card can be a debt trap.

Most of the time, the individuals face difficulties in repaying the credit amount because of the high rate of interests.

So, before applying for a credit card UAE, you need to do good research regarding the credit card facilities and services.

In Dubai, there are some credit card service providers, which are offering financial services with best facilities. In case, you are confused in availing the best credit card services in Dubai; then you need to consider the below-mentioned tips.

 

Understand your expenditure –

This is the very first thing, which you need to do before applying for a credit card.  If you have no clear idea regarding your expenditure, then it will be very difficult for you to choose a suitable credit card service.

At present, different types of credit cards are offered by the financial institutes. Some common credit card services, as per the expenditure of individuals, include cash back credit card, skywards credit card, educational finance credit cards, and others.

 

Interest rates on credit cards –

Different credit cards have different interest rates, which highly vary from each other. So, you need to pay keen attention while studying the interest rates of credit cards. It is recommended to compare credit cards by interest rates and other additional charges.

 

Credit limit of a credit card –

It is recommended to get a credit card as per your monthly income. Don’t go for a credit card with high spending limits, or else you might end with serious debt issues.

 

Annual fees –

The service providers charge an annual fee from the cardholders to ensure proper maintenance. Again, there are also some service providers, who don’t charge any annual fees and offer lifetime validity of credit card. So, choose as per your convenience.

So, these are some of the important facts, which should be considered to compare credit cards UAE.

It is recommended to compare at least 5-6 credit card services to choose the best. In case, you are having any issues in understanding the modules of a credit card; you can seek necessary consultation from financial experts.

Don’t take any decision in hurry or else you may land in serious trouble. Consider all the terms and conditions keenly, and then opt for the credit card services in Dubai.