Credit cards are the easiest payment method and have become an essential tool for everyone. It is the variety of credit card benefits and benefits offered by UAE banks that make them one of the preferred payment methods. Every year, the number of credit card applications in the UAE has increased by more than 50%. However, not all applications are approved. Banks check several things when accepting credit card applications, such as debt burden ratios, credit scores, minimum wages, nationality, etc. Among all these factors the first factor considered in credit card applications is the individual’s monthly salary/income.
One of the fastest ways to finance is a credit card. Banks issue credit cards to consumers to pay merchants for goods and services. The cardholder pays the amount used on the credit card along with interest to the bank at the end of the month. The card issuer is usually a bank that creates a revolving account and grants a credit line to the cardholder. Cardholders can borrow money from this bank as a payment or cash advance to the merchant. Banks in the United UAE have begun offering credit cards. The minimum wage for most credit cards is AED 5,000. However, some banks offer credit cards and benefits to people with income between AED 0 and AED 3,000.
Credit card with a salary of AED 5000
The minimum salary requirement for UAE credit cards varies by bank. But usually, the minimum wage for a credit card is AED 5,000. The credit card available in the UAE of AED 5000 are:
- FAB Standard Credit Card
- Emirates NBD Titanium Credit Card
FAB Gems Mastercard
ADIB Cashback Visa Platinum Card
Banks are providing high yields for each card. They are not limited to basic functions, but they also provide benefits such as cashback, dining discounts, travel privileges, movie discounts and more.
- Dubai First Bank
- Ajman Bank
- Masrake bank
- Arab bank
- Ajman Bank
- Dubai First
- United Arab bank
- Emirates NBD
Using credit cards properly is the most useful tool. It can also be the worst nightmare if you don’t understand how to use it. More than 60% of credit cardholders are unaware of the interest rates charged by their cards, and about 20% of UAE credit card holders do not know how the loss of credit card payments will affect them. This puts most credit cardholders in debt. It will have a more impact on individuals earning less than AED 5,000. With that in mind, banks will not offer credit cards with a minimum salary of AED 5,000.
How to get a card for a salary below AED 5000?
Some credit card holders forget that credit cards are a necessary expense, not extra money. For this reason, some people end up in debt. Getting a credit card in the UAE is not easy. Eligibility requirements for credit cards are high. One of the essential eligibility factors is the minimum monthly salary required. All financial institutions in the UAE require a minimum monthly wage of AED 5,000. This makes it difficult for people with an annual income below AED 5,000 to obtain a credit card. However, today we will discuss how to get a credit card for people earning less than AED 5,000.
Minimum Savings of at least AED 3000
One way to get a credit card is to save at least AED 3,000. However, this process has one minor flaw. After the credit card application is completed, you will not be able to withdraw the amount until 45 days. If the application is accepted, your credit card will have a 95% deposit limit. This means your credit line will be AED 2850. The credit line of a credit card depends on your proof of savings. If you have higher savings, you will spend more.
Al Awwal Certificates Investment
These certificates are proof of a combination of investment and savings. Experts suggest investing in it instead of opening a piggy bank. To purchase these certificates, you should bring your UAE ID, passport, and residence visa to a bank branch.
You can take a step with minor investment and add more if you are satisfied.
Contact the Sales Department of the
Bank When you have a savings of AED 3,000, the sales department of the financial institution will not call you. You need to call and ask for your credit card. As long as you have savings and the necessary documents, you can get a credit card. The documents they require are your passport, UAE ID, bank statement, proof of work, etc.
Waiting period
Once your application is accepted, all you can do is wait for your credit card to arrive. Credit cards are usually processed within seven days. However, due to delays by the courier company, your credit card may come on your credit card after the specified date. After paying by credit card, the bank cannot do anything.
Wisely use the card
Now that you have a credit card use it wisely. Keep in mind that even if you increase your credit line, your monthly income will remain the same. Don’t overspend. Spending more than your income will only put you on debt. Getting into debt is easy, but if you can’t control your credit card spending, getting out of debt can be difficult. Attention to detail. Check your card statement for unusual activity. If you see an outstanding payment on your bill, report it now.
No bank in the UAE offers credit cards with a minimum salary of AED 3000. The
minimum salary requirement is AED5000. If your monthly salary is lower than
required, you need to save AED 3,000. Can use credit cards safely and invest in
the AL Awwal certificate. Most card members are unaware that the high-interest
rates on credit cards have a financial impact on them. Missed payments will
affect card members’ interest rates and credit scores. Especially for
cardmembers, the minimum monthly salary is AED3000. Compared with credit cards
with a minimum monthly wage of AED 5000 or higher, the adverse effects of
credit cards will hit them even more. That’s why it’s wise not to spend more
than you can afford.