A credit card is the simplest payment method and is an essential tool for everyone in their life. The various credit card benefits and the benefits provided by UAE Banks are the reason that makes them one of the preferred payment methods. Each year, the number of credit card applications in the UAE has increased by more than 50%. However, not all applications are approved. When accepting credit card applications, the bank will check several things, such as debt burden rate, credit score, nationality, minimum wage, and much more. Among all the mentioned factors, the first factor considered in a credit card application is the individual’s monthly salary/income. One of the fastest financing methods is credit cards. Banks issue credit cards to customers so that they can pay merchants for goods and services. The cardholder pays the amount used plus the interest used on the credit card to the banks at the end of every month. The card is usually issued by a bank that creates a revolving account and grants cardholders a credit line. Cardholders can borrow money from their banks as a payment or cash advance to the merchant. Banks in the UAE have started to provide credit cards. The minimum wage for most credit cards is AED 5,000. However, some banks offer credit cards and benefits to people whose income is between AED 0 and AED 3,000.
Credit card with a salary of AED 5000
The minimum wage requirement for UAE credit cards varies from bank to bank. But usually, the minimum wage for a credit card is AED 5,000. The credit cards available in the United Arab Emirates are AED 5000:
- FAB standard credit card
- Emirates NBD Titanium Credit Card
- FAB Gem Mastercard
- ADIB cash back Visa Platinum Card
Banks provide high returns for each card. The cards are not only limited to essential functions, but also offer benefits such as cashback, food and beverage discounts, travel privileges, movie discounts, and more.
- Ajman Bank
- Dubai first
- United Arab Bank
- Dubai First Bank
- Ajman Bank
- Masrake Bank
- Arab Bank
- Emirates NBD
Proper use of credit cards is essential. If you don’t understand how to use it, it may be the worst nightmare. More than 60% of credit card holders do not know the interest rate charged on their credit cards, while about 20% of UAE credit card holders do not understand how the loss of credit card payments will affect them. This puts most credit cardholders in debt. This will have a more significant impact on individuals earning less than AED 5,000. With this in mind, the bank will not provide credit cards with a minimum wage of AED 5,000.
How to get a card for a salary below AED 5000?
Some credit card holders forget that a credit card is a necessary expense, not excess money, which is why some people end up in debt. Getting a credit card in the UAE is not easy. The eligibility requirements for credit cards are very high. One of the essential elements of eligibility is the minimum monthly salary required. The minimum monthly salary requirement for all financial institutions in the UAE is AED 5,000. This makes it difficult for people with annual incomes below AED 5,000 to obtain credit cards. However, today we will discuss how to get a credit card for people with incomes below AED 5,000.
Minimum Savings of at least AED 3000
One way to obtain a credit card is to save at least AED 3,000. However, this process has a small flaw. After the credit card application is completed, you will not be able to withdraw funds within 45 days. If the application is accepted, your credit card will have a 95% deposit limit. This means that your credit line is AED 2850. The credit limit of the credit card depends on your proof of savings. If you have higher savings, you will spend more.
Al Awwal Certificates Investment
These certificates are a combination of investment and savings. Experts recommend investing in it instead of opening a piggy bank. To purchase these certificates, you should bring your UAE identity card, passport, and residence visa to the bank branch.
You can take a step with a small amount of investment, and if you are satisfied, you can add more.
Contact the Sales Department of the
Banks When you have AED 3,000 in savings, the sales department of the financial institution will not call you. You need to call to ask about your credit card. As long as you have savings and necessary documents, you can get a credit card. The documents they need are your passport, UAE ID card, bank statement, proof of work, etc.
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 the delay of the courier company, your credit card may appear on your credit card after the specified date. After paying with a credit card, the bank cannot perform any operations.
Wisely use the card
Now that you have a credit card, please use it wisely. Remember, even if you increase your credit limit, your monthly income will remain the same. Don’t overspend. Spending more than the salary will only put you in debt. Getting into debt is easy, but if you ca n’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 have unpaid items on your bill, please report them immediately.
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 the condition, you need to save 3,000 dirhams. You can safely use credit cards and invest in AL Awwal certificates. Most card members are unaware that the high interest rate of credit cards has a financial impact on them. The missed payment will affect the interest rate and credit score of the card member. Especially for cardholders, the minimum monthly salary is AED3000. Compared with credit cards with a minimum monthly wage of AED 5000 or higher, the negative impact of credit cards is more significant