Credit Card in UAE July 2020 - Total 200

If the loan is paid off within a certain period, the UAE credit card can provide a credit line for the purchase. When using a credit card, the cardholder must pay at least the minimum payment before the due date. In the UAE, the Al Etihad Credit Information Bureau (AECB) is a key regulation that retains all data related to credit cards. It provides accurate credit reports to banks, institutions..., and financial companies.
Although this plastic miracle soon became popular worldwide, it took a while for UAE credit cards to gain popularity. But once adopted, the adoption rate will rise sharply. Before the introduction of plastic cards, the liquid currency was the main means of payment. However, with the introduction of these cards, the payment becomes more convenient and troublesome.


What are credit cards?
A credit card is a plastic card that allows its users to conduct transactions within the credit limit provided by the card provider. The funds borrowed from the credit card are used as the loan amount, and the credit limit is used as the maximum loan amount available.

However, the bank does not provide all loans in liquid form but allows cardholders to use as much credit as necessary (not exceeding the credit limit). They can only reuse the credit limit again and again if the borrowed amount is paid back and the credit limit is kept in mind when making a transaction.

Types of Credit Cards 
The UAE has different types of plastic currencies, and each plastic currency can meet the needs of different types of card users. In order to find the most suitable credit card in the UAE and thus choose the best credit card, it is important to be familiar with the various categories in order to make transactions better.
Free for life credit Cards 
Airline Mileage Credit Card 
Travel credit card
Credit card for a balance transfer
Golf Credit Cards 
Cash back credit card 
Cinema Offers Credit Card 
Credit card at the airport lounge 
Shariah credit cards 
Offers and Reward Credit Cards 

In order to cater to customers of different income classes, banks provide a variety of credit cards, each of which has its own eligibility criteria and credit limit. From free credit cards in the UAE to premium credit cards, here are the types of credit cards to consider:

Free for life Credit Cards 
Although there are many luxury credit cards in the UAE that charge an annual membership fee, there are a variety of top-level credit cards that can provide ample benefits and rewards but do not charge an annual membership fee for life. This type of credit card is called a free lifetime credit card or a free lifetime credit card. Basically, the annual membership fee refers to the fee that cardholders need to pay to the bank in order to use benefits and privileges. However, these annual charges may not always be worth all the benefits provided. In this case, it makes sense to choose a free lifetime credit card.

Airline Mileage Credit Cards 
Airline Miles, also known as Travel Points and Frequent Flyer Miles, are part of the membership program provided by the “Airline Miles” credit card. Ideally, the cardholder can accumulate a fixed amount of flight miles based on the amount spent on the credit card, which can then be further redeemed for free flight bookings. The UAE offers two types of airline mileage credit cards. Airline miles are airline-specific award miles, and the other is airline ME, which is not associated with any specific airline and can be redeemed in multiple ways.

Travel Credit Card 
People who travel frequently already know how expensive it is to cover all travel expenses. From airline tickets to hotel reservations, travel costs can sometimes be very high. Taking into account travel needs, some banks and financial institutions provide travel credit cards designed specifically for avid travelers. Travel credit cards can provide a range of travel-related privileges and privileges, such as free use of airport lounges, discounts on airline tickets and hotel reservations, free travel insurance, cash back, air miles, etc.

Credit Card for Balance Transfer 
Balance transfer credit cards can help cardholders transfer high-interest debt from one credit card to another low-interest rate credit card. Credit cards that provide a balance transfer function can help cardholders save a lot of high interest rates by paying off their outstanding debts. Many credit cards offer free balance transfers to their cardmembers. Although there are fewer and fewer such transactions, this is why few banks offer a promotional period of 6-24 months, and balance transfer does not charge any interest rate. After the promotion term ends, there will be some interest payable, which may vary from card to card.

Golf Credit Cards 
The UAE has some of the best golf courses in the world, and golf is not just a sport in the country. No wonder most banks and financial institutions provide golf credit cards, which will benefit customers who are part-time or full-time golfers.
These special types of credit cards can provide a wide range of golf privileges and treatments, such as unlimited free golf at some premium golf courses in the UAE and abroad. However, offers may vary from one golf credit card to another golf credit card.

Cashback credit Cards 
Cash back credit cards return a certain percentage of cash purchases or transactions to cardholders. The bank rewards card members with credit card purchases by providing cash back rewards. However, depending on the type of purchase and purchase, the amount of cash back varies from one credit card to another. Monthly cap, plus minimum spending requirements. Many banks credit the cashback amount to the card account, while some banks provide card members with the option to redeem miles, products, or services by redeeming cashback points.

Cinema offers Credit Cards 
After a long week of work, who doesn’t like watching movies in the theater? If movie tickets can be obtained for free or discounted when booking movie tickets, what better way to enjoy? In order to give back to customers, some credit card lenders or banks in the UAE are bundled with cinemas such as VOX Cinemas and Reel Cinema, so that cardholders can enjoy great discounts and offer discounts on movie tickets, such as free movie tickets, discounts on tickets and refreshments. Obtaining a credit card specially provided by movie theaters for movie lovers is no less than a treat because it is a wise way to save money on movie tickets.

Credit cards for Airport Lounges 
Regardless of the purpose of the trip, you can always use the credit card used in the airport lounge. There are several types of credit cards in the UAE that allow cardholders to use the airport lounge free of charge. Until then, they can relax and take off. Most airport lounge access credit cards can use the airport lounge unlimitedly, and a few credit cards can access the world. Cardholders can also provide free access to airport lounges for affiliated card members based on the types of available credit cards and airport lounge passes.

Sharia Credit Cards 
According to Islamic law, Muslims are not allowed to conduct business with any organization or participate in any financial activities that cause interest, such as Riba.
According to Islamic law, very few banks and financial institutions in the UAE provide Islamic-compliant credit cards. Since Islamic law strictly prohibits Riba, this type of Islamic credit card strictly follows the Islamic principle of charging fees based on Islamic principles rather than interest rates. However, the functions of Islamic credit cards in Islamic teachings are similar to traditional credit cards, but the benefits and functions provided are slightly different.

Offers and Reward Credit Cards 
Rewarding and providing credit cards are one step ahead of basic credit cards because they provide extraordinary benefits to cardholders. This type of credit card usually provides cash rewards, flight miles, discounts, and other privileges to reward card members for the amount spent on their credit cards. In addition, rewards and discount credit cards also offer reward point programs and rewards. Their exchange options. In addition, these reward points can help cardholders save money and provide the best experience of using the card.

Comparing Credit Cards in UAE 
Before applying for a credit card, it is important to compare UAE credit cards. Different types of credit cards may have different functions. Some cards are free, while others charge an annual fee. Each available credit card option has its own advantages and disadvantages.
Therefore, a comparison must be made between the available options. In this digital world, applicants can easily compare different cards online. Here are some basic factors for comparison.
Interest rate: In order to attract more customers, card providers promise to charge low-interest rates. However, applicants must compare the interest rates on different cards and find the lowest option.
Fees and Charges: Each credit card involves some mandatory fees that the cardholder must bear. Applicants must read the rules carefully to understand the fees on the card.
Income requirements: To be eligible to apply for a credit card in the UAE, the applicant must earn a certain monthly income. They must earn at least AED 5,000 to qualify for the card.
Benefits and rewards: Before applying for a credit card in Dubai, the applicant must check the rewards and benefits provided on the different cards. They must choose the card loaded with the benefits that best suit them.

Common features of Credit Cards
Applicants can choose the card of their choice after comparing credit cards in the UAE based on the following factors: 
Credit limit 
A credit limit is its defining characteristic. The credit limit is the maximum amount that the cardholder can use the card. This limit may vary depending on the card selected. The best credit cards can provide a higher credit limit. Banks provide different types of credit cards in the UAE. Different cards attract different interest rates, late fees, etc. Therefore, it is important to compare credit cards based on the credit line provided. Note-The consumption limit of some of these cards is variable. The limit is determined based on the applicant's spending power, not a predetermined limit.

Percentage Rate Annual 
It is the interest rate of the amount the cardholder must pay after the grace period expires. Failure to clear membership dues during the grace period will make the cardholder the default. They can increase the annual percentage they cope with. The annual interest rate of some credit cards in the UAE is variable and may change many times during the year. If the annual interest rate changes, the bank will notify the cardholder. Applicants must compare these plastic cards based on the annual percentage.

Grace Period 
The grace period for a particular card can be found in the credit memo. The grace period is the repayment period granted to the cardholder, including interest (if any). Failure to pay card bills during the grace period will make the cardholder the default. As a result, they must pay high fines and / or raise interest rates. Please read the terms and conditions carefully before applying for a credit card in Dubai or other emirates.

Offered Benefits 
Credit cards in the UAE also provide some compelling benefits. These benefits are provided through the membership program. Under these plans, cardholders will receive points when using the card to make purchases. According to the terms and conditions, points can be redeemed for amazing rewards. Most of these credit card benefits do not apply to free credit cards. Similarly, it is best to compare UAE credit card offers based on the benefits provided.

Annual fees 
An annual fee for using credit card privileges is charged. After paying the annual fee, you can use the benefits of this card. Generally, the higher the credit limit, the higher the annual dues charged. If the applicant uses the card for a fixed minimum amount each year, some UAE credit cards will not charge any annual fee. These can often be called free credit cards or free cards. Although these cards do not charge any annual membership fees, interest will be charged on the amount borrowed (usually from the day of the transaction).
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Best Credit Card in UAE

Credit Card Minimum Salary Rate
Mashreq - Platinum Elite Credit Card 10,000 3.45%
Mashreq - Solitaire Credit Card 25,000 3.45%
ADIB - Cashback Gold Card 5,000 3.09%
ADIB - Value Card 5,000 3.09%
Emirates Islamic - Flex Card 5,000 3.49%
Emirates Islamic- Cashback Plus Credit Card 12,000 3.35%

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