The fast paced and lucrative lifestyle of Dubai demands a credit card. UAE is one of the quickest growing economies in the world. This has improved the spending limits of all the UAE residents. The banks of UAE compete with each other to gain more customers and they offer different advantages for this purpose.
There are a few exclusive & standard credit cards in Dubai that have no yearly fees. Even with no yearly fees, the customer has to pay AED 250 for the monthly late fees. This is for the customers who pay less than the minimum amount or give the bill payment late.
It is a good decision to select a wise limit on the credit card to avoid a big expense. A detailed understanding of deals, fee requirements, advantages and interest rates of credit cards is crucial to know before buying one. The long list of credit card advantages are usually unnoticed. As long as the customer has control on his spending, owning a credit card is easy and a valuable way of making transactions and purchases.
1. Safer than carrying money
If you lose a wallet, it is almost impossible to find it again. And if there is a big amount of cash in the wallet, it’s gone for good. But a credit card can be easily cancelled after it gets stolen. Many credit card companies provide different security measures to shield the customer from frauds and scams.
2. Boosted standard of living
Many residents and citizens of the UAE have bank accounts which assist them in handling their online assets and gain advantages like credit card facilities and interest. With a limit which is even higher than your savings, the customer can spend money.
Whatever you spend will be reimbursed in a month. The credit cards can be utilized to get the required products on sale and pay merchants. But the bank account is associated with a credit line which finishes after the credit limit ends. It is a revolving account. This means that there is a limit put on the expense via the credit card.
3. Cashback advantages
Due to the wide usage of credit cards, different companies provide cashback deals on purchases utilizing the credit card. This means that you will receive a particular percentage of the amount of cashback on each purchase at a grocery store, retail outlet and restaurant. This can be in the form of bonus, reward, miles or something else.
4. Entertainment benefits
Various credit cards in the UAE offer advantages which can assist you with entertainment without breaking your budget. This is done when lifestyle stores, travel companies and such platforms partner with credit card companies.
As a result, the customers can enjoy excellent offers. Customers can also benefit from the discounts at restaurants or cinemas. Free valet parking in some areas and other such deals are also provided.
5. Interest-free period
Many credit card companies in the UAE give an interest-free period. This means that if a customer pays all dues within a timeframe, they can enjoy a short-term credit. It is great to make emergency payments and pay it back after getting the salary.
6. Yearly fees
A majority of credit cards in the UAE do not charge an annual fee. This will help you with saving money. Moreover, it is also possible to have a credit card with yearly fees for as low as AED 5,000.
7. Good credit history
By utilizing a line of credit for making purchases and paying them in the appropriate time, a customer can build a decent credit rating. This allows customers to boast a huge chance of being offered a loan at a low interest rate.
8. Easy record of expenses
After you make a purchase, the credit card statement will be given to you in your email and phone. This allows you to know how much money you have spent so far. Moreover, the credit card statements are very easy to read. Customers can strictly monitor their expenditures.
Best Cashback credit cards in UAE
1. Standard Chartered Platinum Card
Standard Chartered is a leading bank of the world. You can avail valuable discounts on utility bills, grocery stores, school fees, cinema tickets and more with their Platinum Card. Perks include 1% cashback on local purchases and 2% cashback on international transactions. By swiping the card, you can get a 20% discount on 3 Careen rides monthly.
The minimum salary requirement is AED 5,000 and yearly fees is AED 525.
2. RAKBANK Titanium credit card
This specific credit card is liked due to a long list of privileges and advantages. RAKBANK bank boasts the most generous cashback policy in this industry. It offers a 5% cashback on supermarket, fuel and restaurant expenditures, a 30% discount on Careem rides and a 50% discount on cinema tickets. Moreover, the customers can avail access to 10 VIP airport lounges in Dubai, Kuwait, Abu Dhabi, Jordan and Cairo. The minimum salary requirement is AED 10,000 and the yearly fees is zero.
3. Citi Cashback credit card
This credit card offers a 2% cashback on grocery stores and 1% cashback on the remaining expenditures. Access to 850 airport lounges all over the world and complimentary travel insurance are a few perks for utilizing the Citi Cashback credit card. The minimum salary requirement is AED 8,000 and there is no annual fee for the first 2 years in case the minimum expenditure is AED 9,000.
Best Reward Credit Cards
1. HSBC platinum select credit card
Utilizing the HSBC platinum select credit card will offer you one air mile on every AED 3 spent, a 15% discount on Careem rides, a 30% discount on selected restaurants and a 50% discount on cinema tickets at VOX cinemas. The minimum salary requirement is AED 10,000 and the yearly fees is zero.
2. MASHREQ SMARTSAVER credit card
MASHREQ SMARTSAVER credit card is popular for its generous cash back bonuses for shopping. The customers of MASHREQ can avail cashback at online shopping, grocery stores and auto rentals.
You can get an 8% discount on jewelry, grocery and fashion expenses and 6% Cashback on online shopping. The minimum salary requirement is AED 5,000 and annual fee is zero.