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Credit Card in UAE
A Credit Card in UAE is considered as a short term loan facility for your daily life purchases on an agreed time frame of repayment with applicable Interest or charges. A Credit Card gives you a purchasing power at anytime. It comes up with a wide range of benefits that suits your all kind of needs or requirements. It gives you the freedom of big ticket size purchase and pay back into small installments. It showers you with Reward points, Cash Backs, Discount Offers and much more to enrich your daily lifestyle.
Applying with us help you to compare best available credit card in UAE. Compare and choose according to your need. There are many credit card in UAE that provides benefits for different uses like Cash Back benefit Cards, Air mile benefit Cards, Shopping benefit Cards and lot more.
How Credit Card Works?
The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the card holder can borrow money for payment to a merchant or as a cash advance. As long as you pay back the money you borrowed within the “grace period”, you don’t have to pay extra. If you don’t pay it back in that time period, you’ll have to pay interest — a percentage of the money you owe the bank — on top of what you borrowed. Credit cards are a convenient substitute for cash and an essential component of electronic commerce and internet commerce.
A credit card is a plastic card with a magnetic stripe that holds a machine readable code issued by bank allowing the card holder to purchase goods or services on credit.
Eligibility to apply Credit Card
- Minimum age of the applicant should be 20 years and maximum 60-65 years old.
- Minimum salary of the applicant must be AED 5000 or above.
- Applicant must have a clear and healthy credit score with a minimum score of 650 or above.
- Applicant must have completed 6 month in the current organization or should be on paper confirmed employee.
Documents needed to apply Credit Card
- Applicant must provide Passport Copy, Visa Copy and Emirates ID Copy.
- Applicant must provide a valid Salary Certificate or income proof.
- Applicant must provide 3 to 6 month Salary account statement showing regular salary credits but not mandatory.
- Few Banks may ask for a Security Cheque.