Best Credit Cards in Dubai

Credit cards are among the most famous products of banks. You can reach so much with a good credit card that used to be a very heavy status symbol as it still is when talking about some of the VIP cards of the credit card companies. Today, banks do their best to persuade clients to get a credit card. However credit cards cost a lot of money and good for mainly only to those who travel a lot. With the conquering of the payback cards as debit cards, credit card companies and banks do their best to offer similar services to the holders of credit cards too. In Dubai, you can find all the most popular credit cards in the world that include MasterCard, Visa and American Express. Dubai is full of banks; however, you need to fulfil some basic requirements to get a credit card here. Let us see what the options are.

In order to be held eligible to own a credit card in Dubai, you will need to have a workplace with a regular salary or you need to show such income records which apply for the holding of a credit card. You should prove your monthly income with bank records up to 6 months back in time and naturally, you need to hold a residence visa. There are such credit cards, which doesn’t need a thick income to be held. However, you need to know also the responsibilities here. You can actually lose a lot more money than winning it when holding a credit card. You need to fill your card regularly. If you don’t do that you lose indeed a lot. In addition, even though you don’t spend any money from it you will be subject to certain deductions from the bank which is not too good either. In Dubai, there are banks that offer their credit cards for free, yet they may cost up to 100 DHs yearly for the standard cards, 400 Dhs per year for gold cards and 500-1000 DH yearly when it comes to Platinum cards. Some banks offer their credit cards totally free without any yearly or monthly costs, the others which deduct from you may offer you other extras, such as free tickets to concerts and other cultural events depending on the exact type of your card. Some banks even offer insurance or car breakdown services or free airport transports and the gaining chance of Airmiles and other reward points together with their credit cards. Many get to free meals, free hotel rooms, free holidays as prominent cardholders. However, to be eligible for this kind of luxury indeed costs a lot.

In Dubai there are not so strict regulations about what a bank can do or deduct and in what way. So, before you opt for a credit card always but always check and ask for all hidden fees. In Dubai, if there are extras such as insurance for your card, banks may deduct a monthly cost without even letting you know previously. In Dubai, the credit card limit ranges from 100 % till 300% of the actual monthly salary or income. Late payment fees are between 50-100 DHs. Always check out the APR (Annual Percentage Rate) which you can get get if you repeatedly forget to repay the missing value of the limit on time. There is always a date till which you have to pay the missing sum and there is a turning date which differ. Many people tend to confuse the two which results in a heavy yearly and monthly APR applied and deducted from your credit account. APR in Dubai is between the 12,5% APR of Lloyds Bank and may go up to 34,3% as in the case of Citibank, and ABN Amro Bank. The highest APR of 40,1% (!) is applied by Standard & Chartered, HSBC Bank applies a 30% and RAK Bank a lot friendlier 17% APR. Monthly APRs range from 1.25% and 2,99%.

RAK Bank that is originally a Ras Al Khaimah bank yet very much present in Dubai too is the only better-known bank right now which offers free-for-life credit cards without an annual fee. So, before you apply for a credit card in Dubai, look around well. If you have such a credit card that is issued by such bank, which has branches in Dubai, then you may get an easier chance to use your credit card cheaper.

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