A Brief Guide on Credit Shield Facility on Credit Cards in UAE

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Many credit card users worry about managing their increasing balances. The credit shield, a feature available with most credit cards, offers some relief.

This feature can be activated when you apply for a credit card in the UAE. Providing security to cardholders, credit card shield ensures that if you can't make a payment due to unforeseen events like job loss, business closure, or critical illness, the insurance or bank steps in.

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What is Credit Card Shield?

Before moving on to the top banks that provide this feature, let’s first understand how credit shield works in UAE.

As mentioned earlier, credit shield is an optional insurance program offered by financial institutions for credit cards. Under unfortunate circumstances, the cardholder's dues are taken care of with this feature.

In simple terms, the insurance provider or bank covers your monthly card balance installments if you face involuntary circumstances like job loss or business closure, as per the card provider's terms. Some companies extend this coverage for up to 12 months or until you secure a new job.

Benefits Covered Under Credit Shield

Check out the major benefits covered under this feature -

  • Accident Cover - If the cardholder is seriously injured and declared disabled afterwards, the credit card shield covers the remaining payment.
  • Permanent Major Disabilities Cover - This cover offers security if there is any injury or illness that causes paralysis, loss of eyesight, or amputation of legs or arms.
  • Employment Loss - In case the credit card holder loses their job due to a company crisis, the concerned provider pays the outstanding balance. This can help the individual avoid the hassle of settling the outstanding balance amidst such stressful times.
  • Death Cover - If the cardholder passes away due to natural causes — cerebral attack, heart attack, cardiac arrest, and so on — the credit card provider will pay off the outstanding balance.

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Top Banks that Offer Credit Shield

For credit card users, it's crucial to understand the credit shield options provided by their respective banks.

Here is a list of the top banks that offer credit shield insurance -

Bank Credit Shield Premium — Amount or Percentage of the Outstanding Credit Card Balance (per month) Insurance Provider
ADCB 1.0395% Abu Dhabi National Insurance Company  (ADNIC)
HSBC 0.6% MetLife Alico
Emirates NBD 0.99% National General Insurance
Citibank 0.82% MetLife Alico
Finance House Higher of AED 11 or 0.85% Emirates Insurance Company
RAKBANK 0.85% Union Insurance Co.

Eligibility Criteria for Credit Shield Insurance

Detailed below are the general eligibility criteria for credit card shield -

  • The applicant should be a credit card user
  • The cardholder should possess a good credit Score
  • Minimum age – 18 years
  • Maximum age – 60 years
  • Minimum salary – AED 5,000 per month

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Documents Required for Credit Shield

Here are the documents required for credit card shield insurance -

  • Death certificate (in case of death)
  • Termination letter (in case of job loss)
  • Authentic medical certificate (in case of permanent disabilities)

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