Best Plastic Cards for SMEs in the UAE

  | Published: 21 February 2020 | Last Updated On: 05 January 2021

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Approximately, 98% of the businesses in the Emirates are SMEs (Small and Medium Enterprises). Their contribution to GDP (Gross Domestic Product) of the country is around 53%.

With such figures from the AIM Startup, an initiative by the Ministry of Economy of the UAE, it is not at all surprising that the banks have the SMEs on their radar for their financial products.

It is safe to say that SMEs are the backbone of the economy in the Emirates. Hence, the banks consider it to be an important segment to be in.

The traditional business credit cards and debit cards come with higher limits for withdrawal and transactions. They usually have tighter security. To add to this, the financial institutions are adding various other benefits and features to their products in order to attract SMEs specifically.

The new debit card by MasterCard gives the owners of the small & medium-sized business a payment tool for helping in managing cash flow, purchases, making tax preparation easy, and various other things.

This card comes with discount offers on SME insurance via Axa, Hertz Car Rentals, DHL shipping, shopping at Office Rock, and Careem Rides. It offers a corporate liability waiver for greater safety, which provides protection to companies from unauthorized use of the card by the employees up to a maximum amount.

Here is a selection of the best plastic cards for SMEs.

Credit Cards:

Emirates Islamic Business Credit Card

This is a card, which means business. It helps you in growing your business with a huge range of benefits and rewards available for the business cardholders exclusively. The card comes with a high level of value, security, flexibility, and convenience to make sure that your business-related expenses are well in control, and your card transactions are rewarded.

Annual Fees: Free for Life

Profit Rate: 3.25 percent per month

Mashreq Corporate Credit Card

Mashreq Bank offers a full solution for commercial card payments for businesses to manage their corporate payment requirements efficiently. It helps them to deliver the desired objectives of savings, financial control, employee benefits, and efficiency.

The credit card provides protection to your company towards corporate liability waiver, auto-debit facility, interest-free credit for up to 51 days, and much more.

Annual Fees: Free for Life

CBD My Business Credit Card

This is a comprehensive tool for corporate expense management for helping you in managing your regular business working capital and liquidity. It provides extra funding flexibility whenever required.

It is a more secure and flexible alternative to petty cash and cheque payments for your business expenses and purchases.

Annual Fees: Free for Life

Debit Cards:

Noor Bank World Debit Corporate Card

This Sharia-compliant debit card is specifically for Link Infinite and Link Premium customers. The Link Premium accounts need a monthly minimum average balance of 350,000 dirhams & there’s a penalty of 500 dirhams on not maintaining this balance.

Link Infinite accounts need a higher monthly minimum average balance of one million dirhams & there’s a penalty of 600 dirhams on not maintaining this balance.

FAB World Business Debit Card

FAB has an option of 3 business accounts- a basic account that has an average minimum balance of 50,000 dirhams, an advantage account for an average minimum balance of 250,000 dirhams, and a preferred account for an average minimum balance of 500,000 dirhams.

This card comes with a double authenticated PIN & CHIP security and offers the convenience of contactless payments.

The Bottom Line!

It is essential to be aware of the requirements for corporate cards, including the minimum turnover and the minimum number of years in business. Business credit cards generally have a higher eligibility bar than normal consumer cards. This article has a list of best plastic cards for SMEs in the UAE. You can select the ones that are the most suitable. Choose wisely!