Apart from offering quick and convenient short-term loans, the business credit cards in the UAE come with a range of lifestyle, entertainment, travel and stay benefits. With the increasing demand for credit cards amongst the customers, the banks also step up to provide numerous rewards and benefits. Along with reliable financial management aiding your cash flow, the business credit cards in the UAE also come with life insurance to protect your debts from being a liability to your enterprise and loved ones. In addition, the business credit cards with life insurance benefits secure you against critical illnesses, accidental injuries, and death, cover your emergency medical expenses, and a lot more. As a part of your credit card life insurance, several banks also provide travel insurance business credit cards to secure trips against accidents and inconvenience.
A business credit card with life insurance provides extensive protection against unforeseen events and ensures your dependents and business from not being burdened with debt. To avail of business credit card insurance, you need to pay a premium every month. Several banks automatically enrol you in the credit card life insurance program. Go through the following article to know more about business credit cards with life insurance in the UAE with their features and benefits.
Best Business Credit Cards with Life Insurance in the UAE
Securing yourself against unforeseen events gives you a sense of peace and confidence. Life insurance protects you from mishaps and events that could result in financial losses. Researching over a range of business credit cards available in the UAE, we have compiled a list of the best business credit cards with life insurance coverage in the UAE.
1- Emirates NBD Business Rewards Signature Credit Card
Benefits & Features of Emirates NBD Business Rewards Signature Credit Card
With Emirates NBD Business Rewards Signature credit card, you get Protect Plus Insurance that secures outstanding balances in case of
loss of life
Emergency medical expenses
Permanent total disability
The credit card also provides complimentary travel and medical insurance to secure your vacations and business trips.
With the reward signature credit card, you get 55 interest-free days to repay your bills without any interest.
When you pay the joining fee, you get 5,000 business reward points as a joining bonus.
Using the credit card, you can avail of complimentary access to over 650 premium airport lounges across 300 cities around the world.
With Emirates NBD Business Rewards Signature credit card, you get up to a 30% discount on all of your dining expenses.
With Emirates NBD Business Rewards Signature credit card, you get an extended warranty that doubles the manufacturer’s warranty on the product.
On purchasing products using your Rewards Signature business credit card, you get purchase protection to secure your products against damages, burglary and losses.
Emirates NBD business credits cards are accepted across 22 million outlets and 1.3 million ATMs worldwide.
As a part of your lifestyle privilege, the credit card also offers complimentary access to five premium golf rounds in the UAE.
With each and every daily life expense in USD equivalents, you earn up to 2 business reward points.
The bank offers you complete control over credit card expenses through an online credit card account. Monitor, limit or freeze your card with a few simple clicks.
With the signature business card, you can enjoy 24*7 roadside assistance up to 3 times a year.
Benefits & Features of Emirates Islamic Business Credit Card
With Emirates Islamic Business credit card, you get emergency medical and legal referrals anywhere around the world.
Using the business card, you can also avail yourself of multi-trip travel insurance to secure your travel against accidents and inconveniences for up to 90 days.
For each purchase using the Emirates Islamic credit card, the cardholder earns El SmartMiles that he/she can redeem later to avail of exclusive discounts.
Using your Emirates Islamic Business credit card to buy a product automatically increases its warranty by one additional year on manufacturer warranty.
With the Emirates Islamic Business credit card, you get complimentary access to over 750 airport lounges worldwide.
The card offers purchase protection that secures your purchased products against loss, theft and damages.
With the Emirates Islamic business credit card, you get multi-trip travel insurance that secures your trips and vacations for up to 90 days.
With easy payment plans, you can convert your larger purchase into convenient instalments and manage your cash flow efficiently.
Using the Business credit card cash advance facility, you can withdraw up to AED 10,000 daily at any ATM worldwide.
With Emirates Islamic business credit card, you get exclusive offers and discount on business trip booking through Kaligo.com
For Signature business credit cardholders, the bank offers a global concierge service to book your flights, hotels, restaurants and more.
4- ADCB Business Platinum Credit Card
Benefits & Features of ADCB Business Platinum Credit Card
With an ADCB Business Platinum credit card, you get Credit Shield insurance that protects your outstanding balances against accidental death, critical illnesses, job loss, permanent disability, etc. The total coverage amount caps to AED 200,000.
In addition, the bank also offers Corporate Liability Waiver in case of fraudulent use of the business credit card by an employee.
ADCB Business credit card also offers fraud insurance that protects you from unauthorised transactions, stolen cards and any fraudulent activity.
Using the ADCB Platinum credit card, you can avail of free airport lounge access across the globe up to 3 times a year.
With the Platinum business credit card, you get exclusive access to Buy 1 Get 1 offers across the Middle East and Africa. You simply need to make the purchase using the business credit card to avail of the discount.
As a lifestyle benefit, you can avail yourself of a complimentary 60-minute spa and fine dining.
Additionally, you get 25% off on all the up-street restaurants and select diners across the UAE.
For making business purchases, you get rewarded with cashback and rewards, and you can save up to AED 16,700 each year to add up to your cash flow.
ADCB Platinum Business credit card can be customised with the name of your company, boosting your recognition.
Eligibility Criteria to Apply for Business Credit Cards with Life Insurance in the UAE
Business entities willing to apply for a credit card offering life insurance need to satisfy a few criteria related to their business operation and revenue. Several banks in UAE may also consider the owner’s personal details before offering a business credit card. Applicants need to satisfy the following eligibility criteria while applying for business credit cards with life insurance.
Individual’s age - To acquire a business credit card in the UAE, an applicant must have attained the age of 21 years. Few banks have an upper age limit of 60 to 65 years, above which the individual cannot apply for a credit card.
Minimum Relationship Balance - Before offering a credit card, numerous banks in UAE consider the liquid funds available with business entities. It shows their stability and capability to cope with emergencies. With better stability, the chances of acquiring a business credit card increase.
Credit Score and History - While reviewing credit card applications, banks in the UAE enquire about the business’s creditworthiness. It may also consider the credit scores of the business owners. Businesses with better credit scores and history are eligible for business credit cards with life insurance.
Annual Revenue - Annual revenue is the total turnover of a specific business. To apply for business credit cards with life insurance, the enterprises need to satisfy the annual revenue requirements depending on the bank and the credit card.
A Valid UAE Trade Permit - Along with other requisite documents, the entities applying for a business credit card needs to have a valid trade license issued by the Department of Economic Development (DED) UAE.
Business Location - The business needs to have a local office and operate within the geographical boundaries of the UAE. A business established outside the UAE needs to have an active branch in the UAE.
Operation Period - The businesses need to operate successfully for 1-3 years depending on the bank’s requirements before applying for the credit card. The bank lays down these criteria to know the financial stability and reliability of the business. Since new businesses are unstable and possess a higher risk than established businesses, they may find it difficult to acquire a business credit card.
Documents Required while applying for Business Credit Cards with Life Insurance
After the company checks its eligibility, it needs to collect the required documents and submit them to the bank in the prescribed format. The documents may vary depending on the issuing bank and type of business. The list of documents a business requires during credit card application is as follows.
A copy of the trade license issued by the Department of Economic Development UAE
Valid passport of all the business owners, partners, signatories or stakeholders (if applicable)
Valid Emirates ID of all the partners, signatories or stakeholders residing in the UAE
Past one or two years business performance (cash flow report) of the enterprise
Company incorporation certificate or details
Bank account statement of the company of the past 12 months
Power of attorney or the board members’ resolutions
A bank reference letter or company profile is applicable
Official address proof of the company
Memorandum of Association or Partnership Agreement
Documents related to the business and its operations
Tip: To have a hassle-free business credit card application, produce all the relevant documents related to your business and its owners.
How to Apply for a Business Credit Card with Life Insurance in the UAE?
UAE banks accept applications via numerous online and offline modes. The applicants can use the online channels to apply for a business credit card or they can visit the bank in person to apply for a credit card. Various means of applying for a credit card with life insurance are as follows.
Online Application - For online applications, individuals need to visit the bank’s official website and scroll through the business credit card section. Subsequently, they need to select the best business credit card with life insurance as per their requirements. After selecting the business card, you need to enter your contact and personal details. The bank will contact you for the further application process.
Offline Application - To apply offline, the business representative needs to visit the bank with relevant documents. Later, they need to select their credit card and fill in the required details as per the instructions of the banking personnel. Once your application is approved, the bank releases the credit card to the registered address of the client.
Application via Phone - Numerous banks in the UAE accept business credit card applications via phone. The applicants need to contact the bank’s support team with the phone number provided on the bank’s website. The support team will guide the applicant through the application process.
Annual Charges on Business Credit Cards with Life Insurance in the UAE
Business credit cards are subject to charges related to annual membership and retail finance rates. In addition, business credit cards also include various transaction charges depending on the bank. The following list shows the annual charges on business credit cards with life insurance in the UAE.
Business Credit Card with Life Insurance
Emirates NBD Business Rewards Signature Credit Card
FAQ's on Business Credit Cards with Life Insurance in the UAE
What is life insurance?
Life insurance is an agreement between two parties, i.e. the insurer and the policyholder. The insurer provides the insurance benefits (financial assistance) in case of untimely events such as death, disability, critical and terminal illnesses. In case of the policyholder’s death, the beneficiaries can avail of the insurance benefits by filing an insurance claim.
How does a business credit card offer life insurance in the UAE?
Business credit cards come with various security options like Credit Shield, Protect Plus insurance, etc. With such plans, the credit cards waive your outstanding balances and card debts in case of mishaps. To offer protection, the credit card issuer charges a monthly premium, billed along with your purchases after every billing cycle. For most cards, the insurance is active by default.
Is there a coverage limit for life insurance through business credit cards?
Yes, the cards have a coverage upper limit depending on the bank and the type of business credit card you are applying for. For example, the ADCB business credit card offers Credit Shield insurance up to a limit of AED 200,000.
How can I avail myself of business credit card insurance benefits after a mishap?
To avail of the insurance benefits, the cardholder needs to file a claim along with supporting documents and proof. They can fill an online claim form by visiting the bank’s official website or they can contact customer support and register their claim.
How to enrol for a business credit card with life insurance?
Most credit card issuers have the insurance services activated by default. If that is not the case, you can contact your card issuer and apply for life insurance.
Do I need to pay a premium for opting for the life insurance plan on my business credit card?
Yes, the bank charges you a premium for the business credit card with life insurance. The insurance cost depends on the bank and the credit card you are applying for.
What are the inclusions of a business credit card with life insurance?
The business credit card with life insurance offer benefits in case of the following events:
Natural or accidental deaths
Permanent total disability
Involuntary loss of employment
What is corporate liability waiver in business credit cards?
A corporate liability waiver protects business owners against fraudulent transactions by their employees using business credit cards. With a corporate liability waiver, the owner is not liable to pay for fraudulent and unauthorised transactions
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