Business Credit Cards with Purchase Protection in UAE
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Credit cards are one of the most efficient financial tools in today’s era, offering short term quick loans with complete security and safety. Over the years, these cards have become so popular that they are now available for individuals, small and medium businesses, and large corporates. Business credit cards are similar to individual cards but are intended for business use only. With increasing competition, the card issuers come up with unique features and benefits to attract business clients, and one such feature is purchase protection.
To enhance credit card security, the banks and financial institutions in the UAE offer business credit cards with purchase protection. With this feature, you can secure your purchases against damages and losses due to accidents, violence or any external means. In case of loss or damages, the bank reimburses, repairs or replaces the eligible product if intimated within time. The article brings you the list of top business credit cards with purchase protection and their features and benefits.
Best Business Credit Cards with Purchase Protection in UAE
With numerous business credit cards in the UAE, you get the option to choose the type of card that suits your requirements. A purchase protection credit card secures your purchases against damages and fraudulent activities. Following are the top business cards with features and benefits -
Features & Benefits for RAKBANK Titanium Business Credit Card
With the RAKBANK Titanium Business credit card, you get purchase protection of up to USD 1,000 per item and up to USD 4,000 per occurrence.
You can avail of total annual purchase protection of up to USD 8,000 per cardholder.
To avail of the purchase protection, the individual needs to intimate the bank within 30 days.
The card does not include annual membership charges whatsoever.
With the RAKBANK titanium business card, you get a low retail finance rate.
The bank offers a high credit limit on the business credit card.
You get up to 55 days of interest-free period. If you pay the card bills in full within the period, the bank won’t charge any interest.
With the RAKBANK business credit cards, you get unlimited airport lounge access across the MENA region.
You can enjoy exclusive dining offers across 2000 restaurants in the UAE.
With this credit card, you can earn up to 1% cashback on all local and international transactions.
Mashreq Bank Corporate Credit Card
Features & Benefits of Mashreq Bank Corporate Credit Card
With Mashreq Bank Business Credit Card, you get purchase protection on eligible items.
The coverage amount depends on the item price.
With the Mashreq credit card, you are assured of corporate liability waiver of up to USD 25,000 per employee.
The card does not include annual membership charges or set up charges.
With the Mashreq Bank corporate credit card, you get 51 interest-free days.
The credit card comes with fraud protection of up to USD 2,000 and an annual cover of up to USD 4,000.
With this card, you can enjoy a range of travel and stay benefits across 300 cities around the world.
Mashreq Bank Corporate credit card comes with complimentary travel insurance, including emergency medical cover and personal accident cover.
Emirates NBD Business Credit Card
Features & Benefits of Emirates NBD Business Credit Card
With the Emirates NBD Business Credit card, you get extensive purchase protection on the eligible items.
Using the card, you get complimentary access to regional airport lounges across the MENAT region.
With the Emirates NBD business card, you get cash advance of up to 75% of the credit limit.
The card offers a range of lifestyle and travel benefits.
Depending on your expenses, you can earn up to AED 2000 Plus Points. You can redeem the points to avail of additional discounts on future expenses.
Using the Emirates NBD Business credit card, you can earn cashback on utility bill payments.
The card offers corporate liability waiver that secures you from card misuse by an employee.
With Emirates NBD Business credit card, you get various lifestyle and entertainment benefits. The card offers exclusive access to Bon Appetite and premium golf offers.
You can access your business card account anywhere and at any time with the Emirates NBD smartBUSINESS app.
CBD Business Credit Card
Features & Benefit for CBD Business Credit Card
With a CBD Business credit card, you get comprehensive purchase protection on all eligible items.
CBD Business credit card offers a high credit limit of up to AED 250,000.
Using a CBD credit card, you can withdraw cash from ATMs up to 50% of the credit limit.
The bank levies a low finance rate of up to 3.45% per month.
With a CBD Business credit card, you can avail of complimentary access to over 1000 airport lounges across the globe.
The cardholders can avail of multi-trip travel insurance for a trip of up to 90 days without any charges.
For every retail purchase, you can earn up to 1.5 CBD Reward Points and you can redeem them as Skywards miles, shopping vouchers or cash discounts.
Along with numerous lifestyle and entertainment benefits, you also get 50% off on movie tickets and complimentary valet parking.
With the CBD business card, you get round the clock customer care support within and outside the UAE.
The bank provides real-time account balance and transaction details via the online credit card account.
HSBC Corporate Purchase Credit Card
Features & Benefits for HSBC Corporate Purchase Credit Card
With HSBC Corporate Purchase credit card, you get comprehensive purchase and fraud protection. The purchase protection applies to eligible items.
The bank offers zero corporate liability in case of fraud by an employee cardholder.
With the Corporate Purchase credit card, you get purchaser and merchant management to enhance capital control.
With every purchase using the HSBC Corporate Purchase card, you get real-time card management and powerful online reporting.
The bank offers up to 55 interest-free days to leverage your working capital.
With MiVision and MasterCard’s Smart Data, you get enhanced monitoring and card control.
The card gives you the freedom to authorise employees expenses and vendor payments with ease and complete security.
For domestic and international purchases, you can use the card online, in-store and over the call.
Eligibility Criteria for Business Credit Cards with Purchase Protection
The applicants need to satisfy the eligibility criteria for their preferred business credit card before applying. The laid down requirements check the applicant’s financial status and loan repayment capability. Following are the basic eligibility criteria that an applicant needs to fulfil.
Age Requirement - To apply for a business credit card in the UAE, an applicant must be at least 21 years of age or more. For some business cards, the age requirement may lie between the age of 25 to 65 years. An individual needs to clarify the same during application.
Business Location - The business entity must operate within the geographical location of the UAE. If the business is based in another country, it should have at least one branch in the UAE.
Minimum Business Operation Period - A few banks require the businesses to operate for a minimum period before applying for a credit card. The period can be anywhere between 2 to 5 years depending on the bank’s requirements.
Minimum Bank Balance - Numerous banks require applicants to fulfil the minimum account balance criteria. The requirement varies with the type of business credit card and the issuing bank.
Credit Score - The business owners and partners should have a decent credit score to apply for the credit card. Based on the score, the bank may accept or reject the business credit card application.
Minimum Revenue - Before applying for a business credit card, the entities need to satisfy the annual revenue requirements. The annual revenue is also known as the turnover, and the banks in the UAE consider it while offering you the credit card.
A Valid UAE Trade Permit - The business owner needs to have a valid trade license issued by the Department of Economic Development (DED) UAE.
Documents Required to Apply for a Business Credit Cards with Purchase Protection
The eligible business entity and owners have to collect the required documents related to their identity and business operations. At the time of application, they need to submit these documents according to the prescribed format. Following are the list of documents that an applicant needs to submit.
A valid passport of the business owner and the partners
A valid Emirates ID of the owners and the partners (if the owner is a UAE National/Resident)
Trade License from the Department of Economic Development
Documents related to business and its operations
Address proof of the corporate office
Details of company incorporation
Record of the company’s financial performance
12 months’ bank account statements
Note - Apart from the documents mentioned above, the bank or the financial institution may ask for additional documents for record and verification at their discretion.
How to Apply for Business Credit Cards with Purchase Protection in the UAE?
With extensive development in the financial sector, entities can apply for the business credit card via online and offline modes without any hassle. Through online applications, they can compare various business credit cards with purchase protection and choose the best purchase protection credit card in the UAE. Following are the ways to apply for a business credit card in the UAE.
Online Application - To apply online, the entities can visit the official website of the issuing bank and select the business credit card with purchase protection as per their requirements. Subsequently, they need to fill in the contact details, and the bank representative will contact them for the further application process.
Offline Application - In order to apply offline, the business owner or the 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 bank’s representative. Once the application is approved, the bank dispatches the credit card to the registered address of the client.
Application via Phone - Several banks 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 & Finance Charges on Business Credit Cards with Purchase Protection in the UAE
Following is the list of annual and finance charges on various Business credit cards with purchase protection.
To offer security on your purchases made using credit cards, the banks and financial institutions come up with the purchase protection cover. With the feature, your card issuer protects the item you purchased against damages, losses and fraud. The credit card issuer provides a refund, replacement or repair to restore your purchases. Most credit card companies offer protection for losses or damages up to 30 days. However, some banks protect your purchased items for up to 90 days.
What is the purchase protection coverage amount on business credit cards in UAE?
The coverage amount usually depends on the credit card and the issuing bank. Most business credit cards offer purchase protection of USD 1000 per item or instance and total purchase protection of USD 4,000 per annum.
How can I claim purchase protection using my business credit card?
To claim your purchase protection, you need to contact your card issuer within the specified time. It is better to contact your issuer as soon as possible to avoid last moment hassles. Most banks accept the purchase protection application within 30 days of the purchase using the business credit card.
Is purchase protection available on all products purchased using the business credit card?
No, the purchase protection option is available on eligible items, mostly on electronic items and non-consumable products. Before purchasing the product using your credit card, you need to verify whether it is eligible for purchase protection or not.
Is purchase protection a paid service?
No, the banks and financial institutions offer purchase protection as a complimentary service, and the cardholders don’t need to pay a charge for availing of it.