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A credit card expands your financial reach by allowing you to pay for purchases later. A credit card not only enhances your shopping experience but also contributes to shaping your reputation and credibility as a borrower in the UAE. Paying your credit card bill timely boosts your credit score and helps you in increasing your credit limit in the UAE.
UAEFTS stands for United Arab Emirates Funds Transfer System. This system is a Real Time Gross Settlement (RTGS) system anchored by the Central Bank of UAE which facilitates the transfer of funds from one bank in the UAE to another via UAE’s central bank system. The system requires banks in the UAE to shift from SWIFT financial message to a file-based settlement system enabling efficient processing of AED payments.
When you submit a request for fund transfer using RTGS, your request is immediately queued for action in the system. The transfer is processed and finally settled in real-time. You can review the status of your request throughout business hours. Once, your payment request is processed, all the concerned parties i.e. the payer and the payee receive a notification.
According to the norms in the UAE, all banks in Dubai, Abu Dhabi, and the rest of the UAE accept payments through UAEFTS. In case you need to make a credit card payment offline but you are unable to visit your bank, your bank allows you to pay through an exchange house. Visit the nearest exchange house which facilitates credit card payments. For instance, ADCB, Emirates NBD, CitiBank, Mashreq Bank, RAKBANK, and others allow their credit card users to pay through exchange houses. Please note that the bank may charge you an additional fee for paying through an exchange house.
There are broadly two platforms to pay your credit card bills: Offline and Online
Offline payment is a traditional method of paying your credit card bills in the UAE. This method requires you to visit your credit card bank branch to pay the bill. To pay offline, you can use the following methods:
Credit Card Payment by Cheque
To pay through cheque:
You can choose to visit the bank and deposit the cheque or mail the cheque to the bank. The bank will clear your payment via the Image Cheque Clearing System (ICCS).
Please note that some banks may not accept payment in cheque and you may require to pay in cash or using online methods.
Credit Card Payment by Cash
Paying your credit card bill using cash used to be the most preferable method. All you need to do is visit the bank and deposit the money in Cash Deposit Machine (CDM).
Even though paying offline requires you to travel, this is believed to be a safe way of paying your bill.
There was a time when the offline mode was the safest and the most preferred method of paying credit card bills. However, with the increasing accessibility and improvement of technology, the online mode of paying has replaced the offline method of paying. An online mode of payment allows you to pay your credit card bill from your home, office, or anywhere in the world, without visiting the bank. There are several methods available in the UAE to make your credit card payment online:
Credit Card Payment by Direct Debit
There are times when you may forget to pay your credit card bills. This will not only attract penalties but also hampers your credit score. To avoid late payments, many credit card providers offer a direct debit facility. This facility enables you to connect your credit card payment cycle to your account balance. When the due date arrives, your credit card company automatically deducts the outstanding amount from your bank account. This facility gives you peace of mind and allows you to forget about payment dates.
Credit Card Payment by Online Payment
You can also make your credit card bill payments through your mobile banking app. All you need to do is open your banking app, choose the card you want to pay. Enter the amount and the payment will be made. In case your credit card and bank account are in different banks, you can set up a credit card payment option or transfer the balance from one bank account to the other and then pay.
The top 10 banks in the UAE which offer the UAEFTS payment facility are:
Banks in the UAE let you make Credit Card payments using Wallet apps. Connecting your bank account to the Phone wallet is a safe method of paying your bills and transferring the amount to a payee within a few minutes. There are several popular wallet apps which you might consider for making credit card bill payments:
Apple Pay phone wallet is compatible with only Apple product users. Since it is a secluded payment app, the traffic on the platform is comparatively less and the payments are made quickly. Apple users can make their credit card bill payments following these simple steps:
EWallet is the “first UAE Central Bank licensed” wallet which allows you to make a credit card payment online. Follow these instructions to make the payment:
Sixteen national banks have partnered with Emirates Digital Wallet LLC. To make credit card bill payment using Emirates Digital Wallet download the app from EDW or the bank which allows the payment using this phone wallet app.
Google Pay is one of the most popular phone wallet app used around the world. To use google pay download the app from the Google store. Register the account and card details on you’re google pay account and pay for your credit card bill.
PayBy phone wallet services were first enabled by Abu Dhabi Bank. To use PayBy for making your credit card payments, download the app from Google store, apple store, or HUAWEI App Gallery.
While paying for one credit card from another gives you more time to repay your credit card bills, it is not a bright idea. The banks usually do not prefer receiving credit card payments from another credit card to prevent the risk of fraud. Besides, only a few cards provide you the facility of paying for your credit card using another credit card. However, if it is required there are two methods of paying:
You can borrow cash using a credit card to pay your other credit card bill via cash deposit. However, your ATM bank may charge you extra for borrowing cash.
Instead of using one credit card to pay for the other, you should rather transfer the balance of one credit card to the other. This transfer of debt is called a balance transfer. It is a more professional method of transferring the debt on your credit card. To avail of this facility, contact your card issuer of the card where you want to transfer the debt. The card issuer will require your card details like card number, account number, the amount that needs to be transferred. Your card provider will then pay for the credit card and the transacted amount is transferred to another credit card. The bank will also charge you a processing fee.
You can use these methods to make your credit card bill payments online or offline for these credit cards:
|Bank Credit Cards|
|Deem Finance Credit Cards||ADIB Credit Cards|
|ADCB Credit Cards||Sharjah Islamic Bank Credit Cards|
|Mashreq Bank Credit Cards||Dubai Islamic Bank Credit Cards|
|Emirates NBD Credit Cards||FAB Credit Cards|
|Commercial Bank of Dubai Credit Cards||Citibank Credit Cards|