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Best Credit Cards for SMEs in UAE, Dubai

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Emerging as one of the fastest-growing economies in the Middle East, the UAE offers favourable conditions for nurturing businesses. Since proper fund management is crucial for SMEs (Small and Medium Enterprises) to have sustainable growth, the banks in the UAE offer business-oriented products and services. At present, the small and medium enterprises hold a 60% market share of the non-oil economy and the UAE Government aims to grow it to 70% by early 2022.

However, to provide growth opportunities, these enterprises need extensive investment and readily available funds. To resolve this issue, the banks offer credit cards for SMEs that allow them to acquire quick and short term loans. In addition, these credit cards come bundled with several employee benefits and financial features. The article below throws light on various aspects of acquiring credit cards for SMEs in the UAE. 

What are SMEs?

SME stands for Small and Medium Enterprises. In UAE, the government classifies various businesses based on the number of employees working in the company and its annual turnover. These small and medium enterprises contribute to over 73% of the wholesale and retail sector, around 16% of the service sector and 11% of the manufacturing and industrial sector. With such as gigantic market share, SMEs provides a major contribution to the UAE economy. 

Following is the Classification of a Small Enterprise

Sector

Classification features

For General Businesses and Trade Sector 

A company with an annual turnover of up to AED 50 million and has a workforce from 6 to 50 employees is considered a small business

For Manufacturing Sector

An enterprise with 10 t0 100 employees and has an annual turnover of up to AED 50 million is defined as a small manufacturing enterprise

For Service Sector 

A company with up to 10 employees and an annual turnover of up to AED 20 million is considered a small enterprise.

Best Credit Card for Small Business in UAE

Following is the classification of a Medium Enterprise

Sector

Classification features

For General Businesses and Trade Sector 

A company with 51 to 250 employees and generates annual revenue of up to AED 250 million is classified as a medium trade enterprise.

For Manufacturing Sector

Enterprises with employees between 101 to 250 and have annual revenue of up to AED 250 million are considered medium manufacturing enterprises.

For Service Sector 

A company holding 51 to 200 employees with a maximum annual revenue of AED 200 is termed a medium scale service enterprise.

What are Credit Cards for SMEs?

Similar to an individual credit card, SMEs credit cards provide instant funds to business owners. In addition, these cards are also available to the employees on the employer’s behalf to meet the monetary requirements of the company. Along with various employee benefits such as travel and stay privileges to ease out the business trips, credit cards for SMEs provide prominent security through fraud and employees indemnity protections. The enterprises also get alternative methods for loan applications against their business credit card

The credit cards for SMEs offer quick loans to entrepreneurs and business owners to maintain their cash flow and proper operation of the business. With an SME credit card, they can manage their business expenses efficiently and enjoy several benefits and perks while growing their venture. 

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Best Credit Cards for SMEs in the UAE

  • ADCB Business Credit Card
  • RAKBANK Titanium Business Credit Card
  • CBD Business Credit Card
  • Emirates NBD Business Credit Card
  • Mashreq Corporate Credit Card

ADCB Business Credit Card

Features & Benefits for this Credit Card

  • ADCB Business credit card is one of those credit cards in the UAE that offers 1% cashback on each transaction whether in the UAE or abroad. 
  • To boost your business reputation, the bank offers an ADCB Business credit card that bears your company’s logo.
  • Using your credit card for business-related expenses such as travel, stationery, furniture can provide you with a discount of up to 30% with merchants linked to your business.
  • The card offers Corporate Liability Waiver (CLW) which secures your company against fraudulent use of the credit card by an employee.
  • Additionally, you can also avail yourself of an optional Credit Shield insurance with coverage of up to AED 200,000.
  • Using the ADCB Business credit card, you can acquire cash loans against your credit limit and get them directly transferred into your bank account within 3 working days. 
  • You can repay your credit card loans through easy installment plans with a tenure of up to 24 months. 
  • With your platinum business credit card, you get free access to premium airport lounges and Buy1Get1 Offers. 

RAKBANK Titanium Business Credit Card

Features & Benefits for this Credit Card

  • RAKBANK Titanium Business credit card is ideal for your business expenses worldwide and comes with no annual charges. 
  • For retail purchases, the bank charges low-interest rates. 
  • Using your credit card, you can earn 1% cashback on all local and international transactions. However, you can earn a maximum cashback of AED 1,000 per month.
  • RAKBANK Business Titanium credit card offers a high credit limit and cash advances of up to 90% of your credit limit. 
  • Along with a grace period of 55 days, you get a credit card cheque facility. 
  • With your business credit card, you get unlimited lounge access at regional and international airports to ease out your business trips. 
  • The credit card also offers complimentary protection such as purchase protection and travel insurance, including an optional Credit Shield insurance. 

CBD Business Credit Card

Features & Benefits for this Credit Card

  • CBD Bank offers business credit cards with a high credit limit of up to AED 250,000 to meet your personal and business expenses.
  • For each local and international purchase, you earn up to 1.5 CBD rewards. You can convert these rewards into cash back, air miles or shopping vouchers at your ease.  
  • For enhanced cash flow management, you get a grace period of up to 52 days and cash advances of up to 50% of your credit limit. 
  • As a part of your security, you get complimentary multi-trip travel insurance. 
  • To ease your business travels, the card offers complimentary access to over 1000 airport lounges across the globe. 
  • For your convenience, CBD business credit card is accepted at over 30 million outlets and merchants worldwide. 
  • Using the CBD mobile app, you get instant access to your credit card account. You can conveniently track and manage expenses. 

Emirates NBD Business Credit Card

Features & Benefits for this Credit Card

  • With Emirates NBD Business credit card, you get added value features, high cash limits, lifestyle benefits and premium airport lounge access. 
  • Using the credit card you earn Plus Points as mentioned below. 
    • Earn 5% Plus Points on hotel expenses.
    • Get 2% Plus Points on international spending.
    • Receive 1% Plus Points on Government and DED transactions. 
    • Earn 1% Cashback on utility bills and petroleum transactions.
  • As an Emirates NBD Business credit cardholder, you get corporate liability waiver, discounted shipping costs, exclusive offers on rental and chauffeur rides. 
  • With the credit card, you also get convenient bill payment for DEWA, SEWA, Auto Salik, Etisalat and Du etc. 
  • With the Smart Business mobile app, you can access your credit card account in real-time and manage your expenses while on the go. 
  • The bank offers high cash advances of up to 75% of your credit card limit. 
  • You also get low finance rates on installment plans. 

Mashreq Corporate Credit Card

Features & Benefits for this Credit Card

  • With Mashreq Corporate credit cards, the bank offers a complete business payment solution.
  • Mashreq bank does not levy an annual membership fee on the corporate credit card. 
  • To repay your outstanding amounts in full, you get a longer grace period of up to 51 interest-free days. 
  • For your payment convenience, you get multiple statement cycles, and you can opt for a statement date based on your ease. 
  • You can set up an auto-debit feature through your Mashreq corporate account and enjoy hassle-free bill payments. 
  • With the Mashreq Corporate credit card, you get an SMS alert every time your central card reaches 80% of its credit limit. 
  • Along with various travel and purchase benefits, you get insurance and card protection features. 
  • In case of fraud by an employee, you get corporate liability waiver of up to USD 25,000 per employee. 
  • The corporate card also includes multi-trip travel insurance against travel accidents and inconvenience. 
  • To provide you with peaceful and hassle-free business trips, the card offers complimentary airport lounge access to 500 regional and international airports

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Benefits of Credit Cards for SMEs in the UAE

Business credit cards are designed to offer numerous benefits to nurturing enterprises. Along with effective financial management, credit cards for SMEs provide updated product offerings and service models to grow your business rapidly. Following are some of the benefits of credit cards for SMEs. 

  • Most business credit cards are affordable with low or no membership fees. 
  • Along with offering credit cards, the banks provide corporate payment solutions and other business-related services for better oversight over transactions and expenses. 
  • Credit cards for SMEs have wide acceptance across various government organisations and merchants in the UAE. Thus, providing easy and hassle-free payments. 
  • Several credit cards offer liability coverage that can go up to USD 25,000 per employee in case of credit card misuse by an employee. 
  • With SME credit cards, you can eradicate the hassles of utility bill payments. All you need to do is to set up auto-debit instructions. 
  • With e-statements and mail statements offered by these credit cards, you can conveniently oversee your business expenses, analyse and forecast your future expenditure. 
  • Along with various financial benefits, business credit cards come with travel, entertainment, and lifestyle benefits such as access to airport lounges, travel insurance, discounts on movie tickets, and much more.
  • Business credit cards also offer loyalty benefits in the form of rewards and cashback. The cardholders can redeem these points to avail themselves of exclusive discounts at various merchants.. 

Features of Credit Cards for SMEs in the UAE

With various benefits suiting your business requirements, credit cards for SMEs provide attractive features to aid your business growth. Following are the key features of Credit cards for SMEs. 

  • No Annual Membership Credit Cards - Most credit cards for SMEs do not charge annual membership fees. It helps young businesses to save on membership fees and focus on growing their businesses. 
  • Interest-Free Days - Similar to individual credit cards, business cards also offer interest-free days that can go up to 55 days. If the card owner pays the outstanding amount in full within the interest-free period, the banks won’t charge then any interest. 
  • B2G and B2B Payment Feature - With the credit cards for SMEs, the banks offer excellent payment facilities for business to government (B2G) payments and Business to Business to Business (B2B) payments. Using the credit card, the cardholder can conveniently pay the government bills and business expenses through various points of sales (POS), online, and mobile banking channels. 
  • Easy Expense Monitoring and Control - With credit cards for SMEs, the banks offer expense monitoring through SMS and E-mail alerts. Along with monitoring, you can also control your business expenses by restricting card uses with the administering accounts. 
  • Business Credit Card Insurance - Several business credit cards also come with insurance coverage against fraudulent activities by an employee and credit card misuse. In case of any detected fraud, the bank waives the business owner’s liability. 
  • Access to Online Account - For monitoring business expenses through credit cards in real-time, the banks offer a full suite of online credit card accounts. You can conveniently monitor, track, control, and limit your business credit card expense by following a few simple steps. 

Eligibility Criteria for Credit Cards for SMEs

In order to apply for a Business credit card, the business owners need to satisfy a few eligibility criteria. The bank lays down these criteria to check your financial status and ensure timely repayments of the credit card bills. Following are the common eligibility criteria for credit cards for SMEs.   

  • The company owners and business partners should have a healthy credit score. The bank sets a threshold score below which it doesn’t provide the corporate credit card. 
  • To apply for the Business credit card, the company needs to be registered in the UAE, and the business owners should have a valid UAE visa (for ex-pats).
  • The company needs to have a valid trade license issued by the Department of Economic Development. 
  • The company needs to have a good track record and financial performance.
  • Depending on the stability of the business, the bank may lay down the criteria for the minimum operating period in the UAE.

Following are the Card-specific Eligibility Criteria for the Businesses 

Credit card for SMEs

Eligibility Criteria

ADCB Business Credit Card

  • A business needs to have operated for a minimum of three years in Abu Dhabi, Sharjah, or Dubai.

RAKBANK Titanium Business Credit Card

  • The business should have operated successfully for a minimum of 5 years in the UAE. 
  • Businesses should earn a minimum revenue of AED 2,500,000 per year

CBD Business Credit Card

  • Applicants need to be in the age range of 25 to 65 years. 
  • Applicant needs to maintain a minimum bank balance of AED 25,000  

Emirates NBD Business Credit Card

  • An applicant requires a minimum age limit of 18 years
  • Applicants need to have a verified source of income
  • Applicant needs a valid UAE identification and passport

Documents Required for Credit Cards for SMEs

To apply for a credit card, the business owners need to provide proof of their identity, address and business operations. An applicant needs to submit the following documents while applying for a credit card. 

  • An original passport of the business owner and all the partners,
  • A valid Emirates ID of the owners and the partners (if the owner is a UAE National/Resident),
  • Business related documents mentioning the details of operation and clients, 
  • A valid trade license issued by DED (Department of Economic Development),
  • Address proof of the corporate office,
  • Company incorporation details,
  • Company’s financial performance records, 
  • Company’s bank account statement for the last 12 months

Note - Depending on the type of business, you may need to submit additional proofs pertaining to your business operation and more.    

How to Apply for Credit Cards for SMEs?

The banks in the UAE offer multiple modes to apply for a business credit card. An applicant may visit the bank in person and consult the representative. However, to save time and effort, they can also apply for a business credit card online. You may choose any of the following ways to apply for the credit card for SMEs.

  • Online Application - To apply online, the applicants can visit the bank official website, scroll through the business credit card section. Subsequently, they need to choose the type of business credit card and enter their contact and personal information. After successful verification, the bank dispatches the credit card to your address. You can also follow the same process to apply using the mobile application of the bank. 
  • Offline Application - The applicants can visit a local bank branch with all the required documents. Later, they need to fill a business credit card application form and submit it to the bank after attaching all the required documents. Once your documents are verified, the bank dispatches the business card to your registered address.
  • Application via Phone -  An applicant can also apply by contacting the bank through the customer service number provided on it’s official website. They need to submit their personal and contact details and, the support representative will guide them through the business credit card application process. 

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Annual Charges for Credit Cards for SMEs in UAE

Following are the schedule of charges for credit cards for SMEs in UAE

SME Credit Card in UAE

Fees and Charges

ADCB Business Credit Card

AED 208.95

RAKBANK Titanium Business Credit Card

No Annual membership charge

CBD Business Credit Card

No Annual membership charge

Emirates NBD Business Credit Card

No Annual membership charge

Mashreq Corporate Credit Card

No Annual membership charge

FAQ's

Q1. What are credit cards for SMEs?

Ans. To offer quick and short term loans, the banks in the UAE offer business credit cards for small and medium enterprises. Such credit cards are also known as credit cards for SMEs. These credit cards work like an individual credit card. However, they offer added advantages such as high credit limits and up to 99 supplementary cards for the employees.

Q2. Which are the top credit cards for small and medium enterprises?

Ans. Following are the top business credit cards for small and medium enterprises based on their benefits and affordability. 

  • ADCB Business Credit Card.
  • RAKBANK Business Titanium Credit Card 
  • Mashreq Corporate Credit Card
  • CBD Business Credit Card and,
  • Emirates NBD Business Credit Card
Do I get corporate liability waiver against credit card misuse by an employee?

Ans. Yes depending on your credit card issuer, you can avail of up to USD 1.6 million as corporate liability waiver in case of fraudulent activity by an employee.

Q4. Do I get travel benefits with credit cards for SMEs?

Ans  Yes, along with shopping and lifestyle benefits, you get the following travel benefits. 

  • Complimentary access to regional and international airport lounges. 
  • Multi-trip travel insurance, covering travel accident and inconvenience expenses. 
  • Discounted air tickets, depending on your insurer. 

 

Q5. Do credit cards for SMEs offer loyalty benefits?

Ans. Yes, several business credit cards come with loyalty benefits such as cashback and reward points. Depending on the card issuer, each local and international spending can earn you up to 5% of reward points and up to 1% cashback.

Q6. Is there an annual membership fee on credit cards for SMEs?

Ans. Most business credit cards do not include an annual membership fee. However, a few banks may charge you a membership fee depending on the type of services they provide.

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