Banks and other financial solutions providers in the UAE have developed various lending options to help customers deal with their financial challenges. These institutions offer facilities like personal loans, credit card loans, balance transfers, and more for easy debt repayments.
Balance transfer is a banking facility that most banks offer through credit cards. The eligibility criteria for such credit cards are almost the same as all the other credit cards. With this service, the cardmembers can consolidate and transfer their multiple banks’ credit cards outstanding amount to their chosen bank’s credit card.
Let us go ahead and learn more about how this service works, followed by the top three balance transfer credit cards that you can consider.
The amount that you can consolidate and transfer to your credit card depends upon the terms and conditions of the concerned bank. Most banks and credit card lenders allow cardmembers to transfer the amount equal to the whole or available credit card limit, but some come with specific capping percentages.
For example, with Bank A credit card, you have 50 per cent of your limit available and you can transfer the amount equal to 50 per cent of your total credit limit. On the other hand, with Bank B credit card, you have 50 per cent of the credit limit available and you can transfer the balance equal to 60 per cent of the available credit limit.
The best part about this facility is that you can consolidate the outstanding balance of multiple credit cards from different banks, making your external due amount nil. Let us go ahead and learn how to initiate a balance transfer on credit cards.
You must first compare different balance transfer credit cards from different banks and other lenders in the UAE. Here are a few effective tips to help you do a balance transfer on credit cards.
Here is a list of the best balance transfer credit cards in the UAE.
With the balance transfer facility, the ADCB Etihad Guest Infinite Credit Card members can transfer their other bank’s credit card due amount to adcb credit card to make easy payments. The cardmembers can convert their transferred outstanding amount into easy monthly EMIs of 48 months at zero percent interest.
Here are the major features & benefits of the ADCB credit card.
This is one of the best balance transfer credit cards in the UAE. With the balance transfer facility, FAB DU Platinum Credit Card members can consolidate and transfer their other banks’ credit cards payable amount to FAB Credit Card in just a few clicks. The cardmembers can then convert this amount into 12-month EMIs to make easy repayment at a zero per cent interest rate.
Here are the major features and benefits of the FAB DU Platinum credit card.
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The Bottom Line
Availing of a balance transfer facility using your credit card is not the best idea to get rid of your credit card outstanding amount. It sometimes adds even more to your debts. So before you opt for this facility, make sure you consider all the other debt-relief options.
You can arrange funds from your friends or family. Or you can visit our website to check out other financial options. In case you need personalized assistance, you can always call our help and support representatives to seek advice. They will help you with all the available options and take you through the pros and cons of balance transfers based on your preferences.
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