How to Get a Credit Card for a Salary Below AED 3500 in UAE?
By Shivam Sharma
| Published: 26 October 2021
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When you need additional cash for shopping or paying off utility bills, a credit card comes in incredibly handy since it allows you to get quick credit. You may spend money today and pay it back later using a credit card. Many people in the UAE have switched to credit cards because of the advantages they offer. Many people, however, are unable to fulfill the credit card application's minimal wage criteria. According to bank policy, no credit card issuer would provide a card to an individual earning less than AED 3,500 per month. A minimum salary of AED 5,000 is required to obtain the best credit card in the UAE. You cannot get a credit card in the UAE if your minimum salary is less than AED 3,500. However, several other options may allow you to get a credit card with an income of less than AED 3,500.
How to Get a Credit Card in the UAE with Minimum Salary of AED 3500
Getting a Personal Loan
Many of you are probably asking how a personal loan may assist us in obtaining a credit card with an income of AED 3,500. Let us tell you that when you take out a personal loan in the UAE, certain banks will also provide you with a credit card. RAKBANK, for example, provides a free credit card with no application cost and no annual fee as well as a low-interest rate on RAK personal loans. This enables you to obtain a credit card at no cost while also receiving funds to cover other costs. However, you should consider whether or not taking a personal loan only to obtain a credit card is a financially wise option. You may also find it difficult to obtain a personal loan from RAKBANK with a minimum salary of AED 3,500 due to the minimum wage limit.
Getting Started with a Fixed Deposit Account
A fixed deposit account allows you to earn a high rate of interest on your savings while still allowing you to use a credit card in some situations. If you have created a fixed deposit account with a financial institution or bank in the UAE, you may apply for a credit card regardless of your salary. Even with a minimum salary of AED 3,500, you may apply for a credit card through a fixed deposit account.
What is the Process Behind It?
When you apply for a credit card, the bank will ask for proof of income. This minimum wage is used to determine whether or not you will be able to repay the loan in the future. Banks are hesitant to issue you a credit card if your salary is less than AED 3500. Banks will demand monetary security as financial collateral to guarantee that your loan is repaid in this situation. The money you put into a fixed deposit account is used by the bank as a security deposit to cover your debt if you can't pay it back. With a minimum income of AED 3,500, opening a fixed deposit account is one of the easiest methods to get a credit card.
Which Banks Are Providing This Facility in UAE?
The National Bank of Fujairah (NBF) has created an option for credit card purchasers by allowing you to apply for an NBF Classic credit card in the UAE if you currently have an account or open an NBF Fixed Deposit account.
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Installment plans have no interest rate
Flexible repayment options are available
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Facility for Cash Advancement
Facility for Direct Debit
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Banking on the go
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Savings Account
Savings Accounts are well-known for allowing people to save money while also collecting interest. Furthermore, many people create savings accounts since it allows them to borrow money from their savings account anytime they need it. However, a savings account has a lesser-known purpose: it may be used to obtain a credit card. If you have created a savings account with a few banks in the UAE, you may apply for a credit card with a minimum income of AED 3,500.
How does it work?
When you create a savings account with a bank, you must make a deposit. As the bank can use the money in your savings account as collateral if you are unable to repay your debt, it gives you a credit card against the balance amount in your savings account. Your credit card's credit limit will be the same as the amount you have in your savings account. Let's assume you make a monthly savings of AED 700 on a minimum income of AED 3,500 in the UAE. You will be able to deposit AED 3,500 in your bank account in five months. You now want to apply for a credit card after five months. Your credit card application will be approved and you will be given a credit card with a limit of AED 3,500 based on the balance in your savings account. If you can't pay off your credit card debt in the future, the bank will take the money in your savings account as collateral to pay off the obligation.
Top 10 Credit Cards on Below AED 3500 Salary in UAE
Although you may obtain a credit card with a minimum salary of AED 3,500 by using the aforementioned indirect techniques, we recommend that you wait until your salary increases to AED 5,000. Once your salary reaches AED 5,000 or more, you will be able to obtain the best credit cards in the UAE without any difficulty. It is usually preferable to choose the simplest option where you can obtain a credit card without difficulty. As soon as your salary reaches AED 5,000, consider the following top 10 credit cards in the UAE:
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Credit card companies in the UAE do not provide credit cards to those with a minimum salary of AED 3,500, but you may get one through a lateral method. However, you should wait until your salary reaches AED 5,000 before applying for a credit card and making use of its full perks. You can find additional credit card alternatives by visiting our credit card section, where you can find interesting deals and offers on various credit cards.
He has a content writing experience of over 6 years in academics, newspapers, and biography writings along with a Masters and M.Phil in History. A researcher at heart, he likes to read books, play games, and binge-watch. He seeks to garnish the driest of topics in humour whenever he can and believes in brevity and simplicity.
