How to Get a Credit Card for a Salary Below AED 4000 in UAE?
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| Published: 10 August 2021 | Last Updated On: 24 September 2021
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A credit card comes in handy whenever you need some extra money for shopping or paying off utility bills by offering instant debt. With a credit card, you have the freedom of spending money today and paying for it later. Owing to the benefits of credit cards, many people have been switching to purchasing a credit card in the UAE. However, many people are not able to meet the minimum salary requirement for applying credit card. According to the norms of the banks, none of the credit card providers offer a credit card to an employed individual whose minimum salary is AED 4,000 or less. To purchase the best credit card in the UAE, you need a minimum salary of AED 5,000. If you have a minimum salary of less than AED 4,000, you cannot obtain a credit card in the UAE. However, you can try some indirect ways that might allow you to obtain a credit card with a salary of AED 4,000 as well.
Ways to Get a Credit Card with Minimum Salary 4000 in UAE
Taking a Personal Loan
Many of you must be wondering, how can a personal loan help us in getting a credit card with minimum salary of AED 4,000. Let us tell you that when you take a personal loan, some banks in the UAE offer a credit card along with it. For instance, RAKBANK offers a complimentary credit card at zero joining fee and zero annual fees and a low rate of interest with RAK personal loan. This allows you to receive a credit card for free and receive some extra amount for other expenses. However, you should calculate if taking a personal loan just to get a credit card is a financially sound decision or not. Also, owing to the minimum salary limit, you may find it difficult to procure personal loan from RAKBANK with a minimum salary of AED 4,000.
Opening a Fixed Deposit Account
A fixed deposit account allows you to earn high interest on your savings, in some cases, it also you to have a credit card. A few financial institutions and banks in the UAE permit you to apply for a credit card irrespective of your salary if you have opened a fixed deposit account with the bank. You can apply for a credit card even with a minimum salary of AED 4,000 via fixed deposit account.
How does it work?
When the bank offers you a credit card, it asks for a minimum salary requirement. This minimum salary is to confirm whether you will be able to repay the debt later. If your salary is AED 4000 or less, banks hesitate in offering you a credit card. In such a case, banks seek monetary security that acts as financial collateral to ensure that your debt is repaid. The amount that you deposit in the fixed deposit account is used by the bank as a security deposit to pay your debt in case you are unable to pay it. Opening a fixed deposit account is one of the best ways of receiving a credit card with a minimum salary of AED 4,000.
Which banks are offering this facility?
Creating an alternative for credit card buyers, the National Bank of Fujairah (NBF) allows you to apply for an NBF Classic credit card in the UAE if you already have an account or you open an NBF Fixed Deposit account.
Features & Benefits of NBF Classic Credit Card
No Interest Rate on Installment Plans
Flexible repayment facility
Balance transfer facility
EZ draft facility
Accepted all around the world
Cash Advancement Facility
Direct Debit Facility
Foreign Transactions
Mobile Banking
SMS Alert Service
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Savings Account
Popularly savings Account is known for saving money and earning interest on savings. Besides, many people open savings account because it keeps their capital fluid allowing them to borrow money from their savings account whenever they need it. However, savings account serves another less known purpose i.e. providing credit card. A few banks in the UAE allow you to apply for a credit card with a minimum salary of AED 4,000 if you have opened a savings account with the bank.
How does it work?
When you open a savings account in a bank you deposit some amount in the bank. The bank offers you credit card against the balance in the savings account since the bank can use the savings account balance as collateral in case you are not able to repay your debt. The credit limit on your credit card will be equal to the amount you have deposited in your savings account. For instance, let us say that you save AED 1,000 with the minimum salary of AED 4,000 every month in the UAE. In four months, you will be able to deposit AED 4,000 in your bank account. Now after four months you decide to apply for a credit card. On the basis of your savings account balance, the bank will approve your credit card application and will grant you a credit card with a limit of AED 4,000. If you are unable to repay the credit card debt in future, the bank will use your savings account balance as collateral amount to clear the outstanding amount.
Top 10 Credit Cards on Below AED 4000 Salary in UAE
Though you can use the aforementioned indirect methods to procure a credit card with a minimum salary of AED 4,000, we advise you that you should wait for a little while till your salary does not reach to AED 5,000. Once, your salary is AED 5,000 or above, you can get the best credit cards in the UAE without any problem. It is always better to opt for the easier choice where you can comfortably receive the credit card without any hassle. As soon as your salary touches the AED 5,000 mark, you can consider this list of top 10 credit cards with AED 5,000 salary in the UAE:
Credit Card providers in the UAE do not offer credit cards at a minimum salary of AED 4,000 but you can take a lateral approach to obtain a credit card. However, you are advised to wait for your salary to reach AED 5,000 so that you can directly apply for a credit card and enjoy the true benefits of it. To find more credit card options, you can visit the credit card section of our website and find exciting offers on credit cards.
