Credit cards are an invaluable tool for managing finances during times of cash crunch. Over the years, they have become an essential part of our lives, thanks to their convenient usage and simple repayment options.
Some card members forget that credit cards are for necessary expenses and not some extra money. Due to this reason, some end up falling into debt. As it is, it’s not easy to attain best credit card in UAE. The eligibility for credit card requirements in UAE are quite high. One of the most important credit card eligibility uae factors is the minimum monthly salary required. All the financial institutions in the UAE ask for a minimum monthly salary of AED 5000. This makes it quite impossible for people earning below AED 5000 to get a credit card. However, today we are going to discuss how a person earning below AED 5000 can get a credit card.
One of the ways to get a credit card is by having savings of AED 3000 minimum. This process has a tiny flaw though. Once you have the applications for the credit card completed, you will be unable to withdraw the amount for 45 days.
If your application is accepted, your credit card will have a limit of 95% of all your savings. It means that your credit limit is going to be AED 2850. The credit limit of your credit card depends on your savings certificate. You will have a higher spending amount if you have higher savings. There is no credit card offer for a person who is looking for a credit card in UAE in 2000 salary.
Al Awwal certificates are the combination of investments and savings into one. Rather than opening a piggy bank, it is advised by experts to invest in Al Awwal certificates. For purchasing these certificates, you should carry your Emirates ID, passport, and residence visa to a branch of the bank.
You can take a step with a small investment and go for more if you are satisfied. The only point to remember is that you need at least AED 3000 to be eligible for a credit card. You can think it as a credit card for 3000 salaries or also as a credit card for a low salary.
The sales department of the financial institutions won’t call you when you have a savings of AED 3000. You will need to make that call and request a credit card for yourself. As long as you have the savings and the necessary documents, you will get a credit card. The documents that they would ask for are your passport, Emirates ID, bank statement, employment proof, etc.
After your application has been accepted, all you can do is wait for your credit card to arrive. The credit cards are usually processed within 7 days. However, your credit card might reach yours later than the given date due to delays by the courier company. The bank can’t do much after the credit card has been couriered.
Now that you have your credit card, spend it wisely. Remember that even with the increased credit limit, your monthly income is still the same. Don’t overspend. Spending more than what you earn will only lead you to debt. Getting into debt is easy but getting out of it will be really difficult if you can’t control your credit card expenses. Pay attention to details. Check your card statement for any unusual activities. If you see any payment in the bill that you did not make, report it immediately.
Though there are several ways through which you may get a credit card even with a salary less than AED 5,000, we advise you to wait till your salary touches the AED 5,000 mark to enjoy the credit card facilities. Once your salary is AED 5,000 or above, you can consider the following credit cards with AED 5,000 minimum salary requirement:
Features & Benefits of Emirates NBD Lulu Mastercard Titanium Credit Card
Features & Benefits of Emirates NBD U By Emaar Family Credit Card
Features & Benefits of RAKIslamic Gold Credit Card
Features & Benefits of RAKBANK Red Mastercard Credit Card
Features & Benefits of DIB Prime Platinum Card
Features & Benefits of Emirates Skywards DIB Platinum Credit Card
Features & Benefits of FAB Standard Credit Card
Features & Benefits of FAB du Titanium Credit Card
Citibank Citi Simplicity Credit Card
Features & Benefits of Citi Simplicity Credit Card
Features & Benefits of CBD Titanium Mastercard Credit Card
All the aforementioned credit card eligibility in UAE comes with the minimum salary requirement of AED 5,000. Other than fulfilling the minimum salary requirement, you may also require meeting the following requirements:
Once you have met the basic requirement, these are the documents you will require to finally receive the credit card:
If you’re looking for a credit card with a minimum salary of AED 3000 in the UAE, then there are no banks that offer a credit card for the minimum salary of AED 3000. The lowest required minimum salary is AED 5000. If your monthly salary is lesser than the requirements, you need to have a savings of AED 3000. To keep your savings safe for the credit card application, invest in Al Awwal certificates.
|Read: How to check credit score in UAE for Free|
Most card members don’t realize that the high interest rates of credit cards can affect them financially. Missing out on payments affects the interest rates as well as the credit score of the cardmembers. Especially for members in UAE credit cards with a minimum monthly salary of AED 3000. The negative aspect of the credit card will hit them harder than those with a minimum monthly salary of AED 5000 or above. That is why it would be prudent of you to not spend more than what you can afford.
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The minimum salary required to purchase a credit card in the UAE is AED 5,000.
Since the minimum salary required for getting a credit card is AED 5,000, you may not be able to get a credit card at a lower salary. However, you can open a savings account to get a credit card if you do not meet the minimum salary offer.
Some banks provide credit cards with a personal loan. However, this option is feasible only if you require a loan for a year.
The limit of a credit card is usually 95% of the amount in your savings account.