Founded in 1976, RAKBANK is one of the best-performing members of the UAE Banking Federation (UBF). The bank offers a wide range of banking products and services, including bank accounts, credit cards, loans, etc. for both individual and business customers.
RAKBANK credit cards come with various features and benefits. These cards offer attractive deals and discounts on sports, dining, movies, entertainment, shopping, travel, and much more.
Not just that! With RAKBANK credit cards, the cardholders get additional benefits like purchase protection, cash loans, balance transfers, travel insurance, etc. Let us go ahead and learn about the RAKBANK balance transfer credit cards with the eligibility criteria and the documents required to apply for one.
Best RAKBANK Balance Transfer Credit Cards in UAE
Balance transfer in credit cards helps cardmembers transfer their multiple credit card outstanding balances to RAKBANK Credit Card and repay the same in easy installments. Not all RAKBANK credit cards offer this feature. Here is the one that does.
RAKBANK World Credit Card offers both local and international benefits for cardholders. The credit card is free for the first year and comes with an annual fee requirement of AED 750 from the second year onwards.
Annual Membership Waiver: With RAKBANK World Credit Card, the cardmembers can easily get their annual membership fee of AED 750 waived off by meeting an annual spending requirement of AED 50,000.
Easy Payment Plan: RAKBANK World Credit Card allows cardholders to convert their huge transaction amount into easy monthly installments. Based on their financial requirements, cardholders can repay the amount in EMIs of 3, 6, 9 or 12 months. The minimum amount to start these installments is AED 365.
Cashback Offers: RAKBANK World Credit Card offers attractive cashback offers on travel, supermarket, and other retail spend including local and international transactions. The card comes with a minimum threshold of spending AED 1,000 to redeem the cashback.
Cinema Offers: RAKBANK World Credit Card offers up to 50 percent discount on movie tickets bought at the VOX Cinemas. The cardholders can avail of this offer by buying tickets on the VOX cinemas website or using RAKBANK mobile app.
Car Rental Services: RAKBANK World Credit Card offers an Avis Car Rental discount of up to 25 percent for the cardholders. In addition, the card offers a 10 percent discount on Premium Chauffeur Drive services.
Airport Lounge Access: RAKBANK World Credit Card offers complimentary lounge access at more than 1000 airport lounges around the world. The best part is that the cardholders need not carry any separate membership. They can simply show their RAKBANK Credit Card and mention their LoungeKey ID at the selective lounge.
Travel Benefits: RAKBANK World Credit Card offers other travel benefits like Visa Assistance, Luxury Serviced Apartment Discounts, Cleartrip Airline Discount, Global Blue VIP Services, and much more for the cardholders.
Travel Insurance Covers: RAKBANK World Credit Card provides cardholders with peace of mind by offering travel accident and medical cover for them and their families. The travel insurance includes personal accident cover of up to USD 500,000, medical emergency expenses cover of up to USD 500,000, emergency medical evacuation and repatriation cover of up to USD 500,000, and much more.
Travel Inconvenience Cover: RAKBANK World Credit Card offers travel inconvenience and cancellation cover against trip delays, trip cancellations, lost luggage, etc. The cover includes trip cancellation cover of up to USD 7,500, delay of baggage cover of up to USD 300, trip curtailment cover of up to USD 7,500 and much more.
Secure Wallet Insurance: RAKBANK World Credit Card offers coverage of up to AED 10,000 against misused, lost or stolen credit cards.
Purchase Protection: RAKBANK World Credit Card offers purchase protection against loss or damage of products purchased using this credit card within 30 days of purchase.
Interest-Free Credit: RAKBANK World Credit Card provides cardholders with interest-free credit for up to 55 days.
Cash Advance: RAKBANK World Credit Card provides the cardholders with cash in advance of up to 80 percent of their available credit limit.
Online and Mobile Banking: RAKBANK World Credit Card members can log in to their online banking portal to easily access and manage their credit card services. They can also download RAKBANK Mobile App on their smartphones and have all the RAKBANK Credit Card services right at their fingertips.
Balance Transfer Benefits of RAKBANK World Credit Card
Balance Transfer: The RAKBANK World Credit Card members can use the balance transfer option to consolidate and reduce their total debt. With this feature, the cardholders can transfer their other credit card outstanding balance to the RAKBANK credit card account and repay it later at a zero percent interest rate.
Here is how this RAKBANK balance transfer credit card works.
A processing fee of 1.95 per cent of the transfer amount will be charged.
The cardholders can enjoy a zero per cent interest benefit for the first three months; thereafter, an interest rate of 3.45 per cent will be charged.
Eligibility Criteria to Apply for RAKBANK Balance Transfer Credit Cards in UAE
Here are the eligibility criteria to apply for RAKBANK Balance Transfer Credit Cards.
The applicant must be 21 years of age or above.
All UAE nationals and expats are eligible to apply for RAKBANK Balance Transfer Credit Cards.
The applicant must meet the minimum salary requirement to get their chosen RAKBANK Credit Card.
The applicant must have a good credit score to apply for this credit card.
Documents Required to Apply for RAKBANK Balance Transfer Credit Cards
Here are the documents required to apply for RAKBANK Balance Transfer Credit Cards.
Passport with Residency Visa– Original and a Copy
Emirates ID – Original and a Copy
Bank Statement with the salary credit transaction (of last three months) – Original and a Copy
Trade License for business applicants – Original and a Copy
One of these address proofs – Contract of Tenancy, Emirates ID, Utility Bill
Salary Transfer Letter/Appointment Letter (showing designation and annual income) – Original and a Copy
How to Apply for a RAKBANK Balance Transfer Credit Card in UAE?
Here are the simple ways to apply for a RAKBANK Balance Transfer Credit Card.
Visit the Website: The applicants can go to the RAKBANK’s website and visit the credit card section to apply for their preferred RAKBANK Credit Card. They need to fill up the application form and submit it with all the essential documents.
Visit a Branch: The applicants can also visit the nearest bank’s branch to apply for their desired RAKBANK Credit Card. They need to fill out the application form at the branch and submit it with the required documents.
Online Banking: If the applicant is an existing RAKBANK customer, they can log in to the online banking portal with the provided credentials and apply for their preferred RAKBANK Credit Card.
Contact Us: The applicants can also visit our website or contact our experts to find the best-fit credit card based on their financial preferences. Our representatives will explain the credit card benefits and take the applicants through the entire application process.
This guide will show you how to cancellation auto debit Citibank credit card payments. You'll be well-equipped to regain control over your credit card payments and take charge of your financial journey in UAE.
The following article provides in-depth information on how to figure out the right time to apply for a credit card. You will also learn things and situations to consider before applying for a credit card in uncertain times.