RAKBANK Kalyan Jewellers Credit Card

RAKBANK Kalyan Jewellers Credit Card

About RAK Bank Kalyan Jewellers Credit Card

RAK Bank in partnership with India-based Kalyan Jewellers, provides a new co-branded credit card that offers goldback to the cardholders on all purchases done both internationally and locally. The loyalty points earned on this RAK Bank credit card can be redeemed in the form of jewellery at any of the 9 outlets of Kalyan Jewellers in the UAE. 

Features of RAK Bank Kalyan Jewellers Credit Card

  • No Annual Fee: This RAK Bank credit card does not charge an annual fee, that is, this credit card is free for life.
  • Finance Charges: This RAK credit card offers low finance charges of 3.45% on cash advance and outstanding retail transactions.
  • Supplementary Card: The RAK Bank Kalyan Jewellers Credit Card also provides supplementary cards free of cost.
  • Interest Free Credit: This Rak Bank Credit Card benefits its member with an interest-free credit for up to 55 days.
  • Cash Advance: The cardholders can avail a cash advance of up to 80% of their credit limit.
  • Minimum Payment: It is necessary to make minimum payments on the credit card, otherwise, a late payment fee is levied on the cardholder. This RAK Bank credit card offers a low minimum payment of just 3% monthly.
  • Money Transfer: The cardholders can use RAK Money Transfer service to send money through digital banking from wherever they are. They can also send money from any branch of the bank. The money can be sent to India, Philippines, Pakistan, Sri Lanka, Europe, Nepal and many other parts of the world using RAK Money Transfer.
  • Credit Card Bills: The cardholders can pay their credit card bills at any RAK bank EDM or ATM. The bill can also be paid at one of these exchange houses- Redha Al Ansari Exchange, UAE Exchange, Al Ansari Exchange, Al Fardan Exchange, Sharaf Exchange or Lulu Exchange.
  • Discounts: The cardholders also receive many privileged discounts on shopping and dining.

Benefits of RAK Bank Kalyan Jewellers Credit Card

This RAK credit card offers a variety of benefits to the cardholders. Some of these are as follows:

1. Exclusive Offers

  • This RAK Bank Credit Card offers exclusive offers on jewellery, dining, electronics, holidays, furnishing and more.
  • The cardholders receive a variety of Buy one Get one offers throughout Africa and the Middle East across cafes, dining, attractions and entertainments through the Mastercard For You App.
  • The cardholders can get a discount of 20% on three Careem rides (monthly) by downloading the Careem App and registering as the new customer. The first ride after registration is free. To avail this new customer offer, the cardholder can enter the MC1RIDE as promo code and to avail 20% subsequently, they can enter MASTERCARD as promocode.

2. Travel Benefits

  • This RAK Bank credit card offers exclusive global privileges and discounts on premium hotels and brands to the cardholders.
  • The cardholders also get a complimentary unlimited access to around 10+ VIP lounges in Abu Dhabi, Kuwait, Dubai, Jordan and Cairo airports.

3. Lifestyle and Dining Benefits

  • The card members can avail an exclusive and diverse range of privileges and benefits at exciting outlets in the UAE. Some of these can be Getaways, Fashion, Entertainment, Jewelry and Watches, Fitness and Spa and Books & Departmental Stores.
  • This RAK Bank credit card also offers RAKfeast to the cardholders which is an exclusive discount programme on dining. They can use their card to pay for beverages and meals at various partner restaurants and avail great discounts.

4. Insurance Benefits

  • The cardholders receive complimentary protection through Travel Accident Insurance for emergency medical repatriation and evacuation, personal accident insurance, regular in-hospital cash benefit, and emergency medical expenses.
  • This RAK Bank Credit Card also provides purchase protection to the cardholders which include coverage against theft and damage for things that are purchased using the card.
  • The cardholders can also avail credit shield insurance.

5. Interest-free Easy Payment Plan (EPP) on Gold and Diamond Jewellery

  • The cardholder can enjoy an interest-free Easy Payment Plan (EPP) for three or six months on gold shopping and interest-free Easy Payment Plan (EPP) for six or twelve months on diamond shopping worth 1000 AED or more at the outlets of Kalyan Jewellers in the UAE.

Eligibility Criteria

The applicants must have a minimum income of 5,000 AED per month in order to be eligible for buying this RAK Bank Credit Card.

Top Reasons to Get RAK Bank Kalyan Jewellers Credit Card

This RAK credit card offers a plethora of benefits and offers to the cardholders which makes it a good choice for the applicants. Following are the reasons why to choose RAK Bank Kalyan Jewellers Credit Card:

  • Loyalty Points: This RAK Bank credit card offers loyalty points (in the form of Goldback) against eligible purchases that can be redeemed at a Kalyan Jewellers outlet in the UAE.
  • Benefits: RAK Bank Kalyan Jewellers Credit Card offers a variety of benefits to its cardholders which include dining benefits, insurance benefits, lifestyle benefits, travel benefits, and more.
  • Customer Service: RAK Bank provides 24*7 customer care service by giving the credit cardholders access to their services and support anytime they need. The friendly customer care agents support and guide the card members in an informative manner, resolving their queries and doubts efficiently (if any).
  • Free for Life: This RAK Bank Kalyan Jewellers Credit Card charges no annual fee from the cardholders making it free for life. There is no fee charged on supplementary cards as well. 

Fees and Charges on RAK Bank Kalyan Jewellers Credit Card

RAK Bank Kalyan Jewellers Credit Card charges very low fees and interests from its cardholders. The fees and charges are as follows:

 

 Fees  Amount 
Annual Fees NA
Annual Fees on Supplementary Cards NA
Retail Transaction Fee (monthly) 3.45 percent
Balance Transfer (monthly) 1.50 percent
Credit Card Cheques (monthly) 2.25 percent
Cash Advances (monthly) 3.45 percent
Smart Cash (monthly) 2 percent
Cash Advance Charge 3% or 99 AED (whichever is higher)
Card Replacement Charge 75 AED
Over-limit Charge 275 AED
Late Payment Charge 230 AED
Duplicate Statement Charge 45 AED (per statement)
Returned Cheque Charge 100 AED
Sales Voucher Copy Charge 65 AED
International Courier Fees 100 AED
Credit Card Cheque Processing Charge 1%, minimum AED 50 and maximum AED 250
Smart Cash Processing Charge 100 AED
Processing Fee for EPP with participating merchants 3 months- 49 AED6 months- 49 AED9 months- 1.5%12 months- 2%
Cancellation Fee 249 AED
International Transaction Charge for Purchase In non-AED currency: 2% on the transaction amountIn AED currency: 2.5% on transaction amount
Credit Shield Insurance 0.99 percent
Payment through Exchange House Charge 3 AED (each transaction)
International Remittance Charge 75 AED

(These charges will be applicable w.e.f. 27-02-2019)

RAK Bank Kalyan Jewellers Credit Card Rewards

This RAK credit card offers Goldback as reward points to the cardholders on all their spending. The rewards offered by this credit card are-

  • The cardholders can earn Goldback up to 7% on all the spends done internationally.

 

Monthly Spend Categories Non-Kalyan Jewellers Goldback(International Spends) Additional Goldback(Kalyan Jewellers India)
Up to 14,999.99 AED 3 percent 2 percent
15,000-29,999.99 AED 4 percent 2 percent
30,000 AED and above 5 percent 2 percent
Monthly Spends (Minimum) NA NA
Monthly Goldback (Maximum) 2000 AED NA

The cardholders can also earn Goldback up to 5% on cash advances outside UAE and online transactions.

  • The cardholders can earn Goldback up to 4.5% on all the spends done locally.

 

Monthly Spend Categories Non-Kalyan Jewellers Goldback(International Spends) Additional Goldback(Kalyan Jewellers India)
Up to 14,999.99 AED 1 percent 1.5 percent
15,000-29,999.99 AED 2 percent 1.5 percent
30,000 AED and above 3 percent 1.5 percent
Monthly Spends (Minimum) NA NA
Monthly Goldback (Maximum) 1200 AED NA


How to Redeem the Reward Points on RAK Bank Kalyan Jewellers Credit Card?

  • The cardholder can redeem their Goldback that they have earned against the purchases they have made at the outlets of Kalyan Jewellers in the UAE within fifteen months.
  • The cardholders need to carry their RAK Bank Kalyan Jewellers credit card while they visit the Kalyan Jewellers showroom for redemption.

How does it Work?

The applicants who seek to obtain RAK Bank Kalyan Jewellers Credit Card can apply online or through call or by visiting any of our branches. 

  1. Online Application: In this digital age, applying for a credit card online is the most convenient way of obtaining a credit card. RAK Bank offers its applicants a secure and user-friendly online banking platform to the applicants so that they can easily evaluate and select a convenient RAK Bank Credit Card. The application form is available on the website of the bank.
  2. Branch Application: The applicants who do not want to apply for the credit card online, can visit the nearby branch of RAK Bank and apply directly for this RAK Bank Kalyan Jewellers Credit Card.
  3. Phone Banking: The applicants can also use the phone banking option to connect with the bank and apply for this RAK credit card.

MasterCard For You Application

The cardholders can access a variety of benefits and offers using the ‘MasterCard For You’ app on their smartphones. This app helps them to know how they can utilize their cards to its optimum potential. After registering on the app, they simply need to choose the kind of MasterCard they have and begin exploring the various benefits offered to them.

This app can be used to redeem offers, claim insurance covers and access benefits. Use this MasterCard For You app for exploring the following:

  • Buy one Get one offers in the selected locations
  • A variety of insurance, lifestyle and travel benefits
  • Shopping privileges online
  • Protection policy on the card

The cardholders can download this app from the App Store and Google Play Store.

Frequently Asked Questions Related to RAK Bank Kalyan Jewellers Credit Card

Q.1. Does the Goldback earned expire?

Yes. The Goldback you have earned is valid for a time of 15 months starting from the date of accrual.

Q.2. On which transactions will I earn Goldback on my RAK Bank Kalyan Jewellers Credit Card?

You can earn Goldback on all POS retail transactions, international cash advance, and online transactions done using this RAK Bank credit card. You can also earn Goldback on purchases done from the Kalyan Jewellers showroom in India and the UAE using the RAK Bank Kalyan Jewellers Credit Card.

Q.3. Who can I contact for inquiring about the Goldback earned?

You can send an SMS on *2737* in the format of ‘KAL <Loyalty Number>’. This loyalty number is a nine digit number that is printed on your credit card. You will also receive a monthly statement in detail on your registered e-mail ID regarding the Goldback redeemed, accrued and adjusted (if any).

Q.4. How much time will it take for the Goldback earned on my RAK Bank credit card to be added to my Goldback balance?

The Goldback earned on your credit card will take 2 working days to be added to your Goldback balance.

Q.5. What are supplementary cards?

Supplementary cards or add-on cards are credit cards that are offered to the family members of the primary cardholder. Supplementary credit cards work in the same way as a primary credit card. They are even eligible for the same benefits offered to the primary card owners, but the reward points earned through the supplementary cards are credited to the primary member’s card account.

Customers can get supplementary RAK Bank credit cards without any charges. The supplementary cards hold the same credit limit as that of the primary card. Spending limits can be set on the supplementary cards by the primary cardholder.

Q.6. What is a Cash Advance?

Cash Advance is the cash withdrawal made from any branch or an ATM using a credit card. It is a general suggestion to keep the withdrawals as minimum as possible because credit cards charge high interest rates on cash advances. Beginning from the date of withdrawal, a cash advance fee is levied on cash withdrawals along with an interest charged on the withdrawn amount.

RAK credit cards incur a cash advance fee starting from 3.45% of the transaction amount per month.

Q.7. What is a Late Payment Fee?

The credit card providers offer the facility of making payment using the card. The cardholders need to pay their credit bill before the due date. In case they are unable to do so, the credit card company charges a late payment fee. Late fees can negatively affect the credit history of the cardholder. The sure-fire way to avoid late fees is by making all the payments on time.

Late payment fees charged by the RAK Bank Kalyan Jewellers Credit Card is AED 230.

Q.8. What is 0% Instalment Payment Plan?

As per 0% Instalment Payment Plan, you can easily convert your credit card purchases made at selected or partner merchants to monthly installments at no interest. 

Q.9. What is Credit Shield Insurance?

Credit Shield Insurance is a protection benefit which gives coverage for the outstanding balance of your credit card. In case you are not able to meet your credit card dues because of unfortunate circumstances such as critical illness, involuntary loss of employment or even death, this insurance ensures that you and your family are not burdened unnecessarily.

This RAK Credit Card charges 0.99% for Credit Shield Insurance.

Q.10. What is a credit card balance transfer?

When you transfer the amount available in one credit card account to another credit card account, it is referred to as a balance transfer. In case of some credit cards, you may have to pay a fee to avail the facility of the balance transfer.

This RAK Bank Credit Card charges 1.50% on balance transfers.