RAKBANK MasterCard Credit Card

About the RAKBANK MasterCard Credit Card

Situated in the emirate of Ras Al Khaimah, RAKBANK began its operations in 1976. The first RAKBANK credit cards were designed and issued for corporate customers. However, at the start of the 21st century, RAKBANK credit cards made a triumphant entry into the personal sector of finance. RAKBANK offers traditional and Islamic Banking operations alike to its cardholders. The bank is majorly owned by the Ras Al Khaimah government and trades publicly on the Abu Dhabi Securities Exchange (ADX).

The MasterCard RAKBANK credit card is one that offers big savings via its cash back incentives on local and international spending alike. Also offered by the MasterCard RAKBANK credit card are various travel and lifestyle discounts, making it one of the most well-rounded and diverse, no-fee credit card in the UAE.

Features & Benefits of RAKBANK MasterCard Credit Card

The MasterCard RAKBANK credit card offers incredible benefits and a variety of highly-useful features that make it a must-have fee-free card. Some of the amazing MasterCard RAKBANK credit card benefits are as follows:

3D Secure Transactions

All online transactions made with the MasterCard RAKBANK credit card are protected via a two-step authentication process. Owners of the MasterCard RAKBANK credit card will be first required to enter their card details, followed by which they are sent a 6-digit password that must be entered to securely complete the transaction. In addition to a detailed transaction summary that is available on the RAKBANK credit card online portal, cardholders are also apprised of any transaction made with their card via live SMS alerts.

0% Balance Transfer

The MasterCard RAKBANK credit card offers cardholders the option to transfer their outstanding balance from other credit cards to their RAKBANK account. The advantage of doing so lies in a 0% interest charge for the first 3 months. This is an effective way for cardholders to use their MasterCard RAKBANK credit card to clear the previous

0% EPP

Also offered to MasterCard RAKBANK credit card holders is a 0% interest Easy Payment Plan (EPP) that can be availed at select merchants in the UAE. A MasterCard RAKBANK credit card EPP can be availed of across spending categories of jewellery, electronics, travel, dining, healthcare and more.

Credit Shield

Owners of the MasterCard RAKBANK credit card can benefit from a card repayment insurance policy by the name of Credit Shield. Credit Shield is available for as little as 0.99% of the outstanding card balance. As members of the Credit Shield insurance policy, cardholders are cleared of liability for card payments in the unfortunate scenario where they suffer from critical illness, permanent disability, involuntary loss of employment or even death.

Benefits of RAKBANK MasterCard Credit Card

The great many MasterCard RAKBANK credit card benefits include:

Cash Back

A MasterCard RAKBANK credit card offers guaranteed cash back incentives across domestic and international spending, allowing cardholders to save every time they spend. Details on the cash back incentives are provided in the next segment.

Travel Insurance

The MasterCard RAKBANK credit card benefits include free travel insurance. This complimentary travel insurance policy allows cardholders to avail of the benefits of personal accident, travel inconvenience and personal liability coverage.

Supplementary Cards

MasterCard RAKBANK credit card members can enjoy sharing their many RAKBANK credit card benefits with family members via a supplementary credit card. These supplementary MasterCard RAKBANK credit cards are issued free of charge.

Purchase Protection

The MasterCard RAKBANK credit card offers protection for all new purchases. New purchases are insured for up to US $ 1,000 per item and are either replaced or repaired in the event of theft or accidental damage respectively.

Dining Discounts

Owners of the MasterCard RAKBANK credit card can partake in up to 20% discounts on dining establishments across the UAE. These offers range from fast-food dining to luxurious fine dining and are made available thanks to RAKBANK’s RAKfoodie program. RAKfoodie has partnered up with thousands of restaurants across the UAE.

RAKBANK MasterCard Credit Card Rewards & Offers

Details on the MasterCard RAKBANK credit card offers and cash back incentives are given below:

RAKBANK MasterCard Credit Card
Rewards Offers
The MasterCard RAKBANK credit card offers cash back in the following manner: Cardholders may enjoy a number of MasterCard RAKBANK credit card offers across daily, lifestyle and travel spending categories. These offers are updated on the RAKBANK site under the card offers page.
1% cash back on domestic and international retail transactions.
0.25% cash back on government services, utility bill payments, real estate and transportation expenses.

(Updated on April 2019)

RAKBANK MasterCard Credit Card Eligibility & Fees

The applicable fees and criteria for MasterCard RAKBANK credit card eligibility are as follows:

RAKBANK MasterCard Credit Card
Eligibility Fees
As part of the MasterCard RAKBANK credit card requirements, the applicant will have to submit ID and address proof. Annual Membership Fee: No fee.
Applicants will also have to submit proof of income and relevant employment information. Retail Monthly Interest: 3.45%
All MasterCard RAKBANK credit card applicants must be UAE residents. Late Fee: AED 230

(Updated as on April 2019)

Additional Benefits of RAKBANK MasterCard Credit Card

Given below are some more of the MasterCard RAKBANK credit card benefits:

Grace Period

Cardholders are offered 55 days of grace period to make a minimum card repayment of 3% of the MasterCard RAKBANK credit card outstanding balance or AED 100, whichever is higher. During this time, cardholders are not charged any interest.

Cash Advance

Owners of the MasterCard RAKBANK credit card may withdraw up to 80% of their available credit limit from any MasterCard accepting ATM in the world, or through any RAKBANK branch in the UAE.