RAKBANK MasterCard Credit Card

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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 cashback incentives are given below:

  • 1% cash back on domestic and international retail transactions.
  • 0.25% cash back on government services, utility bill payments, real estate and transportation expenses.
  • 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. 

RAKBANK MasterCard Credit Card Eligibility & Fees

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

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

Documentation Required for RAKBANK MasterCard Credit Card

For RAKBANK Credit Card Application, the applicant requires the following documents-

  • The applicants have to provide bank statements for the previous 3 months.
  • Salaried people are required to present a recent pay-slip.
  • The applicants who are self-employed have to present a valid proof for income.
  • They also have to submit a valid residence proof.
  • The applicants need to submit a copy of the current credit card along with a recent statement (if any).
  • They also need to present a copy of their passport along with a copy of their Visa if they are an Expatriate.
  • Lastly, the applicants who are UAE Nationals, they need to provide a valid Emirates ID.

FAQs on RAKBANK MasterCard Credit Card

Q1: What is a Cash Advance and what are the charges for the same?

Ans: Cash advance refers to the withdrawal made from any branch or an ATM of the bank through a credit card. It is a general suggestion to maintain the withdrawals as low as you can because credit cards levy high-interest rates on the cash advance. Beginning from the withdrawal date, a cash advance fee is charged on the withdrawn amount along with a predetermined interest rate.

This RAKBANK credit card levies a cash advance fee of 3.45 percent monthly on the transaction amount. It also levies a cash advance charge of 3 percent or AED 99 (whichever is higher) on the cardholder. You can take a cash advance of up to 80 percent of your credit limit.

Q2: What are supplementary cards?

Ans: Add-on cards or supplementary cards are offered to the family members of the primary cardholder. They almost function like a primary credit card except that the earned reward points (if any) through this supplementary credit card are credited to the primary cardholder’s account. The supplementary cardholders can also avail the benefits that are offered to the primary cardholder.

The RAKBANK Visa Credit Card offers free supplementary cards to the family members of the cardholder.

Q3: What does a Late Payment Fee mean?

Ans: The credit card in a way offers a short-term loan to the credit cardholders. Ideally, the cardholders should pay off their bills before the due date specified by the bank. But in case they fail to pay their bill, the bank levies a late payment fee on them. The late fees can negatively affect the credit score of the cardholder and the best option to avoid such a charge is by making all your payments on time.

The RAK credit card charges a late payment fee of AED 230.

Q4: What does a Credit Shield Insurance mean?

Ans: Credit shield insurance is a protection benefit offered to the cardholder which gives cover against the outstanding balance on your credit card. If in case, you fail to pay the due amount on your credit card because of any unexpected situations such as medical issue, loss of employment or death, this insurance prevents you and your family from any unnecessary burden.