RAKBANK RED Credit Card
About RAKBANK Red Credit Card
RAKBANK Red Credit Card offers a variety of features and benefits including travel and lifestyle. One of the unique features of this RAKBANK credit card is 1.5 percent saving program. As per this feature, the cardholder gets 2 percent back on every transaction made using the card whether nationally or internationally.
Features of RAKBANK Red Credit Card
- No Annual Fee: This RAKBANK 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 retail transactions.
- Supplementary Card: The RAKBANK Red Credit Card also provides supplementary cards free of cost.
- Interest-Free Credit: This RAKBANK Credit Card benefits its member with a no interest credit for at most 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 RAKBANK 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.
- Save Time and Money: This RAKBANK credit card comes with a contactless technology through which the cardholder just needs to tap in order to pay. This leads to fewer queues and less payment time around the globe. The card also gives 1.5 percent back on every national as well as international transaction.
Benefits of RAKBANK Red Credit Card
This RAK credit card offers a variety of benefits to the cardholders. Some of these are as follows:
1. Dining Benefits
- This RAKBANK credit card offers the cardholders exclusive dining privileges and benefits at around 220 restaurants and outlets throughout the UAE with the help of a program called RAKfeast Dining Discount. To check more details on the offer, they can download the RAKBANK app on their smartphones.
2. Lifestyle Benefits
- The ‘tap and go' feature of the card, all the cardholder needs to do is simply tap at the checkout in order to pay. The card is to be held against the terminal and in a few seconds, the transaction will be processed.
- 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.
3. Insurance Benefits
- The cardholders receive complimentary protection through Travel Accident Insurance for liability cover, personal accident insurance, delayed baggage, travel delay & abandonment, loss of baggage and emergency medical expenses.
- This RAKBANK 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.
4. Interest-free Easy Payment Plan (EPP)
- The cardholder can enjoy an interest-free Easy Payment Plan (EPP) for three, six, nine or twelve months with various participating merchants.
Top Reasons to Get RAKBANK Red Credit Card
This RAK credit card offers a plethora of benefits and privilegesFree to the cardholders which makes it a good choice for the applicants. Following are the reasons why to choose RAKBANK Red Credit Card:
1. Tap and Go
This contactless technology of the credit card leads to fewer queues and less payment time with different merchants around the globe.
RAKBANK Red Credit Card offers a variety of benefits to its cardholders that include lifestyle benefits, insurance benefits, dining benefits, and more.
3. Customer Service
RAKBANK provides round the clock customer care service by giving the credit cardholders access to their support and services as and when needed. The friendly customer care executives help and guide the cardholders in an informative manner, resolving their doubts and queries effectively (if any).
4. Free for Life
This RAKBANK Red Credit Card charges zero annual fees from the cardholders making it free for life. There are zero fees charged on supplementary cards also.
Fees and Charges on RAKBANK Red Credit Card
RAKBANK Red Credit Card charges very low fees and interests from its cardholders. The fees and charges are as follows:
|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|
|International Remittance Enquiry Charge||50 AED|
(These charges will be applicable w.e.f. 27-02-2019)
RAKBANK Red Credit Card Rewards
The cardholders get a discount of up to 1.5 percent on transactions done locally as well as internationally. This discount is entered in the form of savings in the card statement when the cardholder spends 1000 AED and above (monthly) through their card.
|1,000- 2,999 AED||1 percent|
|3000 AED and above||1.5 percent|
- The cardholder gets a discount cap of maximum 300 (monthly).
- With effect from January 1st, 2018, all the spending done in the category of Utility Payments and Government Services is entitled to earn a discount of 0.25 percent for each AED 1 spent.
- With effect from August 2nd, 2018, all the spending done in the category of Bill Payments, Real Estate, Gas or Petrol Station, Transport, and Car Rentals is entitled to earn a discount of 0.25 percent for each AED 1 spent.
How does it Work?
The applicants who seek to obtain RAKBANK Red Credit Card can apply online or through call or by visiting any of our branches.
- Online Application: In this age of the internet, applying for a credit card online is the most convenient way of obtaining one. RAKBANK provides a secure and user-friendly online banking platform to the applicants so that they can easily evaluate and select a convenient RAKBANK Credit Card. The application form is available on the website of the bank.
- Phone Banking: The applicants can also use the phone banking option to connect with the bank and apply for this RAK credit card.
- Branch Application: The applicants who do not want to apply for the credit card online, can visit the nearby branch of RAKBANK and apply directly for this RAKBANK Red Credit Card.
Frequently Asked Questions Related to RAKBANK Red Credit Card
Q.1. Will I be billed twice if I accidentally tap more than once at the checkout?
No. If you accidentally tap more than once at the checkout, then you will not be billed twice.
Q.2. Is the ‘Tap and Go’ option secure?
Yes. The tap and go option is as safe as any chip transaction because it contains a secure and sophisticated chip.
Q.3. Do I need signature or pin for ‘Tap and Go’ technology?
The transactions equal to or below $100 AED do not need your PIN or signature.
Q.4. What is a supplementary card?
Add-on or supplementary cards are offered to the primary cardholder’s family members. They work just like a primary credit card. The supplementary cardholders are even eligible for the same benefits that are offered to the primary cardholders, however, the reward points earned, if any, through this card are credited to the account of the primary cardholder.
Q.5. What is Credit Shield Insurance?
It is a protection benefit given to the cardholder that gives coverage for the outstanding balance on your credit card. In case you are unable to pay your credit card dues because of any unforeseen situation like involuntary unemployment, critical health condition, or even death, this insurance keeps you and your family covered.
This RAK Credit Card charges 0.99% for Credit Shield Insurance.
Q.6. What is a Cash Advance?
Cash withdrawal or cash advance is the withdrawal made from any ATM or branch using a credit card. It is advised to keep the withdrawals as low as possible as credit cards charge high-interest rates on cash advances. Starting from the withdrawal date, a cash advance fee is charged on cash withdrawals. A predetermined interest is also 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 bank offers the cardholders a facility of making payments using their credit cards. The cardholders should pay their bill prior to the due date. However, if they fail to do so, the bank charges a late payment fee from them. Late fees can impact the credit history of the cardholder in a negative manner. The best way to avoid late payment charges is by making all the payments on time.
Late payment fees charged by the RAKBANK Red Credit Card is AED 230.
Q.8. What is the number of remittances that I can make through RAKMoney Transfer using RAKBANK Red Credit Card?
You can remit money to Pakistan, India, Philippines, Sri Lanka or Nepal using this RAKBANK Red Credit Card through RAKMoney Transfer. Keeping within the maximum retail remittance limit, you can make as many remittances as you want. You can also send funds over the predefined maximum retail limit but only up to the cash limit available on your credit card. Any remittance made above the maximum retail remittance limit would be considered as a cash transaction and finance charges may be levied on it starting from the transaction date. Cash advance fee will not be charged on such transactions.
Q.9. What is the balance transfer on credit cards?
A balance transfer is referred to as the transfer of the amount available in one credit card account to the other credit card account. In case of a few credit cards, you might be charged a balance transfer fee.
This RAKBANK Credit Card charges 1.50% on balance transfers.
- ADCB Credit Cards
- ADIB Credit Cards
- Ajman Bank Credit Cards
- Al Hilal Bank Credit Cards
- American Express Credit Cards
- Aseel Finance Credit Cards
- CBI Credit Cards
- Citibank Credit Cards
- Commercial Bank of Dubai Credit Cards
- Dubai Islamic Bank Credit Cards
- Dunia Finance Credit Cards
- Emirates Islamic Credit Cards
- Emirates NBD Credit Cards
- Finance House Credit Cards
- Mashreq Bank Credit Cards