Best credit cards with 0 Annual fee*
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.
This RAK credit card offers a plethora of benefits and privileges free to the cardholders which makes it a good choice for the applicants. Following are the reasons why to choose RAKBANK Red Credit Card:
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|
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.
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)
Q1: Will I be billed twice if I accidentally tap more than once at the checkout?
Ans: No. If you accidentally tap more than once at the checkout, then you will not be billed twice.
Q2: Is the ‘Tap and Go’ option secure?
Ans: Yes. The tap and go option is as safe as any chip transaction because it contains a secure and sophisticated chip.
Q3: Do I need a signature or pin for ‘Tap and Go’ technology?
Ans: The transactions equal to or below $100 AED do not need your PIN or signature.
Q4: What is a supplementary card?
Ans: 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.
Q5: What is Credit Shield Insurance?
Ans: 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.
Q6: What is a Cash Advance?
Ans: 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.
Q7: What is a Late Payment Fee?
Ans: 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.
Q8: What is the number of remittances that I can make through RAKMoney Transfer using RAKBANK Red Credit Card?
Ans: 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.
Q9: What is the balance transfer on credit cards?
Ans: 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.