Get cashback up to AED 2000
RAKBANK Visa Credit Card is a 'free for life' card that offers its cardholders choice, control, and convenience over their finances. The cardholders get an advantage of availing great benefits, saving money and more. The credit card also offers discounts and cashback on entertainment, shopping, dining, traveling and more. Some other benefits of this RAKBANK credit card include up to 55 days of interest-free period, a low charge on balance transfer, easy payment plan and many more.
How does it Work?
The applicants who wish to obtain RAKBANK Visa Credit Card can apply by visiting the nearest branch of the bank or through call or through the online banking portal.
RAKBANK Visa Credit Card levies very low interests and fees 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|
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 Beginning from the withdrawal date, a cash advance fee is charged on the withdrawn amount along with a predetermined interest rate.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.
This RAKBANK Visa Credit Card levies 0.99 percent on credit shield insurance.
Q5: What does an interest-free Instalment Payment Plan mean?
Ans: Under 0 percent Instalment Payment Plan, you can simply convert the purchases made on your credit card at the partner or selected merchants into interest-free monthly installments.
Q6: What does a balance transfer on credit card mean?
Ans: Balance transfer refers to the transfer of the amount present in one credit card account to another credit card account. You may have to pay a balance transfer fee to avail this facility in case of some credit cards.
This RAKBANK credit card levies a balance transfer fee of 1.50 percent.
Q7: How many remittances can I make using RAKMoney Transfer through the RAKBANK Visa Credit Card?
Ans: This RAKBANK credit card offers you the facility to transfer funds to various parts of the world including Sri Lanka, India, Europe, Philippines, Pakistan, Nepal and more. You can make as any money transfers as you want, keeping in mind the maximum limit of retail remittance. You also have an option of transferring funds above the predetermined maximum limit of retail transfer but only up to the available cash limit on your credit card. Any fund transfer done beyond the maximum retail remittance limit shall be considered to be a cash transaction and finance charges, starting from the date of the transaction, may be charged on it. However, no cash advance fee will be charged on these transactions.
Q8: What should I do if my RAKBANK Credit Card is stolen or lost?
Ans: If in case you lose your credit card or it gets stolen, you should immediately report to the bank and the local police. The more time you take to inform about the stolen or the missing card, the more risk you may have to bear. In such circumstances, you should connect with the bank as soon as possible on +9714 2130000 from within the UAE or +9717 2064444 if you are outside UAE. You have round the clock access to the customer care service of the bank.