RAKBANK Visa Credit Card

RAKBANK Visa Credit Card

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.

Features of RAKBANK Visa Credit Card

  • Finance Charges: This RAK credit card charges low finance fees of 3.45% on outstanding retail transactions and cash advance.
  • Interest-Free Credit: This RAKBANK Credit Card benefits its cardholders with an interest-free credit for a maximum of 55 days.
  • No Annual Fee: This RAKBANK credit card is free for life, that is, it does not charge an annual fee from the cardholders.
  • Minimum Payment: The cardholders need to make minimum payments on their credit card, otherwise, a late payment fee will be levied on them. This RAKBANK credit card offers a low monthly minimum payment of 3 percent only.
  • Supplementary Card: The RAKBANK Visa Credit Card also provides supplementary cards to the family members of the cardholder free of cost.
  • Cash Advance: The cardholders receive a benefit of availing a cash advance of up to 80% of their predetermined credit limit.
  • Money Transfer: The RAKBANK Visa credit cardholders are also offered the RAK Money Transfer Service in order to send funds using digital banking from wherever they are. The money can also be sent by the cardholder from any of the branches of the bank. The funds can be transferred to Sri Lanka, Nepal, India, Europe, Pakistan, Philippines and various other parts across the globe using RAK Money Transfer.
  • Discounts: This RAK credit card offers many privileged discounts on dining and shopping to the cardholders.

Benefits of RAKBANK Visa 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 its cardholders the RAKfeast Dining Discount Program which includes various restaurants and outlets across the UAE. With the help of this program, the cardholders can avail exclusive dining benefits and privileges at these selected partner restaurants and outlets. They can check more details about the offer on the RAKBANK app.

2. Insurance Benefits

  • The RAKBANK Visa Credit Card offers the cardholders a complimentary Travel Accident Insurance which includes emergency medical expenses, regular in-hospital cash benefit, and personal accident insurance.
  • This RAKBANK credit card offers purchase protection to the cardholders without any charge. This includes coverage against damage or theft of things that are purchased using this card.
  • The cardholders also get an opportunity to avail credit shield insurance at a low charge.

3. 0 percent EPP (Easy Payment Plan)

This RAKBANK credit card offers the Easy Payment Plan to its cardholders. Under this plan, the cardholders can convert their payments into an interest-free Easy Payment Plan for three, six, nine or twelve months with a variety of participating merchants.

Top Reasons to Get RAKBANK Visa Credit Card

This credit card offers a wide range of benefits and offers to the cardholders which makes it a considerable choice for the applicants. Following are the reasons why an applicant must choose RAKBANK Visa Credit Card:

1. Cashback: The cardholders can avail various cashback on international as well as domestic retail transactions but subject to a minimum limit per month.

2. Free for Life: The RAKBANK Visa Credit Card does not charge any annual fees from the cardholders and hence is free for life. There are no charges for the supplementary cards as well.

3. Customer Service: The RAKBANK offers its customers 24/7 customer care support by providing the credit cardholders access to their support and services whenever needed. The friendly customer care agents help and guide the cardholders in an elaborate manner, resolving their queries and doubts (if any) efficiently.

4. Benefits: This RAKBANK credit card offers the cardholders a plethora of benefits and privileges which includes dining benefits, shopping benefits, insurance benefits and more.

Fees and Charges on RAKBANK Visa Credit Card

RAKBANK Visa Credit Card levies very low interests and fees from its cardholders. The fees and charges are as follows:

 

 Fees  Amount 
Annual Fees NA
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 Visa Credit Card Rewards

  • The cardholders can avail a cashback of up to 1 percent on their international transactions including cash advances and internet transactions.
  • They can also avail a cashback of up to 1 percent on total domestic retail transactions per month which are subject to minimum retail spend of 1,000 AED monthly.
  • The maximum cashback limit on international as well as domestic transactions is AED 300 per billing month.
  • With effect from January 1st, 2018, all the transactions lying under 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 transactions lying under the category of Bill Payments, Gas or Petrol Station, Real Estate, 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 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.

  1. Online Application: In this time of the internet, online credit card applications are the most convenient. RAKBANK offers its applicants a safe and user-friendly online banking platform so that they can easily evaluate, and then select a suitable RAKBANK Credit Card. The candidates can find the application on the website of the bank.
  2. Branch Application: The applicants who are not comfortable applying for the credit card online, can visit their nearest branch and apply directly for this RAKBANK Visa Credit Card.
  3. Phone Banking: The applicants also have an option of phone banking to connect with the bank and apply for this RAK credit card.

Frequently Asked Questions Related to RAKBANK Visa Credit Card

Q.1. What is a Cash Advance and what are the charges for the same?

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.

Q.2. What are supplementary cards?

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.

Q.3. What does a Late Payment Fee mean?

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.

Q.4. What does a Credit Shield Insurance mean?

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.

Q.5. What does an interest-free Instalment Payment Plan mean?

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.

Q.6. What does a balance transfer on credit card mean?

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.

Q.7. How many remittances can I make using RAKMoney Transfer through the RAKBANK Visa Credit Card?

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.

Q.8. What should I do if my RAKBANK Credit Card is stolen or lost?

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.