5 Tips to grab the best credit card in Dubai

Wanted to save money every time you swipe your credit card? Well, then you must go for cash back credit card or reward cards or credit cards specific for airport transfers, Golf offers, Valet parking offers and so on. Willing to checkout credit card offers? Well, that will really confuse as each credit card comes with unique features and lucrative perks. But, you definitely would not want to have all types of credit cards in your pocket. So, here are few tips to help you choose best credit card in Dubai.

1. Are you eligible?

Many credit card issuers offer special bonuses only to cardholders who don’t already have a similar credit card or who haven’t opened too many cards recently.There’s little sense in applying for a credit card that you’re going to be denied for, or that you won’t be able to earn rewards bonuses for because you’re already a customer. Make sure you know these rules before you apply.

2. Can you fulfill the spending requirement?

Many credit card offers provide a set amount of money or rewards points for new account holders. However, you have to fulfill certain spending requirements in the first three months of opening the card to reap the offer. Now most people spend more and end in debt just to qualify for the perks. That can be a big monetary loss and the reward at the end may not actually compensate it. Again some reward or credit points like 100AED for airline incidentals may be beneficial to you only if you are a traveler.

3. Read the guidelines before signing up

Do not blindly fall for the special offers, but you also need to read the fine print associated with them. There might be 0% rate on balance transfer for few months but make sure to check out if there are any balance transfer fee. It would be worthless to transfer if there is big percentage of rate as a fee to transfer the balance. You will hardly get anything at the end. 

4. Annual fees

Many of the credit cards charge an annual fee, which can be quite substantial. The fee may be waived for the first year, but that puts you in a position of having to remember to cancel the card at the end of the year. It can make sense to pay an annual fee if the card offers tons of rewards, such as credits for rideshares or airline perks, or if the card offers very generous cash back or points. But if you routinely open new credit cards to take advantage of bonus offers, you may not want to keep using the card the same card next year, so continuing to pay the fee may not be justified.

5. Is there any long-term value?

Get a card if you want to get a good bonus for opening a card and continue to earn generous rewards. If you plan to keep using your credit card for a long time, make sure that the cash-back or rewards program is well matched to your spending. This means choosing a card that provides bonus rewards or extra cash back for the type of spending you do the most. Also you need to consider the interest you pay on credit card if you carry a balance from month to month.

Don’t sign up for credit card offers for just lucrative benefits. Do calculate what additional charges you need to pay and how much it is worth your spending patterns.

To make your credit card comparison in UAE much easier? SoulWallet has bought to you unique comparison tool backed by smart algorithm. This platform help you make an informed decision before you sign up or a card. The portal takes multiple factors into account such as your monthly salary, amount spent each month on groceries, utilities, telecom, fuel, education, and many other parameters like type of card you prefer, other features to help you find the best credit card in Dubai out of the 200+ credit card available in the UAE.

Connect with SoulWallet to find the best value card for your needs.