Few Vital Steps to Be Followed For Applying for Credit Card in UAE

In the recent times, credit card becomes a basic need of most of the people, not just to cater to their daily needs but also to improve their lifestyle, especially in UAE. Many credit cards even offer other advantages like free movie tickets, air miles, free valet parking as well as special offers at spas well as restaurants.

Certainly, applying for credit card varies from one bank to another. However, the whole process is more or less the same everywhere and if there is a slight difference, it does not matter much. Below are a few essential steps you should follow while applying for credit card in UAE.

Get necessary documents

The following documents are essential if you apply for any credit card in UAE:

• Filled in as well as signed in credit card application form.
• Copy of passport (with residence visa for the expatriates and page 60 for the UAE nationals and both of these documents are valid for thirty days at time of credit card approval).
• Emirates ID card or a copy of EIDA application form.
• Current salary certificate or current pay slip.
• Copy of Labor Card or also Government-issued photograph ID card to be self-attested by customer.
• Bank statement for three months.

Multiple credit card options to choose 

Multiple banks in UAE provide credit cards with several benefits as well as privileges. However, selecting one credit card amongst the existing credit cards seems to be challenging. Here are a few things you should consider when you choose one for your financial need:

1.     Income:

Most of the credit cards in UAE have minimum income requirements. A bank will offer you a card depending on your salary and therefore, you need to do research and check out which credit card in Dubai, UAE you can apply for.

2.   Rate of interest

Make sure you check interest rate of all the existing credit cards. If you cannot pay off full payment within a month, then you should select one with low interest rate.

3.    Annual fee

Based on the credit card you select, you need to pay annual fee. High end credit cards with extra benefits often charge higher yearly fees and therefore, you should check if the benefits that these credit cards offer are worth extra cost. However, few credit cards do not have annual fees. Make sure you know the fee structure as well as necessary terms and conditions prior to applying for credit card. Before you apply for a card, be sure to understand the fee structure and terms.

4.   Cashback as well as reward cards

Some cards give special discounts or other travel related offers while few cards offer cash back based on monthly expenses. Think how to make use of credit card and then make best choice. If you use credit card mainly for entertainment, dining and golf purposes, it can make more sense in order to avail reward card. Few clients also prefer best cash back card in UAE since they utilize them to earn high rewards for particular categories of expenses. 

5.  Cards for travelers

 Few credit cards in Dubai will offer you with the miles based on monthly expenses. These flight miles may direct specific airline reward points or even bank-specific miles. As per plan, you may use certain airline miles to avail discounts or even free air flights as well as upgrades. You can also utilize few cards in order to access airport lounge as well as free airport valet parking or even pick-up service.

 Since credit card is just like taking out cash beforehand from any bank, you need to pay credit card bills just at end of each month along with interest. The aforesaid factors are for process of smooth application of credit card. You should also consider the following things also prior to applying for credit card and these are as follows:

     I. Credit Score:

You need to ensure that you have good credit score. The banks look at the credit score of loan applicant prior to offering credit card. You need to make payment on-time that will also help to increase your overall credit count.

 II.  Need to be wise: 

FAB credit cards or any other credit card need to fulfill your needs and therefore, you need to research carefully all the tickets that you may be eligible for and which also cater to your needs.

Spend wisely: Do not create a situation where you find out that you have spent more than what you actually could afford. Although there is spending limit on the cards, few banks do not set limit on cards they provide. Therefore, you need to spend wisely since at end of each month it is you who need to pay your bill along with interest.

Are you thinking which credit card to apply for? Go to SoulWallet. This leading portal helps you to conduct personal loan comparison as well as compare credit cards in UAE. In process, it helps you to find out options that can help you to save your money as well as get best perks. Its well-researched, structured and unbiased content and exclusive tools can help you to take best personal financial decision.