#free credit cards
What criteria should be considered before taking out a credit card?
- Interest Rates Is the rate communicated by a monthly interest rate or an annual rate? Rates may also vary according to your monthly salary, your place of employment or whether you’re already a customer of the bank
- Salary requirement – what is the minimum salary requirement? You need to identify which cards you’re eligible for and then compare the rates, fees and other benefits accordingly
- Foreign currency rate – if you travel frequently, work out how much you will pay on top of the transaction amount if transactions are made in a foreign currency? Each time you make a transaction on your credit card outside of the UAE, banks will charge you a fee as a percentage of your spend
- Annual fee – Even if a bank advertises no annual fee, make sure a fee is not applicable from the second year onwards
- Other applicable fees and charges – for late payments for example
- Benefits – consider the benefits provided such as air miles, airport lounge access, discounts on hotels and car hire or cash back
How can I have a credit card without paying interest?
Most credit cards offer an interest free period of 50-55 days. If you pay the full outstanding balance within this period, you will not have to pay interest.
What is a premium credit card?
A premium credit card normally requires the holder to have a higher income and will often incur a higher annual fee in exchange for premium benefits.
How can I save with a balance transfer?
You can save interest charges by transferring your outstanding balance to another bank’s credit card that charges no interest. Click here for further information about this.