The most convenient way for payments is through credit cards. Now, in this modern era, a credit card considers a powerful tool for every individual’s use. The UAE banks have so many offers & benefits for a person who chooses this payment method. According to sources, there is an enhancement in the applications every year of applying for credit cards. A credit card in UAE on 5000 AED salary is the most common. Many banks provide this service if an applicant is earning 5000 AED monthly. However, some banks and lenders also offer it with the salary criterion of 3500 AED. Besides, banks also check many other factors to issue you a card such as a score, and nationality.
A credit card with a salary of AED 5000
The salary requirement on a monthly basis is not the same everywhere. In general, many financial institutions including banks and other lenders have a requirement of 5000 AED salary. This basic criterion is also included in the terms of the Emirates Loan. This salary is not much higher but applicants with below salary may not get instant approval. Even, lenders may reject your application directly. The best way to apply for a credit card is when you earn 5000 AED monthly.
Credit Cards working in UAE
Many people prefer credit cards when they need to take loans. Getting money from the banks is easier. And, when you repay the debt there will addition of the interest amount in it. Well, cards are with amazing specifications of reward points on every purchase. Further, some will give direct cashback rewards. For such things, banks also charge a fee annually.
To enjoy more benefits of the card, there will be more expense of its fee monthly. Due to expensive costs, people use it for limited needs because they do not desire to pay the additional cost of fees. Moreover, on purchasing anything through the card, the interest rate is compulsory to apply on it. If the payoff amount is late, the interest amount is more.
Benefits of Credit Cards
Purchasing method by cards is now famous every day. It is not only because of purchasing but also many other benefits that make a credit card worthy. The most prominent benefits are:
Alternative to cash: When you go shopping and do have not much money on the purchasing of a specific item. Your card gives you the instant ability to purchase with it.
Better deals: The deals on the interest rate are exceptional. With an excellent score, when you take a debt by the card, the interest rate is lower.
Get rewards: There are so many rewards. Many cards provide points on any buy. These points will use on your next shopping. Some companies give you direct cashback also. It is ideal to earn cash.
Eligibility for credit card
The financial institutions have made their terms with the eligibility criteria. Without meeting these criteria, there is no guarantee that you get a card or not. in general, the criteria are the following:
- Applicant’s age
- Proof of monthly salary
- Credit score
- Emirates ID proof
Impact of poor credit score
When you decide finally to apply online for getting this card, you will read the information. Accordingly, your information will share with credit bureaus. The purpose of this step is that the card providers check the applicant’s credit score. In addition, it also shows if a person is financially responsible or not. It helps in the decision of the company to provide the credit card or not.
Most probably, the poor score of an application will get rejected. Such persons were not pay off the payments on time in the past. One common reason for bad scores is the burden of active loans on a person. On the opposite side, any applicant with a good score of credit can receive approval as soon as possible.
Documents need for applying
After knowing the eligibility and having a good credit score, now the step is the document’s submission. Not all credit companies have the same need for documents. But, the most general ones are:
- Photocopy of an ID that must valid
- Bank statements that show your monthly salary
- Now, ex-pats can also apply but the photocopies of their visa & passport must valid
- Your UAE address
- If you are an employee, you will submit the details of your company. And, if you are self-employed, there will need of sharing your trade license’s copy.
Never ignore the salary requirements for every type of card. All cards are different from others and also do have not the same limit of monthly salary. Consider your salary, and then compare the cards. Emirates Loan issues the cards on a salary basis as well as total money in the self-employed person’s account. However, their cards are not with higher charges of monthly or yearly fees.