Money in Gulf – United Arab Emirates: June 2019

Sunday 23 June 2019

Lifetime Free Credit Card

With high end brands and retail stores popping up rapidly in United Arab Emirates, credit cards are the best way to carry currency around. They are convenient to use and easy to carry. There are many options that clients can opt for but most of these charge annual fees. However, there are also some luxury credit cards that come with no fee such as:

ADIB Value Plus Card:

Minimum salary requirement for this lifetime free credit card is 5000 AED. Through this card you can win reward points on spending and later use them for shopping or dining discounts or travel miles. Interest rate on this card is 3.09%. It is an Islamic credit card.

Citibank Simplicity Credit card:

To be an eligible candidate for this card, you must have a minimum income of 5000 AED. There is no late fee or over limit fee charges. There is also no cash advance fee. With this you can avail discounts at selected eateries and access to selected airport lounges in Middle East.

It is a lifetime free credit card with a low interest rate of 3.5 % of the outstanding amount with up to a 51 day interest free period.

CBD Visa Platinum Card:

This fulfills all the criteria of a great balance transfer card with no annual fees or charges. It has a low interest rate of 2.99%.

The customer who applies for this card should have at least a salary of 8000 AED.

Clients win points on every purchase and can redeem these for travel miles. They can set their own credit limit and can also get discounts on various dining options.

CBD Visa Infinite Credit Card:

This is a conventional balance transfer credit card. Minimum income requirement is 30,000 AED. This is a great option to those customers who are averse of paying an annual fee. The interest rate on this card is 2.99%.

Clients earn points on all purchases, these points can be redeemed for Skymiles. This card also allows access to VIP airport lounges worldwide and you can avail discounts on dining, shopping and travel.

For further information and guidance visit moneyingulf.com.

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Sunday 16 June 2019

Credit Card Loans - Loan on Credit Card - Instant Loan on Credit Cards

If you are thinking of borrowing money in UAE you must have noticed a wide range of banking resources available to you. You may need the funds in emergency for a festive or somber occasion; you might have to pay university fee or need money for an interesting entrepreneurial venture. Many loan options such as personal loan, salary transfer loan, etc. must have crossed across your eyes but as a layman in financial affairs you must surely be confused as to how to proceed. But do not worry, moneyingulf.com will help you and guide you towards the best possible financial solution to your woes. Credit card loans are a banking option that prospective lenders can look towards.

How does it work?

Unlike personal loans, these loans do not require extensive time or paperwork for approval. If you find the process for applying for a personal loan daunting; opt for the loan on card option instead. The documentation process is minimal because the bank already has the applicant’s details and history.

Banks look at the credit history of the customer before approving the loan and it is ideal for those people who need quick access to funds. The installments are deducted through billing.

Benefits and disadvantages:

The benefits of credit card loans are:

No complicated documentation involved
Quick approvals
No salary transfer required
Prompt access to funds

Disadvantage:

The biggest disadvantage is the high interest rate compared to other banking options. That is why it is important to make sure that the applicant does not bite off more than they can chew by applying for this loan.

Eligibility criteria:

To qualify as an eligible candidate for this loan, the client must exhibit a good credit history with the bank in question. Banks usually do not place their trust on applicants who have bad credit or other loans to be paid off. Other factors considered are monthly salary, age, etc. but different banks have different eligibility criteria.

Just log onto moneyingulf.com and engage the help of their financial experts on the matter. They will guide you if your financial history qualifies you as a good candidate for this type of loan.