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What is a Credit Card
The UAE is rich in supply of Credit Cards and with new cards coming onto the market almost daily it is almost impossible to determine exactly how many there are. Card providers are generally backed by major financial institutions, such as Banks, who normally have their own range of credit cards and provide financial guarantee for many other card providers either through co-branding or as direct white labelled product.
Credit cards are popular as they a provide convenience of paying for anything from household shopping and petrol to hotel stays and airplane tickets. Effectively each time you use your credit card you are taking a loan from your card provider, who in turn settles the payment with the merchant who you have purchased goods or services from.
At regular intervals, almost always a month, the credit card provider will provide a monthly statement of the balance of you loan and at this point, if you want to keep your card and also not get a bad credit rating, a payment to the provider will be necessary. This payment will be anything from a minimum required payment, normally 5%, through to the clearing of the entire outstanding balance on your credit card.
Payment in full is recommended as this is the best way to use a credit card, both for keeping your outgoings to a minimum and also to enhance your credit rating. However, if you choose to pay only part of the balance, then the remainder will be subject to profit or interest charge, dependent on which provider you are using. These charges are added to your account, effectively increasing your loan.
Types of credit card
The wide variety of credit cards enables card providers to be able to create different financial products to meet different customer needs, typically though, the customer always wants the best credit card in the UAE, so providers will always be marketing new cards to ensure they are competitive. This means that it is important to ensure that you compare UAE credit cards to ensure that you select the best product for you.
Of prime importance is the ability to repay the loan generated on the credit card. Providers do this by enabling different levels of credit to be available on different cards and the credit available is normally aligned with salary, although other factors can be taken into account.
Complementing the ability to provide different cards for different credit levels, providers provide a comprehensive range of benefits that the owner of the card can enjoy. Here at moneyguide.ae we look to provide visibility of these benefits and what cards offer them, and our filters enable you to quickly select credit cards from different providers and then through our compare features determine the differences between them in order to make a selection.
Here we have listed the different types of benefits available and provided hyperlinks so that you can see how the credit cards and their benefits together with their providers.
- Air miles credit cards
- Balance transfer credit cards
- Cash back credit cards
- Cinema credit cards
- Dining card credit cards
- Golf cards
- No annual fee credit cards
- Islamic credit cards
UAE credit cards are also banded by monthly salary and it is also easy to select these types of cards, as per our following selection: