How to apply, documents, process time minimum salary, fees, and few Credit cards for low salary.
Are you looking to get a Credit Card in Dubai? If you are worried that you may not meet the requirements and may find the process confusing, then you have come to the right place. In this article, we will explain all the policies, processing time, documents required, and fees to apply for a credit card in the UAE.
A credit card is generally issued by a bank that lets customers make credit payments that must be paid later. Please note that we do not advise anyone reading this article to spend carelessly with their credit card thinking of it as free money, as there are many cases of worker immigrants being jailed for not being able to pay back their debt in the UAE. So let us continue on our guide.
What are the Minimum Requirements to apply for a credit card in Dubai?
Every financial Institution in the Dubai has different requirements set for their credit card eligibility. Almost Every Bank in Dubai has a requirement of minimum salary of 5000 AED ($1362). However some Banks may allow their customers to get a credit card with a salary of 4000 AED ($1089) if they can prove that their accommodation is provided by their company upon a request.
Some General Eligibility Requirements are:
- 5000 AED Minimum Salary.
- Potential Card Holders must be at least 21 Years Old.
- Must be Employed or Self-Employed with regular source of Income.
- A Minimum Credit Score of 540
As mentioned Earlier the General Requirements may vary from bank to bank
What is a Credit Score?
A Credit Score is a three digit number between 300 – 900 that essentially banks /lenders use to predict how likely you are to pay your Dues. The more higher the number the more it is considered better . Generally a credit score of 700 and above is considered a good credit score. Your credit Score is calculated globally such as on your utilities payment , outstanding loans , payment history etc. by the AECB (Al Etihad Credit Bureau).
What Documents do I need to Apply for a Credit Card in Dubai?
- Emirates ID / Passport ( Original + Copy)
- Copy of Labor Card
- Credit Card Application Form
- Salary Certificate
- Trade License ( For Business Owners)
- Bank Statement of the last 3 months
- Security Cheque ( * Depends upon the Bank )
Additional Documents may be required as per the Bank you are applying to get a credit card from.
Steps to Apply for a Credit Card in Dubai
- Review the credit card eligibility requirements policy of your choice of Bank and also the documents that they require for the card applicants.
- Fill up the application form of your Bank Most Banks these days in Dubai allow you to apply for a credit card online. However it is better to visit the Bank in person as this can make your process much easier.
- Submit your Application form along with the processing / application fee and documents.
- Wait for your Credit Card application to be processed after which your bank will notify you.
- Visit the Bank to collect your Credit Card.
How much time does it take for my Credit Card Application to be Processed?
It can take anywhere up to 3 – 10 days for most banks to process your Credit Card Application. On average your cards get approved within a week of submitting the application. If you don’t hear back from the bank after this period then you can give them a call.
What are additional things to Consider ? Application Fee , Interest Fee?
Before applying for a credit card you must consider additional things such as application fee , membership fee and Interest Fee. Many Banks offer free application whereas some banks can charge anywhere from AED 80 to AED 250 for the Application fee.
Before choosing your Credit Card Provider you must also look up how much they interest rate and Annual fees. Most card providers charge 2.5% to 3.5% every month.
Some Popular Credit Card Providers for Low income
|Annual Membership Fee
|Abu Dhabi Commercial Bank (ABCD Talbat)
|Free for Life
|Commercial Bank of Dubai ( Visa Platinum )
|Free for Life
|Commercial Bank of Dubai ( Yes Rewards )
|Free for First Year
|Commercial Bank of Dubai (CBD 1)
|Free for first 36 months
|Free For Life
Conclusion : The minimum requirement for getting a credit card in Dubai is a monthly salary of AED 5000 . Getting a Credit Card in Dubai is relatively easy if you gather all your documents and review the bank policy . Credit card should not be used recklessly to make lavish purchases but only when absolutely needed.