Credit cards can help people in the United Arab Emirates to get out of debt, but they can also put them in it.
Credit card debt can be difficult to pay back, particularly for those who have been paying back the minimum they can every month.
In situations such as these, however, another option in the UAE is to use your credit card’s balance transfer option.
Many UAE banks now provide balance transfer credit cards, which enable the transferring of the balance of one credit card account to another with the use of favourable rates.
One of the best credit cards in the UAE to offer balance transfer is the Commercial Bank of Dubai World MasterCard.
This credit card offers its users a number of special privileges and amazing experiences as well as benefits such as balance transfer, Chip & Pin protection, airport lounge access and CBD rewards.
There are two options for this credit card’s balance transfer: regular balance transfer or revolving.
The regular balance transfer comes with a 0.89% flat monthly interest rate as well as a 2% cancellation charge on any remaining balance.
The revolving balance transfer comes with processing charges of either AED100 or up to 3%, depending on which is the highest.
The credit card also features a 3.45% monthly charge and an annual fee of AED750, which is waived for the first year.
Applicants must have a minimum income in the UAE of AED40,000 to be eligible.
Another good UAE credit card in regard to balance transfer is the Emirates NBD MasterCard Titanium Credit Card.
This credit card brings a wide array of benefits and features, including airport lounge access, reward points, numerous discounts and golf privileges.
It is also one of the very best UAE balance transfer credit cards and comes with a cancellation fee of either AED250 or 3% of the outstanding principal that is charged on balance transfers.
The finance charge of this credit card is 3.45% per month, and there is an annual fee of AED400.
The HSBC Credit Card is another great UAE balance transfer card.
This credit card provides air mile rewards and a free HSBC Entertainer App in addition to an extensive number of travel and lifestyle benefits, including hotel discounts and airport lounge access.
The balance transfer facility with this card comes with a reducing balance rate of interest of 0% for the first year.
A six-month plan will cost either AED100 or 1.50% of the balance transfer amount, depending on which is the highest.
A one-year plan will cost either AED100 or 3% of the balance transfer amount – again, whichever is the highest.
A two-year plan with this card will cost the highest of either AED100 or 6% of the balance transfer amount.
The finance charge is 2.99% per month, and there is no annual fee.
The minimum monthly income required to be eligible to apply for this credit card in the UAE is just AED15,000.
