How to apply for a credit card in the UAE

Applying takes four checks before you sign: your income, your credit report, the card’s costs and your right to change your mind.

Step 1. Check your income against the rules

The Central Bank requires an annual income of at least AED 60,000, AED 5,000 a month, for a credit card, or a pledged deposit of at least AED 60,000.¹ Each bank then publishes its own minimum for each card. The figures are in who can get a credit card and the minimum salary checker.

The bank must also check affordability: all your repayments on loans and cards must fit within the Central Bank’s debt burden limit, and the bank must give you a copy of the summary of its assessment free of charge.²

Step 2. Check your credit report

Buy your report from Etihad Credit Bureau for AED 84. It shows three years of payment history on each loan and card, returned cheques, court-ordered obligations and your last reported salary.³ Correct any error before you apply. See your AECB credit score.

Step 3. Gather your documents

Banks list a passport, Emirates ID and a bank account statement. ADIB, for example, lists the original and a copy of your passport and Emirates ID and a bank account statement for its Smiles Visa Classic card.⁴ Emirates NBD lists separate requirements for self-employed applicants and says you must be at least 21.⁵ The bank must get your signed confirmation of all your income sources and existing debts, and must verify your income against reliable sources rather than your word alone.²

Step 4. Read the key facts statement

The key facts statement must be the first document the bank gives you. It must stand alone, be concise, preferably within 2 pages, be in plain language, and show rates, fees, key terms and obligations, with risks in warning boxes. You sign to confirm you received it.²

Read these lines in particular:

• The rate. Emirates NBD’s statement shows 44.28% a year (3.69% a month) on most cards and 39% on others.⁶ FAB’s shows 3.99% a month, 47.88% a year.⁷
• The minimum payment rule. 5% or AED 100 at Emirates NBD and FAB; 1% of principal plus interest and fees, or AED 110, at Standard Chartered.⁶⁷⁸
• The worked example. Emirates NBD and FAB both show a worked interest calculation, which the Central Bank requires.⁶⁷²
• The notice period for changes. FAB says it gives 60 days’ written notice before changing terms.⁷

Ask for the terms and conditions and the full fee schedule too. The bank must give you a copy of the contract with time to review it, and answer your questions about the terms in writing.²

Step 5. Sign, or walk away

You have a cooling-off period of 5 complete business days after you sign. Cancel within it and the bank refunds related fees, less reasonable direct costs it told you about in advance.² Standard Chartered’s statement says such costs can include cash advance fees, over-limit fees and interest already incurred.⁸ You can waive the cooling-off period only by signing a written waiver.²

If the bank turns you down, it must tell you why, unless the reason relates to financial crime checks or the law forbids it.²

Step 6. Check your first statement

Your first statement must show each transaction, any fees totalled separately, the annual rate applied, the minimum payment and how long the balance would take to clear on minimum payments alone.² Check that the annual fee matches the key facts statement.

Keep the key facts statement you signed. It is the document you will rely on if you ever need to complain.

The small print

• Income floor: Regulation 29/2011, Article (5)(c).¹
• Key facts statement: Consumer Protection Standards clauses 2.1.1.19 to 2.1.1.22. Contract review: 2.1.1.25 and 2.1.1.27. Cooling-off: 2.1.1.31, 2.1.1.32, 5.1.1.28 and 5.1.1.30. Assessment summary: 2.1.1.34. Income verification: 7.1.4.11 and 7.1.4.12. Statements: 2.1.3.19 and 2.1.3.20.²