The number of people using credit cards in the United Arab Emirates has risen greatly over the last few years, with new customers being pulled in by the rewards and offers that they are now providing.
Banks in the UAE receive numerous applications for a credit card every day, but not everyone will have theirs approved. There are a number of things which banks have to look out for while carrying out their checks, so it is a good idea for applicants to be aware of what these are before they actually apply so that they will have a better chance of passing this analysis stage.
When anyone asks for financial help from banks, credit score will be the first thing those banks check to decide whether you are eligible for that assistance – whether that be a loan or, in this case, a new credit card. Therefore, you should make a point of finding this out for yourself before putting in an application by visiting a nearby Al Etihad Credit Bureau (AECB). Alternatively, you can download the app and enter the necessary details. Getting a credit report along with a credit score from the AECB will cost AED 105.
If you have a good credit score, which can be over 400 at some banks but more than 500 at others, then you will be allowed to proceed further and apply for the specific credit card that is best suited to your needs. However, if you have a poor credit score, then you will need to try to improve it before you go any further with your application.
Many people buy the first item they see when they go shopping, and the same principle often applies to people looking for credit cards in the UAE. This is the wrong thing to do as it is crucial to check out all the different available products. Make use of the eligibility criteria to filter through all the many different credit card products so that you can better pick out the ones suited to your requirements and your monthly income. Credit card applications are often rejected because of the eligibility criteria, so doing thorough research to ensure that a card is suited to you will only increase the chances that your application will actually be approved.
You should also avoid applying for several different credit cards simultaneously. A credit card application is immediately added to an individual’s credit report in the UAE, so applying for several different cards at once will result in the credit report getting a negative remark that could result in the application being rejected by credit card providers. Once you have a detailed understanding of the process, put in your application and wait for it to be processed. If the application is still rejected, then ask for the reason why from the provider so that you can rectify it before applying again.