Around 98% of all businesses in the United Arab Emirates fall under the classification of being small or medium-sized enterprises (SMEs).

These businesses also contribute as much as 53% to the nation’s overall gross domestic product.

Given such figures from the UAE Ministry of Economy initiative AIM Startup, it is perhaps unsurprising that the nation’s banks are targeting SMEs as potential customers for their financial products.

It is not going too far to say that such businesses are the backbone of the UAE economy, which is why so many banks view it as such a crucial segment to become involved with.

Traditional debit cards and credit cards come with much higher limits in regard to transactions and withdrawals, and also normally feature much tighter security.

The financial institutions in the UAE are also adding a number of other benefits to protect companies in the wake of unauthorised credit card use by employees up to a certain amount.

What are the best credit cards for SMEs in the UAE?

One of the best credit cards is the Emirates Islamic Business Credit Card.

This card is able to help users grow their business via an enormous array of rewards and benefits available for the exclusive use of business cardholders.

The credit card also has a very high level of convenience, flexibility, security and value in order to make certain that business-related expenses are simple to control and that there are rewards for transactions made with the card.

This card charges no annual membership fee and comes with a profit rate of 3.25% per month.

The CBD My Business Credit Card is another great card for SMEs in the UAE.

This credit card is a comprehensive method for managing corporate expenses by assisting users with the management of liquidity as well as regular business capital, and can provide additional funding flexibility when necessary.

The card provides an alternative to cheque payments and petty cash that is both more flexible and secure for business purchases and expenses.

The CBD My Business Credit Card also charges no annual fee.

There are also some debit cards in the UAE that are ideal for SMEs.

One such debit card is the Noor Bank World Debit Corporate Card.

This debit card is Shariah-compliant and is specifically aimed at customers of Link Infinite and Link Premium.

Link Premium accounts require a Dh350,000 average monthly minimum balance, and there is a Dh500 penalty if this balance is not maintained.

An even higher balance of Dh1m is required by Link Infinite accounts, and there is a Dh6,000 penalty for failing to maintain this balance.

The FAB World Business Debit Card is also great for UAE SMEs.

This card comes with three possible business accounts, with a basic account needing a Dh50,000 average minimum balance, an advantage account requiring Dh250,000, and a preferred account needing an average balance requirement of Dh50,0000.

Business debit and credit cards come with much higher eligibility requirements than standard consumer cards, but making the right choice can pay dividends for SMEs.

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