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FAQs

A Cashback Credit Card is a reward program or incentive program run by credit card companies where a percentage of the amount spent is reimbursed to the cardholder in the form of a credit in the card statement. Cashback is often offered on specific purchases, such as fuel, utility bills, groceries, etc.

For example, if your card pays 2% cashback and you spend AED 100 in a store, you earn AED 2.

Reward point is a feature that banks offer credit card holders as a reward for every time they spend on their credit cards. Cardholders can collect these points as they spend on their credit card. Once they’ve collected enough points, they can redeem them for gift vouchers, merchandise, air miles, and more.

For example for every 10,000 points earned the cardholder can redeem them for a shopping voucher of AED 500.

An Airmiles credit card is a type of loyalty rewards program operated by Rewards Management Middle East, where the credit card cardholder earns points on purchases from participating merchants and can be exchanged for flights with specific airlines.

Airmiles credit cards can be of great value for people who fly frequently but also for people who want to build up Airmiles credit to plan a vacation.

Most Credit Cards with great benefits come with a recurring annual membership fee but there is a wide range of luxury credit cards that offer ample benefits and rewards without charging an annual membership fee for life. These types of credit cards are known as free-for-life credit cards or Zero Annual Fee Credit Cards.

It is the maximum credit available on your card to borrow.

It is the maximum amount that you can withdraw from ATM using your credit card.

The annual percentage rate (APR) of a loan is the total amount of interest you pay each year (before consideration for the compounding of interest) represented as a percentage of the loan balance. On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date.

For example, if a credit card has an APR of 10%, you might pay roughly AED 100 annually per AED 1,000 borrowed.

A small percentage of total outstanding balance which a cardholder should pay on or before the due date to avoid default on payment.

It is the date by which you have to pay at least the minimum amount due is you are not able to pay the total outstanding amount.

It is the outstanding balance at the end of the last billing cycle. It excludes payment made towards the balance.

It is the fee levied on your credit card if you don’t pay the minimum due amount before the due date.

It is the duration within which you are allowed to re-pay the borrowed amount without charging any interest. There is usually 30 days grace period allowed for credit card repayments, however, it may vary for every lender.

A billing cycle also called the billing period, is the length of time between the last statement closing date and the next. It typically lasts between 28 to 31 days.

For example, if your credit card statement is generated on the 10th of every month, then your billing cycle will start from the 11th of the previous month and go on till 10th of the current month.

An over-limit fee is a fee charged when your balance goes over your credit limit.

It is the amount inclusive of interest costs and transaction fees that are charged on the borrowed money.

An annual fee is a yearly charge by banks and financial institutions to customers for use of their credit cards.

It is the charge levied by banks and financial institutions upon cash withdrawal from the credit card.

When an outstanding balance of one credit card is transferred to another credit card it is known as a Balance Transfer. This may incur a fee. It is usually done to lower the interest rate on the balance.

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