The ADCB Small Business Credit Card is a credit card specifically designed to meet short-term credit needs of small businesses. This card acts as a line of credit for small businesses, especially self-employed business persons, to maintain liquidity and meet various financial obligations in the course of business.
Most small companies have a plethora of expenses that need to be taken care of on a daily basis. In most cases, they end up making these payments via cash or cheques. Abu Dhabi Commercial Bank’s Small Business credit card is a card that has been designed to help small companies deal with day to day expenses easily. The card also offers them a host of features that work to give something back to the companies every time the card is used.
Features of the ADCB Small Business credit card
This credit card has a range of attractive features making it a card of choice for many small companies across the region. Besides lengthy credit periods and low interest rates, this card offers users many benefits in the form of rewards and offers.
Key features of the card are outlined below.
- Eligibility: The card can be issued for usage by a business owner and/or the employees. The card is issued to businesses operating in Dubai, Abu Dhabi and Sharjah subject to having completed 3 years of continued business.
- Credit Limit: The credit limit offered on this card depends on the creditworthiness of the business/business owner. However, it is worth noting that the credit limit offered on this card is higher than that offered on an individual credit card for personal usage.
- Annual Fee: This card can be availed at an affordable fee of AED199 per year.
- Credit Period: This is an interest-free period of 50 days during which users can transact and manage repayments comfortably.
- Interest: Interest of 1.99% per month is charged on balances outstanding beyond the interest-free credit period. Balances outstanding are indicated as per the billing cycle. Interest is charged on amounts outstanding beyond the payment due date.
- Cash advances: To meet immediate liquidity requirements, card holders can avail cash advances up to 60% of the overall credit limit or the available unused credit limit. A fee is charged for cash advance which is calculated as the higher of AED 50 or 3% on the balance withdrawn for the period withdrawn.
- Processing Fee: A processing fee of 3% on the amount to be processed is charged for transactions in foreign currencies i.e. currencies other than AED.
- Add-on Cards: Additional cards are issued as per users’ requirements.
Retail purchases made using this card attract an interest rate of 3.09% per month. Similar charges apply for any cash advances taken on the card.
ADCB Small Business Credit Card Rewards
The card offers attractive rewards, offers and discounts to users on continued usage. These value-added benefits are designed to suit primary usage of this card.
- Cashback rewards: Users can get cash back of 1% on all purchases made using this card. Higher the usage, higher the amounts credited as cashbacks. This type of reward is suitable for high-ticket or frequent purchases which is typical in case of small businesses or small business owners.
- Discounts: The card offers special discounts on certain business expenses like traveling, dining, purchase of office supplies, etc.
Benefits of the ADCB Small Business Credit Card
In addition to serving primary credit requirements, this card also has a number of in-built benefits that serve to create additional value to users. Key benefits are highlighted below.
- Flexible repayments options: Purchases made using this card can be turned into instalments thus reducing a user’s financial burden.
- Balance transfers: Outstanding balances can be transferred to other credit cards allowing for easy management of payments or availing lower interest rates.
- Utility payments: Besides the standard transactions, these cards can also be used to pay utility bills.
- Online application: ADCB’s Business Card offering can be availed online thereby making the card easily accessible.
- Easy tracking of business expenses: Regular statements of expenses allow users to track business expenses on a regular basis.
The specifically designed features and benefits of the Small Business Credit Card from Abu Dhabi Commercial Bank make it an ideal product for all small businesses which stand to benefit from the cards flexible, economical and accessible mode of credit finance.